We have all been waiting for a recovering real estate market and we are absolutely starting to see the light. June will be our biggest settlement month in more than five years! That says a whole lot about the real estate market locally.
Prudential Fox & Roach tallied its sister companies' June settlements that are scheduled and that have already closed. Between both Trident Land Transfer and Trident Mortgage in Pennsylvania and New Jersey well over 1,000 closings are taking place this month alone.
For a more complete look at statistics from the market, see this update on Ocean City real estate sales.
One conflict we Realtors are having is the very difficult combination of having a very low supply of sale listings available and numerous active buyers ready to make a purchase. We have recently found that it is becoming harder to find customers exactly what they are searching for and the best deals on the market are now getting multiple offers. This is a great thing for us overall.
Economics 101 teaches supply and demand. Ocean City supply is down + demand is up = value increase. We still haven't seen prices rise just yet, but they have been stable, and if the current market stays the way it is, prices will begin to creep slightly upward soon enough.
If you have thought about selling but didn't want your property to sit on the market and get stale in a dead market, then you may want to get in now while the demand is high and supply is down! And buyers, you already know now is time, because you are very present. Great timing and best wishes!