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 170 condos, town homes and homes for sale in Ocean City. Ocean City listing inventory is down by 33% from last year.
The average active listing price in Ocean City is $631,000 and the median listing price is $513,000. The median listing price for the year in Ocean City is $521,000, which is a 45% increase over 2020.
170 Ocean City properties went to settlement during October bringing the total number of sold listings for the year to 1573, which is a 10% increase in sales volume over 2020.
The average sold price in Ocean City during October was $431,000 and the median sold price was $380,000. The median sold price for the year in Ocean City is $354,000, which is a 28% increase over 2020.
The average sold price per square foot in Ocean City during October was $380. The average sold price per square foot for the year in Ocean City is $352, which is a 24% increase over 2020.
The absorption rate in Ocean City is currently one-month, which is a one-month improvement over 2020.
Ocean City properties that went to settlement during October sold on average at 98% of the list price. The average sold to list price ratio for the year in Ocean City is 99%, which is a 2% improvement over 2020.
Ocean City properties that went to settlement during October averaged 20 days on the market. Average days on market for the year in Ocean City are 30, which is a 69% improvement over 2020.
179 Ocean City properties went under contract during October bringing the total number of contracts written for the year to 1651, which is a 3% increase over 2020.
The average price of Ocean City properties that went under contract during October was $463,000 and the median pending sale price was $380,000. The median pending sale price for the year in Ocean City is $364,000, which is a 27% increase over 2020.
167 new properties were listed in Ocean City during October bringing the total number of new listings for the year to 1646, which is a 7% increase over 2020.
The average price of new listings in Ocean City during October was $447,000 and the median new listing price was $390,000. The median new listing price for the year in Ocean City is $373,000, which is a 24% increase over 2020.
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