Ocean City MD Real Estate Report - Aug. 2013

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Ocean City and Ocean Pines Market Report Search All Area Listings
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New Listing Updates

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Active Listing Volume

Ocean City There are currently 952 properties for sale in Ocean City, which is down by 8% from last month and 23% from July of last year. This is a great sign and a trend that will continue into the fall with the large amount of properties currently under contract and the high activity levels that the Ocean City market is experiencing. Search All Ocean City Listings Ocean City Active Listing Volume
1825 1775 1770 1731
2000 1800 1600 1400 1200 1000 800 600 400 200 0
1717
1658
1606
1604
1574
1590
1604
1565
1545
1521
1508
1493
1451
1420
1426
1447
1393
1407
1361
1287
1231
1196
1198
1183 1126
1167
1190
1104
1089
1114
1126 185 353 330
1034 205 343 320
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 J 10 11 12 13
Ocean Pines There are currently 175 homes, condos and town homes for sale in Ocean Pines. This is down by 6% from July of last year. A lot of the spring inventory that came on the market is getting absorbed relatively quickly, which is a very encouraging sign. Search All Ocean Pines Listings
Ocean Pines Active Listing Volume

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
179
184
172
168
148
155
Active Listing Prices

Ocean City The average price of the active properties for sale in Ocean City is $341,000 and the median came in at $275,000. The median value has remained relatively flat since the spring and is a good sign of price stabilization. The average value has come down some and is the result of the fact that there are significantly less higher end listings on the market, a majority of which have sold over the past year. Ocean City Active Listing Prices
550 500
398 395 397 388 392 386 385 383 382 386 382 380 381
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
350
146
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price) 3 per. Mov. Avg. (Med. Price)
Ocean Pines The current average listing price of homes and condos in Ocean Pines is $325,000 and the median value is $262,000. Both values have regained the ground that they lost through the winter months. There was a spike in both values during the Spring which were the result of some higher end listing that were on the market. Several of these properties have sold causing this value to return to a normal level.
Ocean Pines Active Listing Prices

450
355
352
350
349
352
400 350 300 250 200
342
336
332
334
330
335
328
326
326
325
327
325
329
336
324
322
321
322
320
320
317
316
320
316
310
308
310
315
321
325
341
175
952
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 96 properties settled in Ocean City during July. This brings the YTD sold total to 571 properties, representing a 4% increase over this point in 2012. The Ocean City real estate market had a solid late summer and fall season last year and I feel this will repeat or exceed in 2013 with inventory getting thin and interest rates rising. View Ocean Citys June Sold Listings Ocean City Sold Listing Volume
106 109 120 99 99 92 92 91 86 89 81 76 70 72 72 65 60 60 67 49 36 43 55 82 84 42 28 28 28 26 26 28 25 25 25 26 23 24 22 22 22 22 23 22 25 38 18 20 18 16 15 16 14 13 12 14 15 17 10 91 316 275 279 220 217 236 275 251 237 247 294
Avg. Price Med. Price
140 120
81 81 77 82 103 93
100 80 60 40 20 0
65
70
34
57
Ocean Pines 22 Ocean Pines properties went to settlement in July, which is up slightly from July of last year. May and June were incredible months for the Ocean Pines market and July returned to a more traditional activity level. With a total of 59 properties currently under contract in Ocean Pines this value will remain strong going into the fall. View Ocean Pines June Sold Listings
Ocean Pines Sold Listing Volume

45 40 35 30 25 20 15 10 5 0 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 J 10 11 12 13
Sold Listing Prices

Ocean City The average price of properties that settled in July was $306,000 bringing the YTD average sold price to $293,000, which is a 3% increase over the average sold price through this point in 2012. The trend lines for both values have been steadily increasing since March and clearly indicate that prices are going up in several segments of the Ocean City real estate market. Ocean City Sold Listing Prices
500
379
450
356 353 355 322
337
318
400 350 300 250 200 150 100
345
347
360
309
310
311
10
305
301
304
299
300
292
283
282
282
284
280
277
268
265
260
270
259
281
Ocean Pines The average sold price in Ocean Pines for July was $247,000 and the median came in at $230,000. The average price returned to a normal level this month after jumping up last month due to a few higher end waterfront home sales. Both trend lines have been on a steady increase since the spring, which is an encouraging sign.
400 350 300 250 200 150
301
374
Ocean Pines Sold Listing Prices
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)
292
294
277
270
259
262
290
254
246
253
242
243
237
229
234
224
222
220
215
213
208
214
221
225
197
199
242
257
293
306
22
96

Ocean City and Ocean Pines Market Report Distressed Listing Updates
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Foreclosures and Short Sales

View all of the foreclosure and short sale listings currently available in Ocean City, Ocean Pines, Berlin and West Ocean City.
Sold Price/Sq. Ft.

Ocean City The average sold price per square foot for property that settled in July was $272. This brings the YTD average sold price per square foot to $254, representing a 9% increase over this point in 2012. This value has been on a steady ascent since February and is another indicator that prices are beginning to stabilize and rise in some segments of the market. Ocean City Sold Price/Sq. Ft.
292
350 300 250 200 150 100
288
268
268
267
263
261
263
258
255
248
248
247
241
241
245
246
239
236
236
238
233
228
231
232
225
Ocean Pines The average sold price per square foot in Ocean Pines for July was $130. Several older homes and distressed properties went to settlement in July, which had a negative affect on this value. I would look for this value to rebound strongly next month based off of the properties that are currently under contract.
218
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
256 134 15
152
146
146
152
145
143
142
146
139
139
139
139
138
138
139
140
136
134
136
138
142
130
132
154 126 14 14.5 12 8 7 8 6 130 11 7
Absorption Rates
Ocean City The absorption rate in Ocean City is currently 11 months. We have seen considerable improvement in this value since the spring. This is the result of a rapidly decreasing inventory and a relatively high sales pace. This is a trend that will continue as less inventory is coming on the market and activity levels are high. Ocean City Absorption Rates
30 25 20 15 10 5 0 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 J 10 11 12 13
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
122
15
14
13 13 13
Ocean Pines The absorption rate in Ocean Pines currently stands at 7 months. The increase is attributed to the fact that settlements slowed down a bit in July after 2 big months in May and June. Look for this value to resume its decent next month with 62 properties currently under contract in Ocean Pines.
20 18 16 14 12 10 8 6 4 2 0
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
260
272

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

Ocean City Property that settled in July sold on average at 95% of the listing price. This increase is the result of the fact that we are seeing increased competition and multiple offers on the more attractive listings, which ultimately pushes prices up.
100%
94%
Ocean City Sold to List Price Ratio

95% 94% 94% 94% 94% 94% 94% 94% 95% 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% 96% 194 92 95% 164 123 160 96%
98% 96% 94% 92% 90% 88% 86% 84% 82% 80%
91% 91%
Ocean Pines Property in Ocean Pines is currently selling on average at 96% of the listing price. The increase in this value is attributed to the fact that there is increased competition for the more attractive listings, which leads to higher prices.
96%
100%
94%
Ocean Pines Sold to List Price Ratio

95% 95% 95% 95% 95% 95% 95% 95% 95% 145 95% 145 156 94% 94% 94% 94% 94% 94% 93% 93% 94% 93% 93% 93% 93% 94% 95% 126 167
98% 96%
91% 90%
89%
90% 88% 86% 84% 82% 80%
Average Days on Market

Ocean City Ocean City property that went to settlement during July averaged 160 days on the market. This is a return to a more normal level after seeing an increase last month that was the result of some new construction units going to settlement that had been on the market for awhile. Ocean City Avg. Days on Market
500 450 400 350 300 250 200 150 100 50 0
328 308
88%
92%
89%
90%
94%
296
268
282
91%
259
250
251
257
260
242
241
247
240
225
236
219
225
239
241
205
178
184
206
177
215
249 153
117
103
Ocean Pines Ocean Pines property that went to settlement during July averaged 164 days on the market. There were a handful of older homes that settled during the month which were on the market for some time and caused this value to jump up. We are actually seeing quite a few well priced properties in good condition selling within a couple of weeks of being listed.
Ocean Pines Avg. Days on Market

233
228
221
223
186
190
178
184
169
160
158
138
136
137
138
126
121
126
136
94
50 0 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 J 10 11 12 13
40
100
89
150
113
119
200
144
150
155
163
173
250
215
300
269
350
305
81
144

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 96 properties went under contract in Ocean City during July bringing the YTD total to 706, which is on pace with this point 2012. It is encouraging that activity levels remain high considering we had a few big months in the spring that could have easily pulled demand from the summer months. This is a trend that will continue with 25 properties already under contract in the first few days of August. View Ocean City Properties Under Contract Ocean Pines 35 properties went under contract in Ocean Pines during July, which is on pace with July of last year. For the year 206 properties have gone under contract in Ocean Pines, representing an 11% increase in activity over the 185 properties that had gone under contract by this point in 2012. View Ocean Pines Properties Under Contract
121 109 117 119 101 85 91 69 52 80 84 35 38 25 324 290 290 252 250 241 245 262 340 344 93 25 28 24 20 322 334 292 301 6 20 289 287 265 264 183 272 272 284 25 35 96
140
103
126
104
101
94
92
101
120
88
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
23
27
22
30
31
20
19
17
17
17
18
21
90
16
Under Contract Listing Prices

Ocean City The average price of properties that went under contract during July was $344,000 and the median came in at $295,000, both of which are up considerably from July of last year. This steady increase that we have seen is the result of a better mix of property types selling and the fact that prices are increasing in some segments of the market. Ocean City Under Contract Listing Prices
600 550 500 450 400 350 300 250 200 150 100
418
382
396
377
375
379
340
339
351
380
327
330
326
334
14
324
326
314
310
312
310
309
Ocean Pines The average price of properties that went under contract in Ocean Pines during July was $262,000 and the median price came in at $228,000. As with most of the values, last month was inflated a bit due to some higher end sales. July came down a bit due to this, however it is still a solid number that will lead to strong sold prices going into the fall.
400
291
276
282
350 300 250 200 150 100
323
369
Ocean Pines Under Contract Listing Prices
281
266
264
266
257
262
264
267
285
290
295
253
243
249
242
242
233
232
237
239
207
221
232
243
254
324
17
106
133
Ocean City Under Contract Listing Volume

Ocean City and Ocean Pines Market Report Search ALL Listings
Search all of the available area listings based on your specifications through the MLS, which is the same database we utilize.
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 114 new properties were listed during July, which is down slightly from July of last year. A total of 1001 condos and homes have been listed in Ocean City thus far in 2013, which is on pace with the 998 properties that had been listed by this point last year. It is worth noting that a few new construction projects were listed in July that artificially inflated this value. View Ocean Citys New Listings Ocean City New Listing Volume
300
195 193 200 138 152 141 114 133 123 130 131 134 188 189 119 55 46 48 40 43 37 35 37 35 39 40 34 35 33 30 26 22 18 13 22 23 12 93 28 32 408 342 323 311 323 284 359 305 341 302 283 323 306 258 272 314 34 335 372 54
250 200 150
178
165
170
160
151
156
151
146
137
136
126
142
151
158
183
75
94
112
50 0 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 J 10 11 12 13
Ocean Pines 54 new homes and condos were listed in Ocean Pines during July, which is up considerably from July of last year. A lot of sellers are returning to the market now that things have continued to improve For the year 278 properties have been listed, representing a 10% increase over the 253 properties that had been listed by this point in 2012. View Ocean Pines New Listings
Ocean Pines New Listing Volume

80 60 50
35 28 55 52 57
70
40 30 20 10 0
33
24
16
21
37
67
100
New Listing Prices

Ocean City The average price of properties listed during July was $372,000 and the median came in at $300,000. The average new listing price for the year is $343,000, representing a 3% increase over this point in 2012. This is encouraging news as Buyers are accepting these prices based off of the high activity levels that the market is currently experiencing. Ocean City New Listing Prices
600 550 500 450 400 350 300 250 200 150 100
413
400
388
387
379
381
387
388
374
369
372
377
359
354
354
362
350
341
341
345
325
336
305
309
297
352
Ocean Pines The average new listing price in Ocean Pines during July was $335,000 and the median came in at $265,000. This brings the average new Ocean Pines listing price for the year to $305,000, which is a 4% increase over the average price through this point in 2012. As with Ocean City this is a good sign as there is a lot of sustained market activity at these increased prices.
500
Ocean Pines New Listing Prices

355 358 370 337
324
335
319
314
307
305
303
305
308
324
400
297
293
291
291
283
288
273
264
264
257
229
200
100 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 J 10 11 12 13
218
300
255
266
294
365
10
75
114

Ocean City MD Real Estate Report - Aug. 2013

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

New Listing Updates

Active Listing Volume

1126 185 353 330

1034 205 343 320

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

400 350 300 250 200

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.

350 300 250 200 150 100

Ocean Pines Sold Price/Sq. Ft.

154 126 14 14.5 12 8 7 8 6 130 11 7

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

350 300 250 200 150 100

Ocean Pines Under Contract Listing Prices

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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