Please ensure Javascript is enabled for purposes of website accessibility

Housing Hit

Around the State – South JerseyATLANTIC CITY Residential real estate sales and prices are down in Atlantic County, with Ocean City being the hardest hit, said experts at an Atlantic City panel, “The Future of the Jersey Shore Residential Market.”

The number of homes on the market has doubled in the past year, to 4,000 homes this year from 2,000 in 2005, Mark Carrier said last week. Carrier, president of the Atlantic City and County Board of Realtors and Brigantine-based real estate agency Carrier & Associates, attributes this change to a decline in the number of buyers. “In early July of ’05, the market turned off like somebody flicked a switch,” he said. “I’ve talked to a lot of brokers in other resort markets across the country and they’ve indicated the same thing.”

Ocean City has been hardest hit, with 591 sales as of Nov. 30 compared with 1,071 sales last year. This has caused the average home price to decline 10 percent to an average of $630,000, said Carrier.

Atlantic City sales have declined 34 percent, but prices have increased 21 percent from last year.

The soft market will last another 12 to 18 months, said Joel Naroff, chief economist at Commerce Bancorp.

NJBIZ Business Events

2022 NJBIZ Panel Discussion: Cybersecurity

Tuesday, February 22, 2022
2022 NJBIZ Panel Discussion: Cybersecurity

NJBIZ Digi-Tech Innovator Awards 2022

Thursday, March 31, 2022
NJBIZ Digi-Tech Innovator Awards 2022

NJBIZ Leaders in Finance 2022

Wednesday, April 27, 2022
NJBIZ Leaders in Finance 2022

NJBIZ Leaders in Law 2022

Wednesday, May 25, 2022
NJBIZ Leaders in Law 2022