Ocean City Market Update 4th Quarter 2023 and Year In Review
Ocean City Market Update 4th Quarter 2023 and Year In Review
There is no great surprise for those who follow the Ocean City, NJ real estate market that we continue to see a downward trend of the number of properties sold and total sold volume in 2023 fourth quarter and year end results. Tight inventory and
higher
contributed
to
mortgage
rates
the
of
lack
movement. The 145 properties sold in the fourth quarter 2023 show a drop of 8.8% compared to the 159 properties
sold
in
the
fourth
quarter 2022. Likewise, 2023 ended with 677 properties sold, a 14.8% decrease from the 795 properties sold in 2022.
Source: South Jersey Shore Regional MLS
Despite higher mortgage rates and tight inventory, the September 30th yearto-date results for 2023 show a modest increase of 4% Total SOLD Volume But it’s to not2022. all bad for the home values when comparing 2023 to compared Asnews reported in the South Jersey Multiple Listing Service, theSOLD previous year.for There was a slight dropwas in the median price during to Total Volume year-to-date in 2023 $638,325,076 compared theperiod fourthlast quarter of $611,567,853. 1.5%, with 2023 reporting $970,000 median price same year of and 2022 reporting $985,000. The median price finished strong $970,000 in 2023 shows a 10.4% increase over 2022’s median price of $879,000.
Overall Market Performance 2022/2023 Comparisons Sold, Average Price, Median Price and Total Sold Volume YTD Results Jan. 1st - Dec. 31st
Properties Sold
2022
2023
D
795
677
-14.8%
Average Price
$
1,091,288
$
1,213,401
11.2%
Median Price
$
879,000
$
970,000
10.4%
$ 821,472,577
-5.3%
Total SOLD Volume
Source: South Jersey Shore Regional MLS
$ 867,574,020
Despite higher mortgage rates and tight inventory, the September 30th yearLike the median price difference between 2023 and 2022, the to-date results for 2023 show a modest increase of 4% Total SOLD Volume average price during the fourth quarter also took a slight dip. compared to 2022. As reported in the South Jersey Multiple Listing Service, The average fourth quarter price in 2023 was reported as Total SOLD Volume for year-to-date in 2023 was $638,325,076 compared to $1,171,805 versus $1,184,559 in 2022. And just like the median same period last year of $611,567,853. price performance, the 2023 average sale price of $1,213,401 was an 11.2% increase over the 2022 average sale price of $1,091,288. Overall Market Performance 2022/2023 Comparisons Sold, Average Price, Median Price and Total Sold Volume
3 Months Results Oct. 1st - Dec. 31st
Properties Sold
2022
2023
D
159
145
-8.8%
Average Price
$
1,184,559
$
1,171,805
-1.1%
Median Price
$
985,000
$
970,000
-1.5%
$ 169,911,780
-9.8%
Total SOLD Volume
Source: South Jersey Shore Regional MLS
$ 188,345,026
SOLD Price 2000 Despite higher mortgageMedian rates and tight inventory, the- 2023 September 30th yearOcean City, NJ $1,000,000 to-date results for 2023 show a modest increase of 4% Total SOLD Volume $1,200,000
compared to 2022. As reported in the South Jersey Multiple Listing Service,
$800,000
Total SOLD Volume for year-to-date in 2023 was $638,325,076 compared to
$600,000 $400,000
same period last year of $611,567,853.
$200,000 $0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Median sale prices for Ocean City real estate continued a 4-year trend, reporting historically high values. The above chart follows twenty-three years of median sale prices, reflecting the surge in the post-Covid market.
Source: South Jersey Shore Regional MLS
In the fourth quarter, the Single Family home market reported fewer number of properties sold when comparing 2023 to 2022. There were 39 properties sold in 2023 which is a decrease of 13.3% from the 45 sold in the same period of 2022. The 2023 median price of $1,625,000 is 8.4% less than the 2022 median price of $1,775,000. The 2023 average sale price of $1,794,807 is 7.4% less than the 2022 average sale price of $1,926,956. The fourth quarter total sold volume shows a 19.7% decrease in 2023, with $69,607,493 reported versus 2022’s volume of $86,713,048. Single Family 2022/2023 Comparisons Sold, Average Price, Median Price and Total Sold Volume 3 Months Results Oct. 1st - Dec. 31st
Properties Sold
2022
2023
D
45
39
-13.3%
Average Price
$
1,926,956
$
1,784,807
-7.4%
Median Price
$
1,775,000
$
1,625,000
-8.4%
$ 69,607,483
-19.7%
Total SOLD Volume
Source: South Jersey Shore Regional MLS
$ 86,713,048
In 2023, the total number of Single Family homes sold was 176, a 6.9% decrease over the 189 homes sold in 2022. The average sale price dipped slightly by 3.7% from 1,835,527 in 2022 to $1,766,883 in 2023. The median price showed a slight increase of 3.2% from $1,575,000 in 2022 to $1,625,000 in 2023. Overall, the 2023 total sold volume of $310,971,538 was a decrease of 10.4% compared to 2022’s total sold volume of $346,914,781.
Single Family 2022/2023 Comparisons Sold, Average Price, Median Price and Total Sold Volume
YTD Results Jan. 1st - Dec. 31st
Properties Sold
2022
2023
D
189
176
-6.9%
Average Price
$
1,835,527
$
1,766,883
-3.7%
Median Price
$
1,575,000
$
1,625,000
3.2%
$ 310,971,538
-10.4%
Total SOLD Volume
Source: South Jersey Regional Shore MLS
$ 346,914,781
The Ocean City Condominium market cooled when comparing 2023 to 2022 performance. For the 2023 year, the total condominiums sold was 441. This is 21.4% fewer than the 561 condos sold in 2022. The total sold volume in 2023 of $412,306,331 shows a 14.3% drop from $481,059,742 in 2022. For the year, the average and median prices report an increase. In 2023, the median price of a condominium was $825,000. This is an increase of 5.8% over the 2022 median price of $780,000. The average price of $934,934 in 2023 is a 9.0% increase over the 2022 average price of $857,503. Condominium 2022/2023 Comparisons Sold, Average Price, Median Price and Total Sold Volume YTD Results Jan. 1st - Dec. 31st
Properties Sold
2022
2023
D
561
441
-21.4%
Average Price
$
857,503
$
934,934
9.0%
Median Price
$
780,000
$
825,000
5.8%
$ 412,306,331
-14.3%
Total SOLD Volume
Source: South Jersey Shore Regional MLS
$ 481,059,742
The fourth quarter of 2023 reflected tight inventory in the Condominium sector, with a 9.7% reduction in properties sold when comparing the fourth quarter periods. In 2022, a total of 103 Condominiums sold; in 2023 the total sold was 93. Tracking with the reduced number of sold properties, the fourth quarter sold volume dropped 7.4% from 2022 to 2023. Total sold volume in 2022 was $92,622,978 as compared to $85,809,997 in 2023. Median price showed a slight decrease of 0.5% with a 2023 price of $835,000 and $839,000 in 2022.
Condominium 2022/2023 Comparisons Sold, Average Price, Median Price and Total Sold Volume
3 Months Results Oct. 1st - Dec. 31st
Properties Sold
2022
2023
D
103
93
-9.7%
Average Price
$
899,640
$
922,688
2.6%
Median Price
$
839,000
$
835,000
-0.5%
$ 85,809,997
-7.4%
Total SOLD Volume
Source: South Jersey Shore Regional MLS
$ 92,622,978
Featured OceanCity Listings
2544 Asbury Avenue Represented by Thomas Tyrrell III Rare Ocean City Gold Coast area, Single Family Home on an oversized 45x100 lot. This stunning home, custom designed by Thomas/Bechtold architects and constructed by Coste Builders leaves no stone unturned with exquisite details and high-end finishes. Five Bedrooms and three and a half baths gives ample room for the whole family. This home was constructed as a primary residence so there is no lack of storage or space. Built with 2x6 construction, giving peace of mind and being stormproof were at the forefront when this home was custom designed. The first floor offers a spacious, open layout, beautiful wainscoting, columns, and hardwood floors that flow effortlessly throughout. The kitchen features a center island that's a perfect gathering space for entertaining. Top-of-the-line appliances, abundant natural light and the stylishly designed, lavish cabinetry complete this focal point of the home. The second floor has three bedrooms including the Primary with its ensuite bath and an oversized walk-in-closet. A hall bath and two other bedrooms finish off this level. Before continuing upstairs, take a tour on the second story deck that stretches the length of the home. One of the four decks you'll find on this home making use of the outdoor space and cool, salt air breezes. The third floor has an additional two bedrooms and a shared full bath. Short walk to the beach, close to shopping and Ocean City's downtown. Make 2544 Asbury your dream home away from home. $2,700,000
Featured OceanCity Listings
53 Bay Road Represented by Kevin McGonigle OCEAN CITY – Welcome to 53 Bay Road in the desirable North End Bay community. This stunning home sits on a gigantic 107'x125' lot and is just a stone's throw away from the Ocean City Yacht Club, offering the ideal blend of luxury and coastal living. Step into your own private backyard oasis with outdoor features that are sure to impress. Enjoy cozy evenings by the gas fire pit or take a dip in the refreshing pool. The inviting outdoor kitchen and BBQ area powered by natural gas make entertaining a breeze, while the fenced in yard provides privacy and security. As you enter this lovely home, you will be greeted by beautiful hardwood flooring and a grand chandeliered staircase that sets the tone for elegance. The vaulted ceilings add an airy and spacious feel to the living areas, while the 3 fireplaces, including one in the primary bedroom, create a warm and inviting ambiance. The chef's kitchen is a dream come true, boasting granite countertops, appliances that are custom matched to the cabinetry and a convenient breakfast bar. With 7 bedrooms, 7 full baths and 2 half baths there is plenty of space for everyone to unwind and relax. The primary suite features a gas fireplace, large walk-in custom closet, 2 additional closets for great storage and an en suite bathroom with a double shower. Each bedroom offers comfort and privacy, ensuring that everyone has their own retreat. One of the standout features of this home is the incredible media room located on the third floor with a wet bar and bathroom. 53 Bay Road is offered fully furnished (less some personal items), with electronics and outdoor furniture included. There is ample off-street parking with two separate driveways leading to two separate, epoxy-floored garages. Don't miss out on this amazing opportunity to own your own piece of paradise in America's Greatest Family Resort. $3,999,999
Featured OceanCity Listings
910 Ocean Avenue, 3rd Floor Represented by Peter Madden OCEAN CITY – Welcome to 910 Ocean Avenue, Unit C. This third-floor condominium offers an expansive 2,300 sq. ft. of living space and has five bedrooms, 4 full bathrooms and a powder room. Newly constructed in early 2022, this top floor features private elevator, vaulted ceilings throughout, hardwood flooring and wall-to-wall carpeting. An open floor plan with living area, dining area and kitchen is bright and airy with two sliding doors for access to the large wraparound front deck. Offered fully furnished and move-in ready. One-car attached garage plus additional off-street parking. Enjoy the sights and sounds of beach, ocean and Boardwalk from this beach block home. Purchase for use as your personal shore getaway, or as an investment. $1,999,900
1004 Ocean Avenue, 3rd Floor Represented by The Wilkins Team OCEAN CITY – 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
Featured OceanCity Listings 719 E. 10th Street #304 Represented by Peter Madden OCEAN CITY – The Impala Suite features 3 bedrooms, 3 baths, kitchen, and living room. This unit comes furnished, equipped for nightly rentals, parking, pool, pool deck with restrooms and ocean views. The property is managed by The Impala Inn across the street from Condo. $950,000
836 Second Street Represented by Ryan Huck OCEAN CITY – Introducing a unique investment opportunity in the vibrant North End of Ocean City! This perfectly located triplex, featuring two spacious 3bedroom, 1-bathroom units on the first and second floors, as well as a cozy 2-bedroom, 1-bathroom unit on the top floor, is now available for sale as a whole building. The first and second floors offer larger, private front decks, perfect for enjoying the ocean breeze and outdoor gatherings. The top floor unit, with its quaint rear deck nook, provides a cozy and private retreat for its occupants. All three units have been thoughtfully updated and offer a blend of modern convenience and coastal craftsman charm. The kitchens are well-appointed with stainless steel appliances, beautiful quartz countertops, and coastal gray cabinetry accented with designer pulls. The original hardwood floors have been carefully refinished, preserving their timeless elegance. This triplex presents a fantastic income-generating opportunity, with 2023 gross income exceeding $130,000. Whether you're looking to expand your real estate portfolio or are seeking a property with strong rental potential, this triplex is a sound investment. Don't miss the chance to own this impressive triplex building, ideally located in the heart of Ocean City's North End close to the beach and Boardwalk. Schedule your private showing today and seize the opportunity to enjoy the financial benefits and coastal lifestyle this property has to offer. Please note rental income projections are not guaranteed. $1,859,700
Featured OceanCity Listings 223 Ocean Avenue, 2nd Floor Represented by Peter Madden OCEAN CITY – Charming North End second floor condominium is in close proximity to everything including beach and Boardwalk. Features three bedrooms, two full bathrooms, and vaulted ceilings in the living area. Two decks offer places to relax in sun or shade. Off-street parking, gas heat, central air, outside shower, and storage area. $950,000
1101 Asbury Avenue Represented by Burton Wilkins OCEAN CITY – Turn-of-the-Century 4-story building at arguably the busiest corner on Asbury Avenue in Downtown Ocean City. The ground level/retail space is currently home to DAK'S KAYAKS and PADDLE BOARDS, a kayak and paddle board shop with an active kayak and paddle board sale, rental and tour business, plus retail shop with all the accessories and clothing. The 6 plus bedroom, 4 bath 3-story upper cottage boasts a large wrap around deck with main entrance off 11th Street to a grand foyer, that opens through the original double doors to the spacious living room, adjoined by a dining room with double doors into a huge fully-equipped kitchen. The property offers loads of off-street parking and a lovely landscaped sitting area with a firepit to relax after a long day at the beach. Call today to schedule an appointment to view this amazing property in the heart of Ocean City's downtown. Real Estate: $1,995,000
Featured Mainland Listings
Toadflax Farm, 3097 Route 9 Represented by The Wilkins Team SEAVILLE – Discover the charming 17th century Reeves-Iszard-Godfrey home nestled in a grove of tall pine trees. The original home was built in 1695, expanded in 1800 and moved to its current location in 1962. One of the oldest and most important homes in the county, it is listed on both state and national historic registers. Great care was taken to restore the 3bedroom, 2.5-bath main house using materials matching the period of the home with huge beams, decorative gunstock posts and wide plank wood floors along with a brick cooking fireplace in the dining room. The home’s addition, circa 1800, includes a den/library/sitting room and a winding staircase to the second-floor master suite. A second stairway from the dining room leads to two bedrooms and a sitting room that share a second-floor full bath. Near the main house is a newer large 2-story barn/garage with 3 garage bays, storage & utility room and 2nd floor workshop. Set apart is a small 18th-century one-room house with brick fireplace and 2nd floor bedroom. With its serene location and close proximity to the shore points, the home and 6-acre property offer many possibilities – vacation home, rental property or as your amazing year-round residence. $795,000
Featured Mainland Listings
Plagido’s Winery, 570 N. 1st Street Represented by Ollie Tomasello and Peter Madden HAMMONTON – This remarkable working vineyard encompasses 15 acres and features an impressive award-winning winery in operation since 2007. The vineyard spans approximately 8.5 acres, gracing the estate with rows of meticulously tended grapevines, promising future bountiful harvests. The winery is equipped with state-of-the-art machinery and equipment valued at $100,000, ensuring the smooth and efficient production of their renowned wines. Additionally, the property includes equipment facilitating the vineyard's day-to-day operations. Included as part of the offering is Lot 41, a 5-acre buildable lot with water and sewer connections, presenting an opportunity for home expansion or further winery development. Alongside the vineyard, on Lot 39, is a three-bedroom, 2.5 bath single family home. Spanning 2,849 sq. ft., the residence boasts 10' ceilings, spacious rooms, hardwood floors and large windows that create a bright and airy environment. Don't miss your opportunity to become a part of this enchanting story in Hammonton, NJ. Training provided for new owner. Listing agent is related to seller. $3,100,000
Featured Mainland Listings
13 Nadine Boulevard Represented by Thomas Tyrrell III UPPER TOWNSHIP – This estate-like, 4-bedroom 2.5 bath home is situated on nearly 2 acres of land. An oversized horseshoe shaped driveway offers plenty of parking, both in front and within the 2-car attached garage. The back yard is fenced in with two distinct sections: a cleared area great for pets and is the pool area. As you enter the home the formal dining room to the left and living room to the right. The high ceilings in the foyer are dramatic, bright and airy. A bonus rec-room was converted from the original third bay of the garage. On the upper level there are 3 bedrooms, a full hall bath and the primary suite. The primary features large windows, a decorative tray ceiling and an ensuite featuring an oversized walk-in shower. Before you exit the home don't forget to see the basement. Just off the kitchen, the full basement has extra high ceilings and room for just about anything your imagination can fit. $769,995
Goldcoast Sotheby’s International Realty 200 34th Street | Ocean City, NJ 08226 o: 609.399.2500 www.goldcoastsir.com Source: South Jersey Shore Regional Multiple Listing Service Information is deemed accurate but not guaranteed. Goldcoast Sotheby’s International Realty is an independently owned and operated.