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, ÂThe Future of the Jersey Shore Residential Market.Â
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. ÂIn early July of Â05, the market turned off like somebody flicked a switch,Â he said. ÂIÂve talked to a lot of brokers in other resort markets across the country and theyÂve indicated the same thing.Â
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.