Today, I’d like to compare some market statistics from this year to last. To begin, let’s talk about Ocean City.
Ocean City has had a very, very good year. The average days on market has remained virtually the same, but we’re seeing tremendous increases in price. Last year, the average sale price was $569,900. In 2017, the average sale price is just over $619,000. This constitutes an 8.5% increase.
The number of properties sold has also increased. In 2016, 740 homes sold year-to-date. This year, 779 have sold, amounting to a 5% growth. Right now, Ocean City has about eight months of inventory, with 636 homes still on the market.
Now, let’s move on to Sea Isle. The average days on market in this area has very much improved, having gone down 7% since 2016. Last year, homes were spending 164 days on the market. This year, the average days on market is 152. Additionally, average sales price is up 3%. Last year, the average was just over $697,000. Now in 2017, the average is just over $718,000.
However, the number of homes sold has dropped by 6%, from 221 sold year-to-date in 2016 to to 206 this year. Sea Isle does have a lot of great inventory right now, though. There’s currently 7.5 months available on the market.
I’d also like to take a look at Upper Township, which is in a little bit of a transition period recently. First of all, the average number of days on market for Upper Township is down 12%. This is great news. Last year’s average days on market was 126, while this year’s average is 110.
However, the average sales price has also dropped. This average has actually dropped 7.5%, going from approximately $312,000 to $288,000. Another area that has decreased is the number of homes sold, which has dropped by 10% since last year. In 2016, there were 161 homes sold year-to-date. This year, there were 144.
Between 2015 and 2016, the number of homes sold jumped 21%. That being said, the decrease we saw over this last year may be more of a leveling off than anything.
Moving a little north, Somers Point has had a great year across the board. The average number of days on market has increased by 15%, from 126 days to 107. The average sales price has also gone up. It increased 10% from $187,000 to just over $205,000.
Additionally, the number of homes sold is also up. In 2016, there were 154 homes sold year-to-date, compared to this year’s 164 homes sold. That an increase of 5%. Somers Point also has a considerable amount of inventory. With 150 properties for sale, there is about nine months of supply on the market right now. In general, inventory is one area which is strong across our area’s market as a whole.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.