OverallMarket Q22024
Apr1-June30,2024
The overall market performance for the second quarter of 2024 shows a decreaseintotal propertiessoldcombinedwithanincreaseinthemediansale price.
Single Family Homes, Condominiums, Multi-Family, Land/Lots and Commercial combined for atotal sold volume of $165,087,864, down 36.8% fromlast year?svolumeof$261,158,300.
The decrease in total sold volume tracks with the reduced number of total propertiessold,down37.8%from2023.Total propertiessoldinsecondquarter of2024was140ascomparedto225in2023.
OverallMarket Q22024
Apr1-June30,2024
OverallMarket
Year-to-Date2024
Jan1-June30,2024
Looking at the overall market performance for the first six months, total propertiessoldshowsa24.3%decreaseascomparedto2023.Total properties soldin2024was274versus362in2023.
Total sold volume reported a 21.1%decrease compared to 2023. Total sold volumefor 2024was$352,932,160ascomparedto$447,095,419in2023.
Themedianpriceheldsteadyover thefirst sixmonthswithonly0.1%increase from thepreviousyear. In 2023,themedian pricewas$962,500;in 2024,the medianpriceis$963,750.
OverallMarket
Year-to-Date2024
SingleFamilyHomeMarket
Q22024
Apr1-June30,2024
SingleFamilyHomeMarket
Q22024
Apr 1-June30,2024
Themost notablestatsfor thesecond quarter of 2024arefound in theSingleFamily Homemarket.Therewasasignificant decreasein unitssold ascompared to thesame periodlast year.In2023,therewere60 singlefamilyhomessoldinthesecondquarter. Sameperiod thisyear only 26homesweresold,resultingin a56.7%decreaseof single familyhomesales.
Inthesecondquarter,SingleFamilyHomemediansoldpriceenjoyedanotableincrease of42.6%in2024overthesameperiodin2023.TheSingleFamilyHomemedianpricein thesecondquarter of2024was$2,265,265ascomparedto$1,588,250in2023.
Thetotalsoldvolumeforthesecondquarterdroppedby37.4%ascomparedtothesame periodlast year.In2023theSingleFamilytotalsoldvolumewas$100,295,299,while totalSingleFamilysoldvolumewasreportedas$62,832,531in2024.
SingleFamilyHomeMarket
Year-to-Date2024
Jan1-June30,2024
SingleFamilyHomeMarket
Year-to-Date2024
Jan1-June30,2024
Reviewingtheyear?sperformancefromJanuarythroughJune,2024showsadecreaseof 32.2%inSingleFamilyHomessold.Therewere64homessoldin2024ascomparedto 93in2023.
Onapositivenote,themedianpriceshowedamarkedincreasefortheyear.Themedian priceforthefirst halfoftheyearwasupby15.4%from$1,625,000in2023to$1,875,000 in2024.
Year-to-date,thetotal volumeof SingleFamilyHomessolddecreasedin2024by14.9% , from$158,939,472in2023to$135,308,530in2024.
CondominiumMarket Q22024
Apr1-June30,2024
Ocean City?s Condominium market?s performance was in line with other market segment results.For thesecond quarter 2024,therewasadecreaseof 30.4%incondossold.In2024therewere103condossold;in2023148condos sold.
Themedian pricein thesecond quarter showsan improvement of 6.3%,from $806,500in2023to$858,100in2024.
Thetotal sold volumefor condominiumsin thesecond quarter decreased by 29.1%fromthepreviousyear,from$134,642,991in2023to$95,429,333in2024.
CondominiumMarket Q22024
Apr1-June30,2024
CondominiumMarket
Year-to-Date2024
Jan1-June30,2024
FromJanuarytoJune,thecondominiummarket reportedadeclineinunitssold of17.3%with191propertiessoldin2024versus231in2023.
Themedian priceshowed an increaseof 6.7%.In 2024 themedian pricewas $862,500andthe2023medianpricewas$808,000.
Year-to-date through June 30th, the total Condominium sold volume decreased10.9%,with$192,087,130reportedin2024and$215,491,537in2023.
CondominiumMarket
Year-to-Date2024
Jan1-June30,2024
Q22024
Apr1-June30,2024
Multi-Family/Land/CommercialMarkets
Q22024
Apr 1-June30,2024
Our report combinesMulti-Family,Land/LotsandCommercial propertiesand showsadeclineof 35.2%from2023inunitssoldinthesecondquarter.In2024, 11propertiessoldascomparedto17propertiesin2023.
Themedian pricein thesecond quarter declined by 32.5% . The2024 median pricewas$550,000versusthe2023medianpriceof$815,000.
Not surprisingly,total soldvolumesaw alargedropof 74.0%,from$26,220,010 in2023to$6,826,000in2024.However,thefact that thisisaverysmall market segment shouldbetakenintoconsideration.
Year-to-Date2024
Jan1-June30,2024
Multi-Family/Land/CommercialMarkets
Year-to-Date2024
Jan1-June30,2024
Comparingthe2024year-to-datereport with2023,therewasadeclineof47.4%intotal Multi-Family,LandandCommercialpropertiessold.In202338propertiessoldandin 202420propertiessold.
Themedianpricedeclinedby23.2%in2024,from$1,062,500in2023to$816,000in 2024.
Totalsoldvolumewasreducedby64.9%.In2023,totalsoldvolumewas$72,664,410 whilethereportedtotalsoldvolumefor thefirst sixmonthsof2024was$25,536,500.
e a t u r e d L i s t i n g s
53 Bay Road,Ocean City | $3,995,000
Kevin McGonigle | 609.226.6046
e a t u r e d L i s t i n g s
306 Gull Road,Ocean City | $1,895,000
Peter Madden | 609.513.4781
322 Boardwalk,Unit 206,Ocean City | $455,500
Burton Wilkins III | c: 609.464.2571
e a t u r e d L i s t i n g s
1836 Wesley Avenue,Ocean City | $3,195,000
Emily Wilkins | 609.513.2029
e a t u r e d L i s t i n g s
300 Atlantic Ave #1,Ocean City | $1,650,000
Peter Madden | 609.513.4781
200 34th Street | Ocean City, NJ 08226
o: 609.399.2500 www.goldcoastsir.com
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Data Source: South Jersey Shore Regional Multiple Listing Service.Information contained in this report is deemed accurate but not guaranteed.
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