Ocean City Settlements at Highest in 5 Years
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.
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For a more complete look at statistics from the market, see this update on Ocean City real estate sales.
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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!
(Caroline Watts, Prudential Fox & Roach Realtors, 200 34th Street Ocean City, cell:609-254-4756,Caroline@prufoxroach.com, search properties at www.OCNJMLS.com)
Sko Hayes
5:22 pm on Tuesday, June 26, 2012
Wonderful news. I hope we never sell our place, but it's good to know that the market is improving.
Bonnie
8:35 am on Wednesday, June 27, 2012
Horribly written.
vic
9:06 am on Wednesday, June 27, 2012
as prudential buys up more and more individually owned real estate companies, of course the number of closings that it's title company, trident, completes will increase. this does not indicate that the total number of closings in the ocean city area has actually increased. we need better research to show that the market in our area is finally turning around.
Caroline Watts
9:28 am on Wednesday, June 27, 2012
That number was tallied before the Ocean City Realty purchase. I would be happy to give you more statistics. I just didnt have them at my disposal yesterday when I just wanted to quickly "blog" the exciting number that the company passed along to us.
Caroline Watts
10:59 am on Wednesday, June 27, 2012
Below is the information I think you are looking for.
Here are Today's Numbers Straight from the South Jersey MLS
Ocean City Stats:
* 432 properties have sold since January 1, 2012
* Currently there are 920 active listings
* With 120 units Under Contract
Closed Ocean City Properties this year:
January - 36
February - 52
March - 99
April - 87
May - 100
June - 60 closed thus far and 120 under contract
Closed Ocean City Properties Yearly (from Jan 1-June 27)
2005 was an astonishing 714 units for just half the year! By 2006 that number was cut in half...
By June 27, 2009 - 306 units sold Year end - 611
By June 27, 2010 - 308 units sold Year end - 645
By June 27, 2011 - 379 units sold Year end - 737
By June 27, 2012 - 432 units sold Year end - can't wait to see!
There are the facts that you all requested. I am not a journalist. I am a full-time Realtor just blogging some quick information for people who are curious about the market.
I apologize that I did not provide you all the details the first time. I am busy with real estate and it takes some time for me to gather these facts. I hope this re-post helps answer some of your questions. Thanks for reading!
(Caroline Watts, Prudential Fox & Roach Realtors, 200 34th Street Ocean City, cell:609-254-4756,Caroline@prufoxroach.com, search properties at www.OCNJMLS.com)
Linda Barnes
2:36 pm on Wednesday, June 27, 2012
Way to go Caroline. I am a Realtor/Broker in Burbank, Ca. raised in Ocean City. I come back every year. Everyone is an expert in Real Estate!!!! We only spend our whole lives, every single day, living and breathing it. Good stats girl! We are experiencing the same thing here. Low inventory, multiple offers and prices ARE going up especially in the less expensive entry level houses. That is always where it starts to recover. Linda Barnes Keller Williams Burbank 818-239-3532
Jack Lentz
11:11 am on Saturday, March 2, 2013
Caroline, Thank you for the report. As well as the June update. Your summary report/stats was fine. If people want additional research..........provide them with a link.at the end of your last post. May save you some time !!
Oh, if it does save some time - could you run down to WAWA and pick me up a coke ? Also, Could you ask them the number of Diet Cokes v Regular cokes were sold between 1995 and 2005. Thx Jack
Caroline Watts
2:50 pm on Wednesday, June 27, 2012
Thank you Linda! And that is awesome to hear for your market as well. It is so exciting for all of us. I also appreciate the contact info and will put you in my Rolodex. Never know when I might need a CA contact :) Your very kind words are truly appreciated. Sincerely, Caroline
Caroline Watts
11:50 am on Saturday, March 2, 2013
Jack Lentz - I like your style. Thank you for the laugh!!!!