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com

Ocean City and Ocean Pines Market Report

Active Listing Volume

Ocean City There are currently 1198 condos, town homes and homes listed for sale in Ocean City. This represents a 21% decrease from the 1508 properties that were on the market this time last year and a 37% decrease from where we were 3 years ago. This is a positive sign for the market and a trend that shows signs of continuing with a lot of activity currently in the market. Search All Ocean City Listings Ocean City Active Listing Volume
1916 1913

2500 2000 1500 1000 500 0

1886

1863

1836

1850

1885

1825

1834

1820

1825

1775

1770

1731

1717

1658

1606

1604

1574

1590

1604

1565

1545

1521

1508

1493

1451

1426

1447

1420 1393

1407

1361

1287

1231 186 376 320

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 A S 09 10 11 12

Ocean Pines There are currently 191 homes, condos and town homes listed for sale in Ocean Pines, which is down by 23% from the 246 properties that were on the market this time last year. While this value may look flat we need to consider the approximately 40 new properties that come on the market in Ocean Pines each month, which in essence are all being absorbed. Search All Ocean Pines Listings

Ocean Pines Active Listing Volume

304 299 280 286 295

350 300 250 200 150 100 50 0

314

277

273

278

269

265

264

259

258

268

252

251

252

254

256

238

240

246

225

224

232

214

192

192

1196 373 329 185

189

188

188

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 A S 09 10 11 12

Active Listing Prices

Ocean City The average and median active listing prices in Ocean City for September were $365,000 and $290,000. This brings the YTD average listing price to $342,000, which is down by 4% from the 2011 YTD average price at this point of $356,000. While these prices have remained in much the same area for most of the year it is a clear sign that more Sellers are getting aggressive with their listing prices in order to attract the Buyers that are out there. Ocean City Active Listing Prices
550
453 447 436 431
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)

500 450 400 350 300 250

426

422

401

398

395

395

392

395

397

388

392

386

385

383

382

386

382

378

377

377

380

381

172

373

374

368

369

377

366

368

179

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 A S 09 10 11 12
Avg. Price

Ocean Pines The average and median active listing prices in Ocean Pines are currently $320,000 and $267,000 respectively. These values have consistently improved since losing some ground late last year. This is a good sign in that there is solid sales activity in Ocean Pines, which indicates that Buyers are accepting these prices.

Ocean Pines Active Listing Prices

450
362 355 355

364

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

352

350

348

348

349

352

400 350 300 250 200

366

340

337

340

337

342

334

332

334

328

330

335

336

326

326

325

327

324

322

321

325

310

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 A S 09 10 11 12

308

310

317

320

365

191

1198

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Ocean City and Ocean Pines Market Report

Sold Listing Volume

Ocean City 91 properties settled in Ocean City during September, representing a 40% increase over the 65 properties that sold in September of last year. This brings the YTD sold total for 2012 to 749 properties, which is a 3% increase over the 727 condos and homes that had sold by this point last year. This is great activity for the Fall and a sign that the year will finish out strong. View Ocean Citys August Sold Listings Ocean City Sold Listing Volume
103 99 93 99

120
82 83 81 81 82 80

106

109

92

92 20

77

77

81

75

76

70

65

65

60

59

51

53

57

60 40 20 0

37

49

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 A S 09 10 11 12

Ocean Pines 15 properties sold in Ocean Pines during September, which is down considerably from September of last year. This brings the YTD total for sold properties in Ocean Pines to 185, representing a 7% decrease from the 198 that sold by this point last year. OP had a big year last year, which pulled some of 2012s demand. In addition the inventory has been picked through and Buyers are waiting for options. View Ocean Pines August Sold Listings

Ocean Pines Sold Listing Volume

35
25 35

40 30

28

34

28

36

60

80

70

70

72

28

27

26

25

25

26

28

23

24

22

22

22

19

15

14

13

12

12

13

15 10 5 0

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 A S 09 10 11 12

Sold Listing Prices

Ocean City

Ocean City Sold Listing Prices

500
378 364 364 360 363 379

12

14

The average sold price for September was $311,000 and the median came in at $252,000. These represent 17% and 20% increases over the September 2011 values of $265,000 and $210,000 respectively. Both of the 3 month moving average trend lines are heading up, which is yet another reassuring sign for the Ocean City MD real estate market.

Avg. Price Med. Price

450 400 350 300 250 200 150 100

356

353

355

345

347

329

334

326

322

337

360

318

306

305

309

301

304

310

288

292

283

299

280

277

268

265

260

270

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 A S 09 10 11 12

Ocean Pines The average and median sold listing prices in Ocean Pines for September were $262,000 and $205,000, which are on pace with where we were this time last year. This brings the median YTD sold price to $205,000, representing a 2% decrease from the 2011 median price at this point of $210,000. Considering the wide range of property types Ocean Pines offers this decrease is well within a typical variance.

400 350
276

301

301

374

Ocean Pines Sold Listing Prices

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

277

292

271

277

294

267

254

252

246

253

242

237

243

231

225

229

234

259

224

222

220

215

213

208

200 150 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 A S 09 10 11 12

197

199

250

213

214

221

225

262

300

265

270

259

282

311

15

20

16

16

18

25

22

16

16

23

25

86

100

91

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Ocean City and Ocean Pines Market Report

Sold Price/Sq. Ft.

Ocean City The average sold price per square foot in Ocean City for September was $246. This brings the YTD average sold price per square foot to $235, representing a 3% decrease from the 2011 average at this point of $242. This is well within the typical variance that we see in Ocean City. It is also worth noting that the moving average has been flat for most of the year, which points toward price stabilization. Ocean City Sold Price/Sq. Ft.
324 303 301 288 292

350 300 250 200 150 100

314

283

276

268

268

288

266

263

267

263

261

248

248

258

248

263

241

241

245

236

233

236

238

228

231

232

225

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 A S 09 10 11 12

Ocean Pines The average sold price per square foot in Ocean Pines during September was $140. This brings the 2012 YTD average sold price per square foot to $142, which is on pace with the 2011 average at this point of $144. We have not seen any of the valleys that we saw in previous years and this is a strong sign of further stabilization.

Ocean Pines Sold Price/Sq. Ft.

250 230 210 190 170 150 130 110 90 70 50
184

171

168

162

165

167

218

161

158

156

152

155

162

224

146

146

152

145

145

142

143

141

142

146

228

233 130 8

139

139

139

139

138

138

136

128

125

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 A S 09 10 11 12

Absorption Rates
Ocean City The absorption rate in Ocean City currently lies at 16 months, representing a 2 month improvement from where we were this time last year and a 12 month improvement from this point in 2009. I would look for this value to hit 15 and possibly 14 months in October and November as the result of strong sales activity and considerably less inventory coming on the market. Ocean City Absorption Rates
50 45 40 35 30 25 20 15 10 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 A S 09 10 11 12
28 28 26 26

24 24 24 24 24 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

Ocean Pines The absorption rate in Ocean Pines currently lies at 9 months, which is up slightly from last month and down by 3 months from where we were at this point in 2011. Ocean Pines has stayed in this same relative window for much of 2012. This isnt a bad thing as 323 new listings have come on the market during this span, the equivalent of which are essentially being absorbed.

Ocean Pines Absorption Rates

25
20 20

20 15 10 5 0

17

16

15 15

16

17

18 18

19

18

17 15 15 14 13 12 13 13 13 13 13 12.5 12

122

134

11

10 8 8

9 8.5 8.5 8

136

139

S O N D J F M A M J 09

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 10 11 12

140 9

246

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Ocean City and Ocean Pines Market Report

Sold to List Price Ratios

Ocean City The sold price to listing price ratio in Ocean City for September was 94%, representing a 2 point improvement from September of last year. The YTD average sold to list price ratio is 93%, which is the same as it was at this point in 2011. This is a sign that owners are willing to negotiate in order to get deals done, but are not giving away their properties by any means.
100% 98%
93% 93% 93% 93% 92% 92% 92% 92% 92% 92% 92%

Ocean City Sold to List Price Ratio

94% 94% 94% 95% 260 155 94 93% 93% 93% 93% 93% 93% 93% 93% 92% 92% 92% 92% 92% 92% 93% 92% 95% 215 233 150 119 169 94% 249 93%

96% 94% 92% 90% 88% 86% 84% 82% 80%

91%

91%

91%

91%

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 A S 09 10 11 12

90%

Ocean Pines Ocean Pines property sold at 93% of list price during September, which is down slightly from where we have been in previous months. This is largely a function of the fact that a fair amount of higher end homes sold during the month that tend to have a bit more wiggle room in the listing price.

96%

100% 98% 96%

91% 91%

Ocean Pines Sold to List Price Ratio

95% 95% 95% 94% 94% 94% 94% 94% 95% 257 93% 93% 94% 93% 93% 93% 94% 241

91%

91%

90%

89%

89%

88%

87%

86%

86%

88% 86% 84% 82% 80%

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 A S 09 10 11 12

Average Days on Market

Ocean City Sold listings in Ocean City for September averaged 249 days on the market, which is right in the range of where we have been for most of the year. Most properties that sell are overpriced for the first part of this 8 month cycle and once they are reduced they then sell relatively quickly. In addition you have aggressive Sellers coming on the market with nice listings that are selling within a couple of weeks of being listed. Those 2 combined lead to this value. Ocean Pines Properties that sold in Ocean Pines during September averaged 94 days on the market. Ocean Pines had a small grouping of sales for the month and a few of the listings were under contract within a few days of being listed, which caused this value to decrease. Ocean City Avg. Days on Market
500 450 400 350 300 250 200 150 100 50 0
393 326 328 308

301

85%

297

86%

90%

87%

88%

92%

89%

90%

94%

283

296

269

268

282

91% 241 247 136 223

250

251

240

242

259 215

225

236

219

224

213

211

205

178

184

206

219

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 A S 09 10 11 12

Ocean Pines Avg. Days on Market

277 236

177

225

226

166

163

178

186

160

138

126

127

136

126

137

150 100 50 0

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 A S 09 10 11 12

47

113

121

126

138

200

144

158

190

250

202

221

228

300

245

269

350

305

239

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Ocean City and Ocean Pines Market Report

Under Contract Listing Volume

Ocean City 85 properties went under contract in Ocean City during September, which is a 20% increase in activity over September of last year. This is great activity for the off season and a trend that appears will continue with 13 properties already under contract through the first 3 days of October. View Ocean City Properties Under Contract Ocean Pines 24 properties went under contract in Ocean Pines during September, keeping pace with September of last year. As you can see from previous years, Ocean Pines tends to have a good Fall season and this appears to be a trend that will continue this year. View Ocean Pines Properties Under Contract
121

Ocean City Under Contract Listing Volume

111 109 103 101 103

117 101 90 31 34 21

120
86 83 79

95

104

94

84

79

82

73

72

71

69

71

77

80
44

67

57

40 20 0 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 A S 09 10 11 12

Ocean Pines Under Contract Listing Volume

50 45 40 35 30 25 20 15 10 5 0
35 34 35

47

60

55

57

69

31

30

28

27

29

24

27

30

32

23

22

23

21

22

19

20

19

17

17

17

18

15

16

11

11

12

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 A S 09 10 11 12

Under Contract Listing Prices

Ocean City

The average and median prices of listings that went under contract in September were $322,000 and $266,000. This value has stayed north of $300,000 for most of the year and remained relatively flat without any huge swings up or down like previous years, both of which point towards further stabilization of the market as a whole.

Ocean City Under Contract Listing Prices

600 550 500 450 400 350 300 250 200 150 100
440 413 404 406 418

402

395

381

382

396

377

357

363

375

379

350

340

339

351

380

327

330

326

334

14

324

326

324 254

17 309 285 290 295 243 239 267 221 232 287 322

314

310

312

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 A S 09 10 11 12

Ocean Pines The average and median prices of properties that went under contract in Ocean Pines during September were $287,000 and $245,000. A fair amount of waterfront and higher end listings are selling in Ocean Pines currently, which has led to the rebound of this value after losing some ground in the Spring.

345

400
312 316

291

279

266

276

282

350 300 250 200 150 100

307

323

369

Ocean Pines Under Contract Listing Prices

281

264

266

310

255

257

252

252

249

253

242

242

243

249

262

234

233

232

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 A S 09 10 11 12

207

237

264

24

85

100

88

88

92

106

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Ocean City and Ocean Pines Market Report

New Listing Volume

Ocean City 131 new properties were listed in Ocean City during September, which is down by 8% from the 142 that were listed during September of last year. This brings the YTD total of new listings to 1269, representing a 10% decrease from 1409 properties that had been listed by this point last year. This is good news for the OC market as it will help fuel the decrease in the overall inventory level. View Ocean Citys New Listings Ocean City New Listing Volume
300 250 200 150 100 50 0 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 A S 09 10 11 12
215 267 235 208

195

188

193

171

178

166

163

165

170

160

151

156

151

147

146

142

151

158

183 138 133

137

136

126

121

75

94

Ocean Pines 22 new listings came on the Ocean Pines market in September, which is down considerably from September of previous years. This brings the 2012 new listing total to 323 properties, representing a 12% decrease from the 367 properties that had been listed at this point in 2011. This has lead in some part to sales being down slightly in Ocean Pines as some Buyers are waiting for new opportunities. View Ocean Pines New Listings

Ocean Pines New Listing Volume

80
59 55 57

70 60
37

55

49

52

67

46

46

48

40

37

37

36

35

35

37

33

29

28

24

21

16

18

30 20 10 0

23

24

22

26

30

40

33

34

35 297 324

39 352 337 266 297 22

50

42

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 A S 09 10 11 12

New Listing Prices

Ocean City The average and median new listing prices in Ocean City for September were $297,000 and $250,000 respectively. 62% of the new listings in September were $300,000 or less leading to the decrease in this value. Ocean City New Listing Prices
600 550 500 450 400 350 300 250 200 150 100
501 423 413

392

398

400

388

387

383

379

381

387

388

374

362

369

372

377

13

356

359

354

345

349

350

354

341

337

341

345

325

336

362

43

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 A S 09 10 11 12

Ocean Pines The average and median new listing prices in Ocean Pines for September came in at $266,000 and $229,000. As with Ocean City, 64% of the new listings were $250,000 or less and only 1 of the new listings was over $500,000, leading this value to decrease for the month.

500
345

Ocean Pines New Listing Prices

369 355 358 370

329

332

333

324

315

315

319

314

335

400

305

307

305

304

303

293

291

288

291

283

288

267

264

264

273

257

305

229

200

100 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 A S 09 10 11 12

218

300

255

308

309

112

123

130

131