There are currently 1426 properties listed for sale in Ocean City, MD. This represents a 10% decrease from where we were in February of 2011.
The current average and median listing prices for homes and condos for sale in Ocean City, MD are $364,000 and $290,000 respectively. We have seen a slight dip over the past few months, which is typical for a second home market as we come out of Winter. Look for prices to rebound as activity increases.
60 homes and condos sold in Ocean City during February bringing the year to date total to 98, which is a 5.5% increase over the total sold volume through February last year.
Current average and median prices for sold properties in Ocean City, MD are $318,000 and $325,000 respectively. This is a 6% increase for the average pricing and a 28% increase for the median pricing over the February 2011 levels.
The homes and condos in Ocean City, MD that sold in February averaged $231 per square foot.
The current absorption rate in Ocean City is 18 months, where it has been for some time now. With the high number of properties under contract look for this value to resume its decent in the coming months.
Ocean City MD property that sold in February averaged 247 days on market.
Ocean City MD real estate is currently selling at 93% of the listing price. This equates to $35,000 off of a $500,000 property and $17,500 on a $250,000 property.
103 Ocean City condos and homes went under contract in February, representing a 25% increase over the 82 that went under contract in February of 2011. Certainly a positive sign of things to come.
The average price of the properties that went under contract during February was $324,000 and the median came in at $265,000. This seems to be a sweet spot as we have been in this range for the past few months.
158 properties hit the Ocean City Maryland real estate market in February, which is down slightly from last year. For Buyers the coming months present the best opportunities as there will be plenty of options to choose from before it gets picked over.
The new Ocean City MD properties that came on the market had an average price of $354,000 and a median price of $279,000. This value is rebounding after coming down a bit during the winter months, which is typical.