ocean city md real estate market report - oct. 2012

7/30/2019 Ocean City MD Real Estate Market Report - Oct. 2012

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N D J F M A M J J A S O10


N D J F M A M J J A S

Ocean City Active Listing VolumeOcean CityThe inventory is Ocean City is down by 22%from where we were this time last year. This isbeing fueled by a good number of propertiesgoing under contract and settling, as well asconsiderably less new inventory coming on themarket than in prior years.

Search All Ocean City Listings

Ocean PinesThere are currently 184 properties for sale inOcean Pines, which is down by 21% fromwhere it was this time last year. This value hasremained flat for much of this year but keep inmind that 346 new listings have also come onthe market during this time, the equivalent ofwhich has been absorbed.

Search All Ocean Pines Listings

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Ocean Pines Active Listing Volume

Ocean CityThe average listing price in Ocean City iscurrently $362,000 and the median came in at$289,000. In looking at the median, with theexception of a bump up we have stayed in thissame range for most of 2012. This is anencouraging sign considering there is solidsales activity at the current pricing levels.

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Ocean City Active Listing PricesAvg. PriceMed. Price3 per. Mov. Avg. (Avg. Pri

Ocean PinesThe average listing price in Ocean Pines forOctober was $322,000 and the median was$260,000. The Ocean Pines market hasregained some of the ground it lost late yearand appears to be holding steady with a slightupward trend in the 3 month moving averagefor both.

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Ocean Pines Active Listing PricesAvg. Price

Med. Price

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

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

Active Listing Prices

Active Listing Volume

Ocean City and Ocean Pines Market Repor

Direct: 443-614-917

Email: [email protected]

Web:oceancitycondosandhomes.com
http://link.flexmls.com/x3i5g1pm5ms,11http://link.flexmls.com/x3i5g1pm5ms,11mailto:[email protected]://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/mailto:[email protected]://docs.google.com/spreadsheet/viewform?formkey=dE5uZ2w2dnhQUmYwblp1elE4UTY1QUE6MQhttp://link.flexmls.com/ox4wzw19sqj,11https://docs.google.com/spreadsheet/viewform?formkey=dEZ1VmYxb2pjQld0TXhwYzIyZTFRQmc6MQhttp://link.flexmls.com/x3i5g1pm5ms,11http://link.flexmls.com/x3i5g1pm5ms,11


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Ocean City Sold Listing VolumeOcean City72 properties sold in Ocean City duringOctober, representing a 44% increase inactivity over October of last year. This bringsthe total properties sold for 2012 to 822, whichis a 6% increase over the 777 that had settledby this point in 2011. This is certainly apositive sign of things to come.

View Ocean Citys October Sold Listings

Ocean Pines22 properties sold in Ocean Pines duringOctober, which is up by 47% from Septemberand on pace with October of last year. Thisbrings the YTD sold total in Ocean Pines to207 properties, which is down slightly from the220 that had sold by this point last year. It isworth noting that 2011 was a very good yearfor the Ocean Pines market.

View Ocean Pines October Sold Listings

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Ocean Pines Sold Listing Volume

Ocean City

The average sold price for October was$282,000 and the median came in at $263,000.The average price is the same as this time lastyear and the median saw an 8% increase.This is the 3

rdmonth in a row that the median

value has increased and both moving averagesare trending up.

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Ocean City Sold Listing Prices Avg. PriceMed. Price

Ocean PinesThis thing will make you blind! The average isalways all over the place based on the widerange of property types Ocean Pines offers.The median price trend is worth noting here asit has been steadily increasing since thesummer and, after excluding one spike, is at itshighest level in the past year and a half

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Ocean Pines Sold Listing PricesAvg. Price

Med. Price

3 per. Mov. Avg. (Avg. Pr

Sold Listing Prices

Sold Listing Volume


Direct: 443-614-9179


http://www.flexmls.com/link.html?x4gwz5wa7ap,11,1http://www.flexmls.com/link.html?x4gwz5wa7ap,11,1http://www.flexmls.com/link.html?x4gwz7j78h4,11,1mailto:[email protected]://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/mailto:[email protected]://www.oceancitypro.com/just-sold.asphttps://docs.google.com/spreadsheet/viewform?formkey=dE9ObXY1SWtkeERKRkVmcHVQUC1rRlE6MQhttps://docs.google.com/spreadsheet/viewform?formkey=dGJSWW9pcWF1UTA5Z1J5alpfMFZnVnc6MQhttp://www.flexmls.com/link.html?x4gwz7j78h4,11,1http://www.flexmls.com/link.html?x4gwz5wa7ap,11,1


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Ocean City Sold Price/Sq. Ft.Ocean CityThe average sold price per square foot inOcean City for October was $235. The trendline has been flat for most of 2012, which is apretty good indication that prices havestabilized.

Ocean PinesOcean Pines average sold price per squarefoot came in at $138 for October. This bringsthe 2012 YTD sold price per square foot to$142, which is only off slightly from the $144value we saw through this point last year.

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Ocean Pines Sold Price/Sq. Ft.

Ocean CityThe absorption rate in Ocean City currentlystands at 15 months, which is down from lastmonth and down by months from the beginningof the year. This is being fueled by a strongsales pace and less inventory coming on themarket.

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Ocean City Absorption Rates

Ocean PinesThe absorption rate in Ocean Pines is currentlyat 9 months, which is down by 2 months fromthis time last year. As you can see last yearwas a big year for Ocean Pines which I feelpulled some of the demand for 2012 and hascaused this value to slow down some.

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Ocean Pines Absorption Rates

Absorption Rates

Sold Price/Sq. Ft.


Direct: 443-614-917


mailto:[email protected]://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/mailto:[email protected]://www.oceancitypro.com/seller-information.asphttp://www.oceancitypro.com/foreclosuresshorts.asp


4/6

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O09




Ocean City Sold to List Price RatioOcean CityAfter bouncing around for a few months thesold to list price ratio in Ocean City hasreturned to 93%. In looking back over the past3 years, 92% to 93% is the standard. This iscurrently considerable negotiating room,however it is a window that will tighten as themarket continues to improve.

Ocean PinesThe sold to list price ratio in Ocean Pines forOctober was 95%. 94% to 95% has been thestandard over the past year and a half or so.The value is slightly better in Ocean Pinesbecause there is considerably less inventorythat leads to increased competition for thebetter listings.

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Ocean Pines Sold to List Price Ratio

Ocean CityPlease not that we have made a change to thevalue that we are using here. We are nowusing the median cumulative days on market,which I feel is a better indicator of what is goingon. This will eliminate the overpricedproperties that have been on the marketforever, as well as the distressed propertiesand great deals that sell in a matter of days.This makes for a more accurate representationof the current market.

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Ocean City Avg. Days on Market

Ocean PinesPlease not that we have made a change to thevalue that we are using here. We are nowusing the median cumulative days on market,which I feel is a better indicator of what is goingon. This will eliminate the overpricedproperties that have been on the marketforever, as well as the distressed propertiesand great deals that sell in a matter of days.This makes for a more accurate representationof the current market.

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Ocean Pines Avg. Days on Market

Average Days on Market

Sold to List Price Ratios

Ocean City and Ocean Pines Market Repo

Direct: 443-614-917


Web:oceancitycondosandhomes.co
mailto:[email protected]://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/mailto:[email protected]://docs.google.com/spreadsheet/viewform?formkey=dE5uZ2w2dnhQUmYwblp1elE4UTY1QUE6MQhttp://www.oceancitypro.com/buyer-information.asphttp://link.flexmls.com/ox4wzw19sqj,11


5/6

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Ocean City Under Contract Listing VolumeOcean City91 homes and condos went under contract inOcean City during October, which is a 26%increase from the 72 properties that wentunder contract during October of last year.This is great activity for October and anindication that the year is going to finish strong.

View Ocean City Properties Under Contract

Ocean Pines25 properties went under contract in OceanPines during October. A total of 233 propertieshave gone under contract in Ocean Pines in2012, which is on pace with the 235 propertiesthat had gone under contract by this point lastyear. The mortgage process is taking a bitlonger these days, ultimately delaying thesenumbers from reflecting in the sold totals.

View Ocean Pines Properties Under Contract

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Ocean Pines Under Contract Listing Volume

Ocean CityThe average price of listings that went undercontract in Ocean City during October was$292,000 and the median value came in at$250,000. Over 60% of the properties thatwent under contract were $300,000, whichpulled this value down for October.

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Ocean City Under Contract Listing Prices

Ocean PinesThe average and median prices of propertiesthat went under contract in Ocean Pines duringOctober were $265,000 and $217,000. Lastmonth saw a few higher end waterfront listingsgo under contract causing this value to spike.A better mix of properties went under contractin October bringing this value back to normallevels.

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Ocean Pines Under Contract Listing Prices

Under Contract Listing Prices

Under Contract Listing Volume

Direct: 443-614-917



http://www.flexmls.com/link.html?x4gwzgd2zn3,11,1http://www.flexmls.com/link.html?x4gwz98fv0y,11,1mailto:[email protected]://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/mailto:[email protected]://docs.google.com/spreadsheet/viewform?formkey=dGJSWW9pcWF1UTA5Z1J5alpfMFZnVnc6MQhttps://docs.google.com/spreadsheet/viewform?formkey=dEZ1VmYxb2pjQld0TXhwYzIyZTFRQmc6MQhttps://docs.google.com/spreadsheet/viewform?formkey=dE9ObXY1SWtkeERKRkVmcHVQUC1rRlE6MQhttp://www.flexmls.com/link.html?x4gwz98fv0y,11,1http://www.flexmls.com/link.html?x4gwzgd2zn3,11,1


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Ocean City New Listing VolumeOcean City141 new properties were listed in Ocean City inOctober, which is down by 7% from the 151that were listed in October of last year. For2012 a total of 1412 properties have beenlisted in Ocean City, representing a 10%decrease from the 1560 homes and condosthat were listed by this point in 2011.

View Ocean Citys New Listings

Ocean Pines23 new properties were listed in Ocean Pinesduring October, which is on pace with last year.A total of 346 new listings have come on themarket in Ocean Pines this year, representinga 11% decrease from the 389 that had beenlisted by this point in 2011.

View Ocean Pines New Listings

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Ocean Pines New Listing Volume

Ocean CityThe average and median new listing prices inOcean City for October were $365,000 and$285,000 respectively. Both of these valuesare down slightly from this point last year,which shows that Sellers are responding to themarket and trying to make their propertiesstand out relative to the competition.

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Ocean City New Listing Prices

Ocean PinesThe average and median new listing prices inOcean Pines for October came in at $294,000and $235,000. This graph also illustrates thewide range of property types that make upOcean Pines. The spikes are when higherend, waterfront listings come on the market,however even the median is a bit erratic.

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Ocean Pines New Listing Prices

New Listing Prices

New Listing Volume


Direct: 443-614-917


http://www.flexmls.com/link.html?x4gwzloythc,11,1http://www.flexmls.com/link.html?x4gwzloythc,11,1http://www.flexmls.com/link.html?x4gwzn9ndi7,11,1mailto:[email protected]://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/http://www.oceancitycondosandhomes.com/mailto:[email protected]://link.flexmls.com/ox4wzw19sqj,11http://www.oceancitypro.com/foreclosuresshorts.asphttp://www.oceancitypro.com/just-listed.asphttp://www.flexmls.com/link.html?x4gwzn9ndi7,11,1http://www.flexmls.com/link.html?x4gwzloythc,11,1

ocean city md real estate market report - oct. 2012

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