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 and can be helpful in determining the right time to buy or sell.
There are currently 124 condos, town homes and homes for sale in Ocean City, which is a 61% increase in inventory over this point in 2022.
The average active listing price in Ocean City is $730,000 and the median listing price is $559,000. The median listing price for the year in Ocean City is $540,000, which is a 7% decrease from 2022.
106 Ocean City properties went to settlement during April bringing the total number of sold listings for the year to 345, which is a 23% decrease in Ocean City real estate sales volume from 2022.
The average sold price for Ocean City real estate during April was $491,000 and the median sold price was $420,000. The median sold price for the year in Ocean City is $412,000, which is a slight increase over 2022.
The average sold price per square foot in Ocean City during April was $447. The average sold price per square foot for the year in Ocean City is $439, which is a 7% increase over 2022.
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 April sold on average at 98% of the list price. The average sold to list price ratio for the year in Ocean City is 98%, which is a 2% decrease from 2022.
Ocean City properties that went to settlement during April averaged 39 days on the market. Average days on market for the year in Ocean City are 43, which is a 19% increase over 2022.
114 Ocean City properties went under contract during April bringing the total number of contracts written for the year to 424, which is an 18% decrease from 2022.
The average price of Ocean City properties that went under contract during April was $489,000 and the median pending sale price was $445,000. The median pending sale price for the year in Ocean City is $425,000, which is a 2% increase over 2022.
100 new properties were listed in Ocean City during April bringing the total number of new listings for the year to 394, which is an 18% decrease from 2022.
The average price of new listings in Ocean City during April was $508,000 and the median new listing price was $477,000. The median new listing price for the year in Ocean City is $436,000, which is a 4% increase over 2022.
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