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 138 condos, town homes and homes for sale in Ocean City, which is a 16% increase over this point in 2022.
The average active listing price in Ocean City is $669,000 and the median listing price is $499,000. The median listing price for the year in Ocean City was $517,000, which was a 4% decrease from 2021.
56 Ocean City properties went to settlement during December bringing the total number of sold listings for the year to 1216, which represented a 35% decrease in Ocean City real estate sales from 2021.
The average sold price for Ocean City real estate during December was $436,000 and the median sold price was $361,000. The median sold price for the year in Ocean City was $406,000, which was a 13% increase over 2021.
The average sold price per square foot in Ocean City during December was $415. The average sold price per square foot for the year in Ocean City was $422, which was a 16% increase over 2021.
The absorption rate in Ocean City is currently one-month, which is a one-month increase over this point in 2022.
Ocean City properties that went to settlement during December sold on average at 97% of the list price. The average sold to list price ratio for the year in Ocean City was 99%, which remained unchanged from 2021.
Ocean City properties that went to settlement during December averaged 33 days on the market. Average days on market for the year in Ocean City were 27, which was a 7% improvement over 2021.
54 Ocean City properties went under contract during December bringing the total number of contracts written for the year to 1286, which was a 31% decrease from 2021.
The average price of Ocean City properties that went under contract during December was $455,000 and the median pending sale price was $419,000. The median pending sale price for the year in Ocean City was $415,000, which was a 13% increase over 2021.
43 new properties were listed in Ocean City during December bringing the total number of new listings for the year to 1312, which was a 28% decrease from 2021.
The average price of new listings in Ocean City during December was $527,000 and the median new listing price was $435,000. The median new listing price for the year in Ocean City was $507,000, which was a 10% increase over 2021.
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