Homes for Sale Ocean City NJ Market Trends October 2017
Homes for Sale in the Ocean City Real Estate Market showed mixed results for October. October saw a 5% decrease in new listings coming on the market over October 2016. 38 newly listed single family homes where introduced to the market.
Sold properties in October where down 36.4% with 14 sold single family properties.
Combined, the total number of new listings of Ocean City NJ Homes for Sale and total inventory, versus the number of properties being sold, has allowed the months supply of inventory to decrease to 10.2 months. This still denotes a strong Buyers Market but is a 16.4% reduction from 12.2 months last October.
Average Days on Market is 38.2% to 76 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
The inventory of homes for sale is down 16.7%.
Median Sale Prices for this October were up 54.9% from October 2016.
Year-to-Date Single Family sold prices are up .9%
Condos for Sale Ocean City, NJ - Real Estate Market Trends - October 2017
The Ocean City Real Estate Market for Condos is showing improvement for October. October showed a 13.5% increase in new listings coming on the market. 118 newly listed condos where introduced to the market.
Sold properties in October were up 6.5% from last October with 66 sold condominium properties.
Combined, the total number of new Condo listings for Sale in Ocean City NJ and total inventory, versus the number of properties being sold, has allowed the months supply of inventory to decrease to 8.5 months of supply. This still denotes an Buyers Market but represents a 29.8% decrease from October 2016 of 12.1 months.
Average Days on Market for October is down 49.2% to 65 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Inventory of condos for sale is down 16.5%.
Median Sale Prices for this October are down 16.5% over October 2016.
Year-to-Date Median Sale Prices are up 7.7%
Mortgage Rates are fairly stable and at this writing and are in the 4% range.
Market Report - Homes for Sale - Ocean City, NJ - October 2017
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By Bill Wagner
Content written and published by Bill Wagner - Wagner Real Estate Group
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