There are currently 1402 homes and condos for sale in Ocean City, MD. This is down by 14% from where we were in April of 2011 and down by 33% from where we were 3 years ago. This is a trend that will continue with the high amount of activity that we are currently seeing in the Ocean City MD real estate market.
Active listing prices in Ocean City, MD have remained flat since February, which is a good sign of stability in that a fair amount of property is selling and going under contract.We are beginning to regain some of the ground that we lost over the Winter, which is typical for a second home real estate market.
72 Ocean City properties sold in April, which brings the YTD sold total to 267. This is off slightly from the 279 Ocean City condos and homes that had sold by this point in 2011. There are a large number of properties currently under contract and the mortgage process is taking longer these days, which is why this value is down. Look for this value to rebound strongly in June.
The average and median sold listing prices for April were $277,000 and $255,000. This brings the YTD average sold price to $296,000, which is a 2.55% increase from the 2011 YTD average sold price at this point of $289,000.
The average sold price per square foot in April was $232, which is up by 6% from where we were in April of 2011. With the exception of 1 abnormal spike we have remained in this range for some time, which is a good sign of stability.
The absorption rate in Ocean City currently lies at 18 months. I would look for this value to come down in the coming months as considerably less inventory is coming on the market than in previous years and there is good sales activity.
Ocean City MD real estate that is currently selling is averaging 239 days on the market. Keep in mind that this is an average comprised of a lot of differnt property types and situations. I am currently seeing well priced properties in good condition going under contract within a couple of weeks of being listed.
Homes and condos for sale in Ocean City, MD are currently selling at 93% of the listing price. Keep in mind that this is an average and all Sellers are going to be in different positions, with some more motivated than others.
121 condos and homes for sale in Ocean City went under contract in April, which is up by 16% from April of last year. This is now 3 solid months of activity in a row, which once they start settling in May and June will continue to bring the overall inventory levels down.
This value dropped in April largely due to the fact that a lot of the Ocean City property that went under contract was in the $200,000 range and below. After looking at what is currently under contract this value will rebound in the coming months.
138 new listings hit the Ocean City MD real estate market in April, which is down considerably from both last month and April of last year. There is less inventory coming on the market in general which is helping aid the stabilization process. This also leading to some of the better priced listings in good condition going under contract in relatively short order.
The median new listing prices have regained some of the ground ot lost during the Winter months. With the exception of a spike in February the average new Ocean City listing prices have remained inside of the same window for most of 2012.