Ocean City Real Estate Market Report

 

Active Listing Volume

There are currently 756 homes, condos and town homes for sale in Ocean City, which is a 15% decrease in inventory from 2016.


 

 Active Listing Prices

The average price of active real estate listings in Ocean City is currently $376,000 and the median listing price is $309,000.  The average listing price for the year in Ocean City is $366,000, which is an 8% increase over 2016.


 

Sold Listing Volume

177 Ocean City properties went to settlement during May bringing the total number of sold listings for the year to 572, which represents a 30% increase in market activity over 2016.


 

Sold Listing Prices

The average sold price in Ocean City during May was $327,000 and the median sold price was $260,000.  The average sold price for the year in Ocean City is $292,000, which is a 2% increase over 2016.


 

Average Sold Price per Square Foot

The average sold price per square foot in Ocean City during May was $278.  The average sold price per square foot for the year in Ocean City is $255, which is a 5% increase over 2016.


 

Absorption Rate

The absorption rate in Ocean City currently stands at 7 months, which is a 3 month improvement over 2016.


 

Sold to List Price Ratio

Ocean City properties that went to settlement during May sold on average at 96% of the listing price.  The average sold to list price ratio for the year in Ocean City is 96%, which is a 1% improvement over 2016.


 

Days on Market

Ocean City properties that went to settlement during May averaged 158 days on the market.  Average days on market for the year in Ocean City are 166, which is a 13% improvement over 2016.


 

Pending Sale Volume

124 Ocean City properties went under contract during May bringing the total number of contracts written for the year to 643, which represents a 21% increase in market activity over 2016.


 

Pending Sale Prices

The average price of Ocean City real estate listing that went under contract during May was $293,000 and the median pending sale price was $260,000.  The average pending sale price for the year in Ocean City is $301,000, which is a slight increase over 2016.


 

New Listing Volume

140 new properties were listed in Ocean City during May bringing the total number of new listings for the year to 754, which is a slight decrease from 2016.


 

New Listing Prices

The average price of new Ocean City real estate listings during May was $382,000 and the median new listing price was $285,000.  The average new listing price for the year in Ocean City is $340,000, which is a 3% increase over 2016.

 

 

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