Ocean City Real Estate Market Report - July 2013

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Active Listing Volume

Ocean City There are currently 1034 condos, townhomes and homes for sale in Ocean City. This is down by 20% from June of last year and 8% from last month. The decrease in inventory is attributed to a strong sales pace and considerably less inventory coming on the market than in previous years. Search All Ocean City Listings
1834
Ocean City Active Listing Volume

1825 1775 1770 1731 1717 1658 1606 1604 1574 1590 1604 1565 1545 1521 1508 1493 1451 1420 1426 1447 1393 1407 1361
2000 1800 1600 1400 1200 1000 800 600 400 200 0
1287
1231
1196
1198 1183
1126
1167
1190 146 350 336
1104
1089
1114
1126 353 330 185
J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 10 11 12 13
Ocean Pines There are currently 205 properties for sale in Ocean Pines. Part of this increase is attributed to the fact that a lot of Sellers are returning to the market as it continues to improve. This isnt necessarily a bad thing as inventory had gotten quite thin in several segments of the Ocean Pines market. Search All Ocean Pines Listings
Ocean Pines Active Listing Volume

304 299 295
350 300 250 200 150 100 50 0
314
278
269
259
258
268
254
256
238
240
246
225
224
232
214
192
192
189
188
188
186
185
191
172
179
184
168
148
Active Listing Prices

Ocean City The current average and median active listing prices in Ocean City are $343,000 and $275,000. Listing inventory in the $500,000 and above range is down by 21%, which is the leading contributor to the decrease in this value. A majority of the current inventory in Ocean City is in the $300,000 and below range. The slight decrease that we have seen in this value this year is a result of whats available as opposed to price decreases. Ocean City Active Listing Prices
550 500
398 392 395 397 388 392 386 385 383 382 386 382 380 381
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)
450 400 350 300 250
378
377
377
377
373
374
376
368
369
366
368
373
364
365
362
362
362
354
141
351
143
351
155
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price) 3 per. Mov. Avg. (Med. Price)
Ocean Pines The current average and median active listing prices in Ocean Pines are $320,000 and $265,000. All in all this value has remained in the same range for close to a year now, which is a reassuring sign. The couple of spikes that we have seen are the result of higher end listings coming on the market in any given month.
Ocean Pines Active Listing Prices

450
355
352
350
349
352
400
337
342
332
334
330
335
336
328
326
326
325
327
324
322
325
329
321
322
320
320
320
321
317
316
316
310
300 250 200 J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 10 11 12 13
308
310
350
315
320
343
205
1034
Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Ocean City and Ocean Pines Market Report Sold Listing Updates
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Recently Sold Listings

View Multiple Listing Service reports of the properties that have sold over the most recent 90 day period, broken down by area.
Sold Listing Volume

Ocean City 91 properties went to settlement during June, which is on pace with June of last year. YTD 475 properties have sold in Ocean City, which is up by 4% over the 458 properties that sold by this point last year. This pace and improvement will continue with 156 properties currently under contract in Ocean City. View Ocean Citys June Sold Listings Ocean City Sold Listing Volume
106 109 120 99 99 92 92 86 91 89 81 76 72 70 72 65 60 60 67 49 36 43 55 82 84 42 28 28 28 27 26 26 28 25 25 25 26 23 24 22 22 22 22 23 18 20 22 18 16 15 16 14 13 12 14 15 17 10 25 316 275 279 217 236 220
Avg. Price Med. Price
140 120
93 81 80 81 77 82 103
100 80 60 40 20 0
65
70
34
57
Ocean Pines 38 properties went to settlement in Ocean Pines during June, which is up by 36% over June of 2012. YTD 151 properties have sold in Ocean Pines, representing a 25% increase over the 121 properties that sold by this point last year. This is a trend that will continue with 55 properties currently under contract in Ocean Pines. View Ocean Pines June Sold Listings
Ocean Pines Sold Listing Volume

40 35 30 25 20 15 10 5 0 J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 10 11 12 13
38 6
45
Sold Listing Prices

Ocean City The average and median prices of properties that went to settlement during June were $294,000 and $239,000 respectively. The average sold price for the year is $290,000, which is up ever so slightly from the $289,000 price this time last year. The trend line has been on a steady ascent since April and is a reassuring sign. Ocean City Sold Listing Prices
500
379
450
356 353 355 326 322
337
318
400 350 300 250 200 150 100
345
347
360
305
309
301
304
310
311
299
300
10
292
283
282
282
284
280
277
268
265
260
270
259
Ocean Pines The average and median sold prices for Ocean Pines properties that went to settlement in June were $275,000 and $240,000 respectively. Both of these values are up considerably over June of last year and we have been on a strong upward trend with both values since April.
400 350 300 250 200 150

265
301
374
Ocean Pines Sold Listing Prices
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)
292
294
277
290
281
293
270
259
262
254
253
257
246
242
243
237
242
251
229
234
224
222
220
215
213
208
214
221
225
197
199
237
275
294
91

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Foreclosures and Short Sales

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Sold Price/Sq. Ft.

Ocean City The average sold price per square foot in Ocean City for June was $260, which is up by 9% from June of last year. This value has been steadily increasing since February and is a pretty clear indicator that the Ocean City MD real estate market is improving. Ocean City Sold Price/Sq. Ft.
292
350
263
268
268
288
267
263
258
255
248
248
247
241
241
245
246
239
236
236
238
233
228
231
232
225
250 200 150 100
218
Ocean Pines The average sold price per square foot in Ocean Pines during June was $154, representing a 11% increase over June of 2012. After a little up and down for a few months this value has been on a steady increase since March and is a good sign of further price stabilization.
Ocean Pines Sold Price/Sq. Ft.

250 230 210 190 170 150 130 110 90 70 50
162
165
167
156
162
224
228
233
235
155
155
156
239
247
251 132 7
256 134 8
152
146
146
152
145
142
143
142
146
139
139
139
139
138
138
139
140
136
134
136
130
138
142
Absorption Rates
Ocean City The current absorption rate in Ocean City is 12 months, which is down considerably since June of last year. The dramatic improvement in this value is the result of a strong sales pace and the fact that considerably less inventory is coming on the market. Ocean City Absorption Rates
50 45 40 35 30 25 20 15 10 J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 10 11 12 13
23 23 22 23 22 22 22
20 20 20 20 20 19 18 18 18 18 18 18 18 18 19 18 18 17 17 16 16 15 14 13 13 13 14 14.5 15 12
122
Ocean Pines The absorption rate in Ocean Pines currently stands at 6 months. As with Ocean City there is a ton of activity in the Ocean Pines market that is easily offsetting the new inventory coming on the market, resulting in a decrease in this value.
20 18 16 14 12 10 8 6 4 2 0
18
19
Ocean Pines Absorption Rates

18 17 15 15 14 13 13 13 13 13 13 12.5 12
12
11
10 8 8
9 8.5 8.5 8
123
126
154 6
260
300
261
263

Ocean City and Ocean Pines Market Report Selling Real Estate
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Sold to List Price Ratios

Ocean City Property that sold in Ocean City settled on average at 94% of the listing price. I would expect this value to start tightening as the inventory continues to decrease and we see increased completion for the better listings, which is already happening.
100%
94%
Ocean City Sold to List Price Ratio

94% 94% 94% 95% 94% 94% 94% 95% 94% 95% 144 123 92 93% 93% 93% 93% 93% 93% 93% 93% 93% 93% 93% 93% 93% 92% 92% 92% 92% 92% 92% 92% 92% 92% 92% 92% 93% 94% 194 96%
98% 96% 94% 92% 90% 88% 86% 84% 82% 80%
91% 91%
Ocean Pines Ocean Pines property that went to settlement in June averaged 96% of the listing price. As with Ocean City inventory is getting tight in some segments of the Ocean Pines market, which leads to increased competition for the better listings and higher sales prices.
96%
100%
94%
Ocean Pines Sold to List Price Ratio

95% 95% 95% 95% 95% 95% 95% 95% 95% 145 81 173 94% 94% 94% 94% 94% 94% 93% 93% 94% 93% 93% 93% 93% 94% 95% 145 156
98% 96%
91% 90%
89%
90% 88% 86% 84% 82% 80%
Average Days on Market

Ocean City Property that sold during June averaged 194 days on the market. There were a handful of sold listings that had been on the market for some time, which caused this value to increase for the month. Ocean City Avg. Days on Market
500 450 400 350 300 250 200 150 100 50 0
328 308
87%
88%
92%
89%
90%
94%
296
268
282
91%
259
250
251
257
260
242
241
247
240
225
236
219
225
239
241
211
205
178
184
206
177
215
249 153
117
94
50 0 J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 10 11 12 13
40
100
89
Ocean Pines Sold property in Ocean Pines averaged 92 days on the market. We have seen some considerable improvement in this value since April and it goes back to the same point from above. The better listings in the Ocean Pines market are selling quickly and for higher prices.
Ocean Pines Avg. Days on Market

233
226
228
221
223
186
190
178
169
184
160
158
138
136
137
138
126
121
126
136
150
113
119
200
144
150
155
163
167
250
215
300
269
350
305
103
126

Ocean City and Ocean Pines Market Report Useful Buying Information
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Buyer Action Plan

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Under Contract Listing Volume

Ocean City 93 properties went under contract in Ocean City during June, which is up slightly from June of last year. This is encouraging as we had some really big months in April and May, which sometimes pulls demand from the following months. This is not the case here as the market has remained strong as we head into the prime summer months. View Ocean City Properties Under Contract Ocean Pines 25 properties went under contract in Ocean Pines during June. YTD 171 properties have gone under contract compared to 151 by this point last year. This represents a 13% increase in activity and is another positive sign for the Ocean Pines market. View Ocean Pines Properties Under Contract
121 109 117 119 101 91 85 69 52 80 84 25 28 25 35 24 20 17 6 20 38 290 245 290 252 241 250 340 25 324 322 334 292 301 289 287 265 264 183 272 272 284 93
140
103
126
104
101
94
92
101
120
88 79
103
84
82
72
71
69
71
77
100 80 60 40 20 0
88
57
57
Ocean Pines Under Contract Listing Volume

50 45 40 35 30 25 20 15 10 5 0
35 34 35 34
47
69
31
32
30
27
29
23
22
23
27
22
30
31
20
19
17
17
16
17
Under Contract Listing Prices

Ocean City The average and median price of properties that went under contract in Ocean City during June were $340,000 and $290,000 respectively. Outside of a dip last month, which June corrected, this value has been steadily increasing since the beginning of the year. This is a function of the fact that a better mix of property types are selling and that the market is seeing price improvement in some segments. Ocean City Under Contract Listing Prices
600 550 500 450 400 350 300 250 200 150 100
418
382
396
377
363
375
379
340
339
351
380
327
330
326
334
14
18
324
326
21
90
314
310
312
310
309
Ocean Pines $290,000 and $235,000 were the average and median prices of Ocean Pines properties that went under contract in June. A couple of higher end listing went under contract during the month, which caused the average to jump up however the median value has seen considerable improvement since April.
400
291
276
282
350
249
323
369
Ocean Pines Under Contract Listing Prices
281
266
264
266
253
243
249
242
242
233
232
237
239
250 200 150 100
207
221
232
243
254
300
257
262
264
267
285
290
295
324
106
133
Ocean City Under Contract Listing Volume

Ocean City and Ocean Pines Market Report Search ALL Listings
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Just Listed Properties

View new listings and price adjustments that have become available over the most recent 7 day period, broken down by area.
New Listing Volume

Ocean City 93 new properties were listed in Ocean City during June, which is down by 17% from June of last year. After the typical spring rush of new listings we are starting to see considerably less property come on the market. This factor, along with a steady sales pace are the leading contributors to the continued improvement in the Ocean City real estate market. View Ocean Citys New Listings Ocean City New Listing Volume
300
195 193 200 131 141 138 152 133 123 130 134 112 114 188 189 119 40 35 342 314 302 408 323 311 323 284 359 306 323 305 258 272 283 341 55 46 48 40 43 37 35 37 34 35 39 33 30 26 22 18 13 22 23 12 388 387 388 377 354 354 362 341 345 325 336 305 309 297 352 358 370 335 305 308 324 337 297 291 283 288 273 264 257 218 255 266 294 365 10 28 32 34 93
250 200 150

163
178
165
170
160
151
156
151
146
137
136
126
142
75
94
151
158
183
50 0 J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 10 11 12 13
Ocean Pines 34 new properties were listed in Ocean Pines during June, which is down slightly from June of last year. Historically Ocean Pines still has a couple of months of good inventory coming on the market, though I think it will be less this year as a lot of Sellers listed earlier due to the market improvement and high activity levels. View Ocean Pines New Listings
Ocean Pines New Listing Volume

80 60 50 40 30 20 10 0 J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 10 11 12 13
46 55 52 57
70
35
33
28
24
New Listing Prices

Ocean City The average and median new listing prices in Ocean Pines for June were $341,000 and $270,000 respectively. This brings the YTD average new listing price to $338,000, which is the exact same as this point last year. This is a good considering the market is accepting these prices with the high level of sales activity that we are experiencing. Ocean City New Listing Prices
600 550 500 450 400 350 300 250 200 150 100
423 413
400
387
16
21
37
379
374
369
359
200
100 J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 10 11 12 13
229
Ocean Pines The average and median new listing prices in Ocean Pines for June were $281,000 and $240,000. This brings the YTD average new listing price to $300,000, representing a 4% increase over this point in 2012.
341
500
Ocean Pines New Listing Prices

355
324
319
307
305
303
293
288
300
264
291
314
400
350
372
381
67
100
75

Ocean City Real Estate Market Report - July 2013

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Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.

New Listing Updates

Active Listing Volume

Ocean City Active Listing Volume

1190 146 350 336

1126 353 330 185

Ocean Pines Active Listing Volume

350 300 250 200 150 100 50 0

Active Listing Prices

450 400 350 300 250

Ocean Pines Active Listing Prices

300 250 200 J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 10 11 12 13

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Recently Sold Listings

Sold Listing Volume

Ocean Pines Sold Listing Volume

Sold Listing Prices

400 350 300 250 200 150 100

400 350 300 250 200 150

Ocean Pines Sold Listing Prices

Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Foreclosures and Short Sales

Sold Price/Sq. Ft.

250 200 150 100

Ocean Pines Sold Price/Sq. Ft.

Ocean Pines Absorption Rates

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Sold to List Price Ratios

Ocean City Sold to List Price Ratio

Ocean Pines Sold to List Price Ratio

90% 88% 86% 84% 82% 80%

Average Days on Market

Ocean Pines Avg. Days on Market

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Buyer Action Plan

Under Contract Listing Volume

Ocean Pines Under Contract Listing Volume

Under Contract Listing Prices

Ocean Pines Under Contract Listing Prices

250 200 150 100

Ocean City Under Contract Listing Volume

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Just Listed Properties

New Listing Volume

250 200 150

Ocean Pines New Listing Volume

New Listing Prices

Ocean Pines New Listing Prices

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