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 665 condos, town homes and homes for sale in Ocean City. Ocean City listing inventory is down by 8% from 2017.
The average price of active real estate listings in Ocean City is currently $372,000 and the median listing price is $310,000. The average listing price for the year in Ocean City of $379,000 is a 2% increase over 2017.
135 Ocean City real estate listings went to settlement during June bringing the total number of sold listings for the year to 668. Sold listing volume for the year in Ocean City is down by 3%.
The average sold price of Ocean City properties that went to settlement during June was $309,000 and the median sold price was $280,000. The average sold price for the year in Ocean City of $304,000 is a 6% increase over 2017.
The average sold price per square foot in Ocean City during June was $270. The average sold price per square foot for the year in Ocean City of $265 is a 5% increase over 2017.
The absorption rate in Ocean City is currently 6 months, which is a 1 month improvement over 2017.
Ocean City properties that went to settlement during June sold on average at 96% of the list price. The average sold to list price ratio for the year in Ocean City is 96%, which is unchanged from 2017.
Ocean City real estate listings that went to settlement during July averaged 104 days on the market. Average days on market for the year in Ocean City are 137, which is a 17% improvement over 2017.
109 Ocean City real estate listings went under contract during June bringing the total number of contracts written for the year to 724. Pending sales volume for the year in Ocean City is down by 6% from 2017.
The average price of Ocean City properties that went under contract during June was $348,000 and the median pending sale price was $250,000. The average pending sale price for the year in Ocean City of $319,000 is a 7% increase over 2017.
116 new properties were listed in Ocean City during June bringing the total number of new listings for the year to 883, which is a 2% decrease from 2017.
The average price of new real estate listings in Ocean City during June was $310,000 and the median new listing price was $278,000. The average new listing price for the year in Ocean City of $334,000 is a 4% decrease from 2017.
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