Ocean City MD Real Estate Report - Aug. 2013

7/27/2019 Ocean City MD Real Estate Report - Aug. 2013

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A S O N D J F M A M J

Ocean City Active Listing VolumeOcean CityThere are currently 952 properties for sale inOcean City, which is down by 8% from lastmonth and 23% from July of last year. This isa great sign and a trend that will continue intothe fall with the large amount of propertiescurrently under contract and the high activitylevels that the Ocean City market isexperiencing.

Search All Ocean City Listings

Ocean PinesThere are currently 175 homes, condos andtown homes for sale in Ocean Pines. This isdown by 6% from July of last year. A lot of thespring inventory that came on the market isgetting absorbed relatively quickly, which is avery encouraging sign.

Search All Ocean Pines Listings

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Ocean Pines Active Listing Volume

Ocean CityThe average price of the active properties forsale in Ocean City is $341,000 and the mediancame in at $275,000. The median value hasremained relatively flat since the spring and isa good sign of price stabilization. The averagevalue has come down some and is the result ofthe fact that there are significantly less higherend listings on the market, a majority of whichhave sold over the past year.

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A S O N D J F M A M J J

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

Ocean PinesThe current average listing price of homes andcondos in Ocean Pines is $325,000 and themedian value is $262,000. Both values haveregained the ground that they lost through thewinter months. There was a spike in bothvalues during the Spring which were the resultof some higher end listing that were on themarket. Several of these properties have soldcausing this value to return to a normal level.

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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

New Listing Updates

Sign up for email updates with new listings and price adjustments

for the type of properties you are looking for

Search All Area Listings

We provide the most advanced consumer search available that is

linked directly to the Multiple Listing Service that we use.

A Division of The Mark Fritschle Group | Condominium Realty LTD
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2/6

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Ocean City Sold Listing VolumeOcean City96 properties settled in Ocean City during July.This brings the YTD sold total to 571properties, representing a 4% increase overthis point in 2012. The Ocean City real estatemarket had a solid late summer and fall seasonlast year and I feel this will repeat or exceed in2013 with inventory getting thin and interestrates rising.

View Ocean Citys June Sold Listings

Ocean Pines22 Ocean Pines properties went to settlementin July, which is up slightly from July of lastyear. May and June were incredible monthsfor the Ocean Pines market and July returnedto a more traditional activity level. With a totalof 59 properties currently under contract inOcean Pines this value will remain stronggoing into the fall.

View Ocean Pines June Sold Listings

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A S O N D J F M A M J1

Ocean Pines Sold Listing Volume

Ocean CityThe average price of properties that settled inJuly was $306,000 bringing the YTD averagesold price to $293,000, which is a 3% increaseover the average sold price through this pointin 2012. The trend lines for both values havebeen steadily increasing since March andclearly indicate that prices are going up inseveral segments of the Ocean City real estatemarket.

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Ocean City Sold Listing Prices Avg. PriceMed. Price

Ocean PinesThe average sold price in Ocean Pines for Julywas $247,000 and the median came in at$230,000. The average price returned to anormal level this month after jumping up lastmonth due to a few higher end waterfronthome sales. Both trend lines have been on asteady increase since the spring, which is anencouraging sign.

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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



Recently Sold Listings Sold Listing Updates

View Multiple Listing Service reports of the properties that have

sold over the most recent 90 day period, broken down by area.

Sign up to get email updates when properties sell in areas that are of

interest to you, based on your specifications.

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3/6

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Ocean City Sold Price/Sq. Ft.Ocean CityThe average sold price per square foot forproperty that settled in July was $272. Thisbrings the YTD average sold price per squarefoot to $254, representing a 9% increase overthis point in 2012. This value has been on asteady ascent since February and is anotherindicator that prices are beginning to stabilizeand rise in some segments of the market.

Ocean PinesThe average sold price per square foot inOcean Pines for July was $130. Several olderhomes and distressed properties went tosettlement in July, which had a negative affecton this value. I would look for this value torebound strongly next month based off of theproperties that are currently under contract.

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Ocean Pines Sold Price/Sq. Ft.

Ocean CityThe absorption rate in Ocean City is currently11 months. We have seen considerableimprovement in this value since the spring.This is the result of a rapidly decreasinginventory and a relatively high sales pace.This is a trend that will continue as lessinventory is coming on the market and activitylevels are high.

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Ocean City Absorption Rates

Ocean PinesThe absorption rate in Ocean Pines currentlystands at 7 months. The increase is attributedto the fact that settlements slowed down a bitin July after 2 big months in May and June.Look for this value to resume its decent nextmonth with 62 properties currently undercontract in Ocean Pines.

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Ocean Pines Absorption Rates

Absorption Rates

Sold Price/Sq. Ft.


Direct: 443-614-917



Foreclosures and Short Sales Distressed Listing Updates

View all of the foreclosure and short sale listings currently available

in Ocean City, Ocean Pines, Berlin and West Ocean City.

Sign up to receive email updates as the new foreclosure and short

sale listings hit the market in the areas that are of interest to you.

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4/6

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Ocean City Sold to List Price RatioOcean CityProperty that settled in July sold on average at95% of the listing price. This increase is theresult of the fact that we are seeing increasedcompetition and multiple offers on the moreattractive listings, which ultimately pushesprices up.

Ocean PinesProperty in Ocean Pines is currently selling onaverage at 96% of the listing price. Theincrease in this value is attributed to the factthat there is increased competition for the moreattractive listings, which leads to higher prices.

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Ocean Pines Sold to List Price Ratio

Ocean CityOcean City property that went to settlementduring July averaged 160 days on the market.This is a return to a more normal level afterseeing an increase last month that was theresult of some new construction units going tosettlement that had been on the market forawhile.

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Ocean City Avg. Days on Market

Ocean PinesOcean Pines property that went to settlementduring July averaged 164 days on the market.There were a handful of older homes thatsettled during the month which were on themarket for some time and caused this value tojump up. We are actually seeing quite a fewwell priced properties in good condition sellingwithin a couple of weeks of being listed.

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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: 443-614-91


Web: oceancitycondosandhomes.co

Selling Real EstateProperty Valuation

View our comprehensive marketing plan that we utilize to get our

clients the highest price possible in the shortest amount of time.

Fill out our quick property information form and we will email you

a comprehensive valuation report for your home or condo.

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5/6

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Ocean City Under Contract Listing VolumeOcean City96 properties went under contract in OceanCity during July bringing the YTD total to 706,which is on pace with this point 2012. It isencouraging that activity levels remain highconsidering we had a few big months in thespring that could have easily pulled demandfrom the summer months. This is a trend thatwill continue with 25 properties already undercontract in the first few days of August.

View Ocean City Properties Under Contract

Ocean Pines35 properties went under contract in OceanPines during July, which is on pace with July oflast year. For the year 206 properties havegone under contract in Ocean Pines,representing an 11% increase in activity overthe 185 properties that had gone undercontract by this point in 2012.

View Ocean Pines Properties Under Contract

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Ocean Pines Under Contract Listing Volume

Ocean CityThe average price of properties that wentunder contract during July was $344,000 andthe median came in at $295,000, both of whichare up considerably from July of last year. Thissteady increase that we have seen is the resultof a better mix of property types selling and thefact that prices are increasing in somesegments of the market.

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Ocean City Under Contract Listing Prices

Ocean PinesThe average price of properties that wentunder contract in Ocean Pines during July was$262,000 and the median price came in at$228,000. As with most of the values, lastmonth was inflated a bit due to some higherend sales. July came down a bit due to this,however it is still a solid number that will leadto strong sold prices going into the fall.

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Ocean Pines Under Contract Listing Prices

Under Contract Listing Prices

Under Contract Listing Volume

Direct: 443-614-917




Useful Buying InformationBuyer Action Plan

View a series of articles and videos that we have put together which

explain and outline the various phases of buying real estate.

View the plan and steps that we take to ensure our Buyer clients get

the best deal possible through a relaxed and stress free transaction.

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6/6

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Ocean City New Listing VolumeOcean City114 new properties were listed during July,which is down slightly from July of last year. Atotal of 1001 condos and homes have beenlisted in Ocean City thus far in 2013, which ison pace with the 998 properties that had beenlisted by this point last year. It is worth notingthat a few new construction projects were listedin July that artificially inflated this value.

View Ocean Citys New Listings

Ocean Pines54 new homes and condos were listed inOcean Pines during July, which is upconsiderably from July of last year. A lot ofsellers are returning to the market now thatthings have continued to improve For the year278 properties have been listed, representing a10% increase over the 253 properties that hadbeen listed by this point in 2012.

View Ocean Pines New Listings

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Ocean Pines New Listing Volume

Ocean CityThe average price of properties listed duringJuly was $372,000 and the median came in at$300,000. The average new listing price forthe year is $343,000, representing a 3%increase over this point in 2012. This isencouraging news as Buyers are acceptingthese prices based off of the high activity levelsthat the market is currently experiencing.

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Ocean City New Listing Prices

Ocean PinesThe average new listing price in Ocean Pinesduring July was $335,000 and the mediancame in at $265,000. This brings the averagenew Ocean Pines listing price for the year to$305,000, which is a 4% increase over theaverage price through this point in 2012. Aswith Ocean City this is a good sign as there isa lot of sustained market activity at theseincreased prices.

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337

266 2

94

258

359

306

272

323

314

302

283

100

200

300

400

500

J10




Ocean Pines New Listing Prices

New Listing Prices

New Listing Volume


Direct: 443-614-917



Just Listed Properties Search ALL Listings

Search all of the available area listings based on your specifications

through the MLS, which is the same database we utilize.

View new listings and price adjustments that have become available

over the most recent 7 day period, broken down by area.

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Documents

Ocean City MD Real Estate Report - Aug. 2013