Active Listing Volume: Visit Our Blog

Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A.
Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com
www.oceancitypro.com
Visit our Blog
Active Listing Volume

Ocean City There currently 1407 properties for sale in Ocean City, which is down by 3% from last month and 12% from April of 2011. Looking back to April of 2009 the Ocean City inventory is down by 33%. This is a trend that will continue as there is a lot of activity in the market and you will see that considerably less properties are coming on the market compared to previous years. View Ocean City Active Listings Ocean City Active Listing Volume
2072 2024 1979 1952 1916 1913
2500 2000 1500 1000 500 0
2105
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
1420
1426 188 310 364
1447 192 368 308
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 O N D J F M A 09 10 11 12
Ocean Pines There are currently 192 properties available in Ocean Pines, which is down by 24% from where we were in April of 2011. We have held in this range for the past few months, which is not a bad thing in that a fair amount of new inventory has come on the market during that same span. View Ocean Pines Active Listings
Ocean Pines Active Listing Volume

329 337 328 328 329
400 350 300 250 200 150 100 50 0
304
314
299
280
286
295
277
273
278
269
265
264
259
258
268
252
251
252
254
256
238
240
246
225
224
232
214
1393
189
Active Listing Prices

Ocean City The current average and median active listing prices are at $369,000 and $290,000 respectively. We have remained in this range since the beginning of the year. We seem to be in a sweet spot as there is a lot of activity, as you will see in the other charts. A majority of the Sellers that are putting their properties on the market understand the current conditions and are pricing their properties accordingly. Ocean City Active Listing Prices
550
460 461 460 460 453 447 436 431
Avg. Price Med. Price
500 450 400 350 300 250
456
426
422
401
398
395
395
392
395
397
388
392
386
385
383
382
386
382
378
377
377
380
381
373
374
172
Ocean Pines The current average and median active listing prices in Ocean Pines are $310,000 and $259,000. These are up by 4% and 1% respectively from where we were this time last year. We are beginning to regain some of the ground that we lost during the winter months which is typical.
Ocean Pines Active Listing Prices

450
357 362 355 354 355
Avg. Price
366
Med. Price
353
352
352
351
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
324
322
327
321
310
369
192
1407
Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A. Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com
Sold Listing Volume

Ocean City 72 properties sold in April, which is down from the 106 properties that were sold in April of last year. Part of this is attributed to the high level of sold properties we saw in March. Part of it is attributed to the fact that the mortgage process is taking longer. With 186 properties currently pending settlement, look for this number to rebound strongly next month and in June. View Ocean Citys April Sold Listings Ocean City Sold Listing Volume
103 99 81 76 65 60 70 49 26 28 25 24 26 36 60 16 16 318 260 294 214 12 6
Avg. Price Med. Price
120
83 82 83 81 80 81 82
100
72 70 59
77
75
77
93
106
109
70
70
59
65
80 60 40 20 0
70
51
37
53
Ocean Pines 23 properties sold in April which is right where were this time last year. This brings the YTD total to 66 sold properties. This is off slightly from the 69 that sold through April of last year. With 51 properties currently under contract in Ocean Pines, May and June look promising.
Ocean Pines Sold Listing Volume

35
25 25 35
40 30
19 18
27
28
25
34
57
23
22
22
22
20
19
14
15
13
12
15 10 5 0
12
View Ocean Pines April Sold Listings
Sold Listing Prices

Ocean City
Ocean City Sold Listing Prices

500
386 384 373 368 378 364 364 360 363 379
The average sold price in Ocean City during April was $277,000 and the median came in at $255,000. This brings the YTD average sold price to $296,000, which is a 2.55% increase over the 2011 average sold price of $289,000 at this point.
450 400 350 300 250 200 150 100
13
356
353
355
341
345
347
329
334
326
322
337
360
306
305
309
301
288
292
280
283
304
310 270
14
Med. Price
20
17
16
16
18
25
22
268
237
231
225
224
220
213
215
211
208
200 150 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 O N D J F M A 09 10 11 12
197
250
213
229
234
Ocean Pines The average and median sold prices in Ocean Pines during April was $259,000 and $180,000 respectively. This brings the 2012 YTD average sold price to $261,000, which is the same as it was at this time last year.
400 350 300

317
301
301
277
292
374
Ocean Pines Sold Listing Prices
265
Avg. Price
276
271
267
265
277
254
254
250
252
245
246
253
242
243
259
277
23
72
Sold Price/Sq. Ft.

Ocean City The average sold price per square foot for property that sold in April was $232, which is up from $218 in April of last year. The brings the YTD average sold price per square foot to $233, representing a 4% decrease from this point in 2011. Ocean City Sold Price/Sq. Ft.
350
324 312 305 304 301 303 288 292 288 301 314
283
300 250 200 150 100
300
276
268
268
266
263
267
261
258
263 248
248
248
263
241
241
233
236
245 136
228
225
Ocean Pines The average sold price per square foot in Ocean Pines during April was $152, which is up considerably from the $122 we saw in April of last year. This brings the YTD average sold price per square foot to $147, which is on pace with the $148 value will saw at this point in 2011.
Ocean Pines Sold Price/Sq. Ft.

250 230 210 190 170 150 130 110 90 70 50
171
184
168
164
162
162
165
167
218
161
156
158
156
152
155
162
224
231 139
146
145
145
146
142
143
141
140
141
139
139
138
128
125
Absorption Rates
Ocean City The absorption rate in Ocean City currently lies at 18 months, where we have been for some time now. I would anticipate that this value will decrease in the coming months due to the high level of sales activity we are currently experiencing and the fact there are considerably less properties coming on the market than in previous years. Ocean City Absorption Rates
50 45 40 35 30 25 20 15 10 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 O N D J F M A 09 10 11 12
33 33 32 31
29 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
Ocean Pines The absorption rate in Ocean Pines currently stands at 8.5 months, which is down considerably from the 13 months of inventory that we had this time last year. As with Ocean City I anticipate that this value will continue trending downward through the summer season as there is good activity in Ocean Pines currently and their best months are still to come.
Ocean Pines Absorption Rates

30 25 20 15 10 5 0 A M J J A S O N D J F M A M J 09 10 J A S O N D J F M A M J J A S O N D J F M A 11 12
23 24 24 22 23 20 20 17 16 15 15 16 17 18 18 19 18 17 15 15 14 13 12 13 13 13 13 13 12.5 12 11
122
134
138
10 8 8
139
142
9 8.5
152
232
Sold to List Price Ratios

Ocean City Property in Ocean City is currently selling at 93% of the asking price at the time of contract. Obviously this is just the average and not the rule. All Sellers are going to be in different positions and some will move more than others. Once properties are identified I am able to call around and see what the potential for price movement may be.
1 0.98 0.96
0.94 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 259 215 136 150 0.91 247 0.93 239 0.93 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.91 0.91 0.91 0.91 0.91 0.91 0.93 0.94
Ocean City Sold to List Price Ratio
0.94 0.92
0.89 0.89
0.94
0.9 0.88 0.86 0.84 0.82 0.8

0.86
0.87
0.86
0.86
0.85
0.84
0.84 0.82 0.8
Average Days on Market

Ocean City Properties that sold in Ocean City during April averaged 239 days on the market. I have recently seen quite a few nice properties come on the market that are priced well and under contract within a few days (not foreclosures or short sales). This average gets brought up by the overpriced properties in poor condition that sit there for a considerable amount of time until the Seller gets realistic. Ocean City Avg. Days on Market
500 450 400 350 300 250 200 150 100 50 0
394 344 381 393 326 328 308
0.84
301
0.85
0.86
297
0.86
0.87
Ocean Pines Property in Ocean Pines is currently selling at 94% of the listing price. We have been in this range for some time now and this seems to be the sweet spot. This is by no means the rule as all Sellers are different and some are more motivated than others.
1 0.98 0.96
Ocean Pines Sold to List Price Ratio

0.96 0.95 0.95 0.95
0.9
0.94
0.94
0.94
0.93
0.93
0.93 242
0.91
0.91
0.9
0.91
0.92 0.9
0.88
0.92
0.89
0.89
0.88
0.89
0.88
0.88
0.9
283
296
280
269
268
242
250
251
282 305
240
225
236
219
224
213
211
205
178
184
206
219
50 0 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 O N D J F M A 09 10 11 12
47
Ocean Pines Average days on market for Ocean Pines properties that sold in April were 150. This value has improved drastically from where we were at the beginning of the year. It is also an indicator that Sellers are pricing properties competitively, which is leading some of them to sell in relatively short order.
Ocean Pines Avg. Days on Market

277 236
226
228
215
203
202
221
166
163
178
186
160
250 200 150 100
148
144
158
138
190
126
127
136
126
137
73
113
121
126
138
223
300
242
245
269
350
177
225
241
0.93
0.94
0.935
0.94
0.92
Under Contract Listing Volume

Ocean City 121 properties went under contract in April, which is the highest level of activity in the past 3 years. Couple that with the 18 that are already under contract through the first 4 days of May and the 31 properties remaining to settle from March and we 170 condos and homes set to settle in May and early June. Certainly a positive sign of things to come. View Ocean City Properties Under Contract Ocean Pines 35 properties went under contract in Ocean Pines during April. This as well is on pace to be the best month that we have seen in the past 3 years. This appears to be a trend that will continue as 9 listings are already under contract through the first few days of May. View Ocean Pines Properties Under Contract
109 111 103 101 103 71 71 77 57 47 69 27 22 30 20 19 380 326 334 14 18 324 264 326 239 312 310
120
94 92 92 86
95
104
94
88
86
83
84
79
73
79
72
80
44
67
60 40 20 0
55
Ocean Pines Under Contract Listing Volume

50 45 40 35 30 25 20 15 10 5 0
57
69
82
100
88
35
92
109 32
31
28
26
25
24
27
29
23
22
19
19
21
22
17
17
12
11
11
12
15
16
Under Contract Listing Prices

Ocean City
The average and median price of properties that went under contract in Ocean City during April were $285,000 and $249,000. These values are down slightly as April saw a lot of properties in the $200,000 range and below go under contract.
Ocean City Under Contract Listing Prices

600 550 500 450 400 350 300 250 200 150 100
472 454 459 421 440 413 404 406 418
402
395
381
382
396
17
377
373
357
363
375
379
23
30
350
340
327
314
310
330
339
351
34
Ocean Pines The average and median listing prices of properties that went under contract in Ocean Pines during April were $267,000 and $235,000. These values are at their highest points since last fall largely as a result of some larger waterfront homes going under contract.
345
400
315 312 316 298
291
279
276
282
350
249
306
307
323
369
Ocean Pines Under Contract Listing Prices
281
266
266
264
266
252
252
249
253
242
242
243
249
234
233
232
250 200 150 100
207
237
300
255
257
262
267
285
35
121
Ocean City Under Contract Listing Volume
New Listing Volume

Ocean City 138 new properties hit the Ocean City real estate market in April, which is down by 28% from the 193 properties that came on the market in April of 2011. YTD we have seen 633 new listings versus the 693 new listings we had seen through April of 2011, representing a 9% decrease. This is likely a trend that will continue as most of the Sellers that needed to get out of the market have done so. View Ocean Citys New Listings for April Ocean City New Listing Volume
300 250
185 183 182 174 156 215 267 235 208
195
188
193
171
178
166
160
151
156
151
147
146
142
151
158 34 354 273
137
150 100 50 0
121
136 126
75
94
Ocean Pines 30 new properties came on the Ocean Pines market in April, which is down by 47% from the 57 homes that were listed in April of last year. YTD 140 properties have been listed versus the 174 that had been listed through April of last year, representing a 20% decrease. This lack of new inventory is creating some competition for the more attractive listings that come on the market. View Ocean Pines New Listings for April
Ocean Pines New Listing Volume

80
59 57
70
49
49
46
43
37
37
36
36
35
37
40
50 40 30 20 10 0
42
43
42
46
33
33
35
48 22 18 388 387 388 354 377 13 26 341 345 257 358 370 305 335 325 291 264 283 218 288 305 336 30
60
53
55
29
24
28
23
24
A J J J A S O N D J F M A J J J A S O N D J F M A M J J A S O N D J F M A 09 10 11 12
New Listing Prices

Ocean City The average and median listing prices of the new Ocean City properties that became available in April were $336,000 and $284,000. Looking back to the levels at this time in 2011 it is clear that a majority of Sellers understand the current market and are pricing their properties accordingly. Ocean City New Listing Prices
600 550 500 450 400 350 300 250 200 150 100
468 441 501 423 410 413
392
398
400
383
387
16
21
52
379
374
362
365
362
369
356
359
345
349
Ocean Pines The average and median price of new listings that became available in Ocean Pines during April were $305,000 and $240,000. These values are always all over the place due to wide range of property types and price ranges that are available in Ocean Pines. It is important to look at the specific market segment data of the area that you are interested in.
375
337
369
344
345
329
332
333
319
324
400 350 300 250 200 150 100 50
352
315
315
319
307
304
305
303
293
277
267
288
229
264
291
314
355
Ocean Pines New Listing Prices
341
350
372
381
67
138
200
163
165
170
183

Active Listing Volume: Visit Our Blog

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Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A.

Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com

Visit our Blog

Active Listing Volume

2500 2000 1500 1000 500 0

1426 188 310 364

1447 192 368 308

Ocean Pines Active Listing Volume

400 350 300 250 200 150 100 50 0

Active Listing Prices

500 450 400 350 300 250

Ocean Pines Active Listing Prices

400 350 300 250 200

Sold Listing Volume

Ocean Pines Sold Listing Volume

View Ocean Pines April Sold Listings

Sold Listing Prices

Ocean City Sold Listing Prices

450 400 350 300 250 200 150 100

400 350 300

Ocean Pines Sold Listing Prices

Sold Price/Sq. Ft.

300 250 200 150 100

Ocean Pines Sold Price/Sq. Ft.

Ocean Pines Absorption Rates

Sold to List Price Ratios

Ocean City Sold to List Price Ratio

0.9 0.88 0.86 0.84 0.82 0.8

0.84 0.82 0.8

Average Days on Market

Ocean Pines Sold to List Price Ratio

Ocean Pines Avg. Days on Market

250 200 150 100

Under Contract Listing Volume

Ocean Pines Under Contract Listing Volume

Under Contract Listing Prices

Ocean City Under Contract Listing Prices

Ocean Pines Under Contract Listing Prices

250 200 150 100

Ocean City Under Contract Listing Volume

New Listing Volume

158 34 354 273

Ocean Pines New Listing Volume

New Listing Prices

400 350 300 250 200 150 100 50

Ocean Pines New Listing Prices

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