Ocean City Market Update Second Quarter 2023 Year-to-Date
Ocean City Market Recap
Year-to-Date, Jan 1st – Jun 30th 2023
The scarcity of real estate inventory had a direct effect on the Ocean City, NJ market during the first half of 2023. Overall, sold volume declined from the same period in 2022. Total overall sold volume, January 1, 2022, to July 31, 2022, was $500,886,865. In 2023, the overall sold volume was $423,914,925, resulting in a -15.40% reduction. The total properties sold tracked in a similar fashion comparing the same period of 2022 and 2023. In 2022 the total properties sold was 475; in 2023 the total was 347 – indicating a -26.90% decline. When comparing 2022 to 2023, the January to July 31st year-to-date the overall median price increased 11.9% from $849,000 to $950,000 and the average price increased 15.9% from $1,054,498 to $1,221,656.
Series1 $0 $100,000,000 $200,000,000 $300,000,000 $400,000,000 $500,000,000 $600,000,000 $7,329,000 $11,247,500 $289,769,275 $192,541,090 $500,886,865 $41,530,910 $25,319,500 $206,655,043 $150,409,472 $423,914,925 Total SOLD Volume ($) YTD Results Jan 1st - June 30th 2023 2022 Land and Commercial Multi Family Condominium Single Family Overall Market Performance $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 $4,799,000 $2,897,500 $155,629,842 $115,125,171 $278,451,513 $6,648,010 $13,758,000 $125,773,497 $91,765,299 $237,944,806 Total SOLD Volume ($) 3 Months Results April 1st - June 30th 2023 2022
Source: South Jersey Shore MLS
Single Family Home Sales
Year-to-Date, Jan 1st – Jun 30th 2023
As of July 31, 2023, 89 single family homes were reported sold as compared to 107 in the same period of 2022, a decrease of 16.8%. Based on the reduced number of single family homes total volume sold in 2023, the total sold volume tracked accordingly: $150,409,472 in 2023 from $192,541,090 in 2022, a decrease of 21.9%. Although average price also shows a decrease of 6.10% year to year, $1,799,449 in 2022 to $1,689,994 in 2023, the median sale price shows a modest increase. In 2022 the median price was $1,530,000; in 2023 the median price was $1,590,000, a 3.9% increase
Source: South Jersey Shore MLS Properties Sold Average Price Median Price $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $60 $1,908,752 $1,595,000 $56 $1,638,666 $1,475,000 Single Family
Months Results, April 1st - June 30th 2023 2022 Properties Sold Average Price Median Price $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 $107 $1,799,449 $1,530,000 $89 $1,689,994 $1,590,000 Single Family Year-to-Date, Jan 1st - June 30th 2023 2022
3
Condominium Sales
Year-to-Date, Jan 1st – Jun 30th 2023
The first half of 2023 saw a decrease of condominiums sold: 223 vs. 344 during the same period in 2022. The total sold volume also decreased in the same timeframe from $289,769,275 to $206,655,043, a 28.7% decrease. The average sold price increased in 2023 by 10% from $842,352 to $926,704. Median sold price also increased by 5.3% in 2023 as compared to 2022, from $760,000 to $800,000. Again, historically low inventory coupled with higher interest rates and higher prices attributed to the slower condominium market.
Properties Sold Average Price Median Price $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $179 $869,440 $779,900 $139 $904,845 $800,000 Condominium 3 Months Results April 1st - June 30th 2023 2022 Properties Sold Average Price Median Price $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $344 $842,352 $760,000 $223 $926,704 $800,000 Condominium Year-to-Date, Jan 1st - June 30th 2023 2022
Source: South Jersey Shore MLS
Multi Family Sales
Year-to-Date, Jan 1st – Jun 30th 2023
The multi family real estate sales market represents a very small percentage of the overall Ocean City real estate market. Year-to-date 2023 properties sold were 14 as compared to 10 in the same period in 2022. The median price increased by 31.30% from $808,750 in 2022 to $1,062,500 in 2023 and the average price increased by 60.8% from $1,124,750 in 2022 to $1,808,535.
Source: South Jersey Shore MLS
Properties Sold Average Price Median Price $0 $200,000 $400,000 $600,000 $800,000 $1,000,000$1,200,000$1,400,000$1,600,000$1,800,000$2,000,000 $10 $1,124,750 $808,750 $14 $1,808,535 $1,062,500 Multi Family Year-to-Date, Jan 1st - June 30th 2023 2022
Land/Commercial Sales
Year-to-Date, Jan 1st – Jun 30th 2023
Year-to-date, land and commercial property are also a very small market and represent 9.1% of total volume sold. For the period January 1st through July 31st , the total volume sold increased by 466.7% from $7,329,000 in 2022 to $41,530,910. The median sold price also increased in 2023, from $361,500 in 2022 to $975,000.
Source: South Jersey Shore MLS
Properties Sold Average Price Median Price $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $14 $523,500 $361,500 $21 $1,977,662 $975,000 Land and Commercial Year-to-Date, Jan 1st - June 30th 2023 2022
Ocean City, NJ Market Stats A Bird’s EyeView
Year-to-Date, Jan 1st – Jun 30th 2023
Total SOLD Volume ($) 3 Months Results April 1st - June 30th YTD Results Jan 1st - June 30th 2022 2023 % 2022 2023 % Land and Commercial $ 4,799,000 $ 6,648,010 38.50 $ 7,329,000 $ 41,530,910 466.70 Multi Family $ 2,897,500 $ 13,758,000 374.80 $ 11,247,500 $ 25,319,500 125.10 Condominium $ 155,629,842 $ 125,773,497 -19.20 $ 289,769,275 $ 206,655,043 -28.70 Single Family $ 115,125,171 $ 91,765,299 -20.30 $ 192,541,090 $ 150,409,472 -21.90 Overall Market Performance $ 278,451,513 $ 237,944,806 -14.50 $ 500,886,865 $ 423,914,925 -15.40 Overall Market Performance 3 Months Results April 1st - June 30th YTD Results Jan 1st - June 30th 2022 2023 % 2022 2023 % Properties Sold 252 209 -17.10 475 347 -26.90 Average Price $ 1,104,966 $ 1,138,491 3.00 $ 1,054,498 $ 1,221,656 15.90 Median Price $ 854,500 $ 875,000 2.40 $ 849,000 $ 950,000 11.90 Total SOLD Volume ($) $ 278,451,513 $ 237,944,806 -14.50 $ 500,886,865 $ 423,914,925 -15.40 Single Family 3 Months Results April 1st - June 30th YTD Results Jan 1st - June 30th 2022 2023 % 2022 2023 % Properties Sold 60 56 -6.70 107 89 -16.80 Average Price $ 1,908,752 $ 1,638,666 -14.60 $ 1,799,449 $ 1,689,994 -6.10 Median Price $ 1,595,000 $ 1,475,000 -7.50 $ 1,530,000 $ 1,590,000 3.90 Total SOLD Volume ($) $ 115,125,171 $ 91,765,299 -20.30 $ 192,541,090 $ 150,409,472 -21.90 Condominium 3 Months Results April 1st - June 30th YTD Results Jan 1st - June 30th 2022 2023 % 2022 2023 % Properties Sold 179 139 -22.30 344 223 -35.20 Average Price $ 869,440 $ 904,845 4.10 $ 842,352 $ 926,704 10.00 Median Price $ 779,900 $ 800,000 2.60 $ 760,000 $ 800,000 5.30 Total SOLD Volume ($) $ 155,629,842 $ 125,773,497 -19.20 $ 289,769,275 $ 206,655,043 -28.70 Multi Family 3 Months Results April 1st - June 30th YTD Results Jan 1st - June 30th 2022 2023 % 2022 2023 % Properties Sold 3 6 100.00 10 14 40.00 Average Price $ 965,833 $ 2,293,000 137.40 $ 1,124,750 $ 1,808,535 60.80 Median Price $ 832,500 $ 1,180,500 41.80 $ 808,750 $ 1,062,500 31.30 Total SOLD Volume ($) $ 2,897,500 $ 13,758,000 374.80 $ 11,247,500 $ 25,319,500 125.10 Land and Commercial 3 Months Results April 1st - June 30th YTD Results Jan 1st - June 30th 2022 2023 % 2022 2023 % Properties Sold 10 8 -20.00 14 21 50.00 Average Price $ 479,900 $ 831,001 73.20 $ 523,500 $ 1,977,662 277.80 Median Price $ 318,500 $ 520,000 63.30 $ 361,500 $ 975,000 169.70 Total SOLD Volume ($) $ 4,799,000 $ 6,648,010 38.50 $ 7,329,000 $ 41,530,910 466.70
Featured Listings Single Family Homes
2011 Glenwood Drive, Ocean City, NJ
Welcome to your dream waterfront oasis in the highly sought-after Riviera neighborhood of Ocean City, NJ! This stunning lagoon-front home offers the perfect blend of luxurious living, breathtaking views, and direct boat slip access. On the main level an expansive open floor plan features a living area with a wall of windows with water views and ample room for entertaining guests. Adjacent to the living area is a dining area with direct access to the waterfront deck.The adjoining kitchen with its enviable list of built-inThermador range,Viking refrigerator and Bosch double oven stands ready for you to create your culinary delights. Just outside is the newly renovated deck offering plenty of lounging space.The custom gunite pool received a new gas heater in 2022, enhancing your swimming and poolside experience. Indulge in the best of waterfront living with the updated bulkhead, boat slips, and lagoon access that are perfect for boating, swimming,paddle boarding,and other water activities.$3,495,000
3 Brittany Drive, Ocean City, NJ
Gardens home boasts 3,744 square feet of living and offers 6 spacious bedrooms and 4.5 baths. Features a large great room including a recreation room, living area, spacious kitchen and dining area. The recently remodeled kitchen includes an oversized center island, marble counters and stainless steel appliances.The exterior features beautiful landscaping, irrigation system, enclosed outside shower, fenced-in rear yard, 1-car attached off-street parking. $2,195,000
Featured Listings Condominiums
1413 – 1419 OceanAvenue,Ocean City,NJ
Exquisite Oceanfront New Construction! Four new condominiums each featuring six bedrooms, five full baths and one-half bathrooms, and a bonus cabana room with bathroom. Amenities will include high end finishes throughout, stainless steel appliances, hardwood floors throughout, open living area with gas fireplace, off-street parking for three cards, elevator and private fenced-in pool. Enjoy your morning coffee or evening cocktails while overlooking ocean views.This home is custom built with the finest touches by Ozro Construction. First Floor Units: $3,999,900; Second Floor Units: $4,499,900
1004 OceanAvenue,3rd Floor,Ocean City,NJ
Fabulous “NEW” Boardwalk area condominium featuring five bedrooms, including primary suite and junior suite, four full bathrooms and one half bath, private elevator, hardwood floors, quartz counter tops, stainless steel appliances, 1 car attached garage plus off-street parking for 3 cars, large covered porch plus rear deck and much more! Located in the heart of Ocean City, just one block from the beach and Boardwalk, restaurants and shopping. This condominium is your perfect home away from home.$1,849,000
Goldcoast Sotheby’s International Realty 200 34th Street | Ocean City, NJ 08226 o: 609.399.2500 www.goldcoastsir.com Source: South Jersey Shore MLS Information is deemed accurate by not guaranteed. Goldcoast Sotheby’s International Realty is an independently owned and operated.