Below is the monthly report we prepare summarizing all of the key indicators for the Ocean City real estate market. This report will advise you as to how the local market is performing overall and can be helpful in determining the right time to buy or sell.
There are currently 179 condos, town homes and homes for sale in Ocean City. Ocean City listing inventory was down by 67% for the year.
The average price of active real estate listings in Ocean City is currently $527,000 and the median listing price is $440,000. The average listing price for the year in Ocean City was $453,000, which was a 14% increase over 2019.
195 Ocean City real estate listings went to settlement during December bringing the total number of sold listings for the year to 1810, which was a 32% increase in sales over 2019.
The average sold price of Ocean City properties that went to settlement during December was $355,000 and the median sold price was $295,000. The average sold price for the year in Ocean City was $324,000, which was a 7% increase over 2019.
The average sold price per square foot in Ocean City during December was $311. The average sold price per square foot for the year in Ocean City was $287, which was an 8% increase over 2019.
The absorption rate in Ocean City is currently one-month, which is a four-month improvement over 2019.
Ocean City properties that went to settlement during December sold on average at 98% of the list price. The average sold to list price ratio for the year in Ocean City was 97%, which was a 1% improvement over 2019.
Ocean City real estate listings that went to settlement during December averaged 43 days on the market. Average days on market for the year in Ocean City were 87, which was a 22% improvement over 2019.
144 Ocean City real estate listings went under contract during December bringing the total number of contracts written for the year to 1929, which was a 42% increase over 2019.
The average price of Ocean City properties that went under contract during December was $358,000 and the median pending sale price was $320,000. The average pending sale price for the year in Ocean City was $343,000, which was an 8% increase over 2019.
108 new properties were listed in Ocean City during December bringing the total number of new listings for the year to 1805, which was a 6% increase over 2019.
The average price of new real estate listings in Ocean City during December was $369,000 and the median new listing price was $322,000. The average new listing price for the year in Ocean City was $369,000, which was a 5% increase over 2019.
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