Patrick Halliday
As we approach the Spring season, Ocean City's real estate market continues to report impressive statistics. Over the past 12 month 908 properties were reported sold in the South Jersey Multiple Listing Service for the Ocean City area. This is a 5% increase in the number of transactions over the previous 12 months and the strongest market since 2005. With an average sales price of $581,937, values continue to climb. This is a 6% increase in the average sales price over 3 years prior.
Interest rates remain very attractive with 30 year fixed mortgages in the mid 3%'s, many investors are converting assets into real estate as a more secure investment opportunity. If a buyer is able to take advantage of the current interest rates of 3.625% as compared to a 4.25% interest rate, on a $500,000 mortgage for 30 years, this will equate to a savings over $2,000 per year and almost $65,000 in interest savings over the life of the mortgage.
