Today we wanted to give you a quick market update by discussing the 2016 current market statistics.
Let’s start with Ocean City. Right now what we’re seeing here is that there has been a 15% decrease in the number of homes sold compared to last year. Last year we had 615 homes already sold by this time, and right now we’ve only had about 518 properties sell. This is a pretty significant decrease and something to keep an eye on. There has also been about a 3% decrease in property value, going from $560,000 to $543,000 in overall market value.
Right now we have more than 850 properties for sale in Ocean City, which is pretty consistent year after year, leaving us with about an 11.5 month supply of inventory.
In Sea Isle City, we’re essentially seeing the same tale. By this point last year, we had over 199 properties sell, while we’ve only had about 149 properties sell this year. This is a 25% decrease.
Some good news, though: in Sea Isle City, the average sale price has increased by 2.5%, from $669,000 to $687,000.
Jumping off shore, Upper Township is actually having a terrific 2016, with an increase in the number of homes sold as well as an 8.5% increase in home value.
As we move a little further south to Cape May County, the average sale price around the North Cape May area is down about 5% from last year to $200,000, as opposed to $211,000 last year. The number of homes sold is about the same as it was one year ago. The one difference is that we have about a one-year supply of homes listed in Cape May.
In the Cape May Court House area, the average sale price is actually up about 4% at $243,000, with about 18 months worth of inventory.
Jumping up to the The Wildwoods, we’re seeing an average sale price increase of about 5% to $297,000, as opposed to $284,000 last year. We’ve also sold about 11% more properties this year over last year, 473 units total, with about a 15 month supply of inventory.
Even in the areas that have seen a decrease in the number of homes sold, we haven’t seen much of a change with days on market, meaning that everything is still sitting at the status quo.
If you’re a seller, it’s important to keep in mind that the condition and price of your home are often the most critical factors in selling your home moving forward in this market.
If you’ve got any questions about or current market or need to contact us for any reason, please give us a call or email us. We’d be happy to help you!