Ocean City Real Estate Report
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.
Active Listings
There are currently 624 condos, town homes and homes for sale in Ocean City. Overall, Ocean City listing inventory saw a 4% decrease in 2018.
Active Listing Prices
The average price of active real estate listings in Ocean City is currently $383,000 and the median listing price is $325,000. The average listing price for the year in Ocean City was $384,000, which was a 2% increase over 2017.
Sold Listing Volume
73 Ocean City real estate listings went to settlement during December bringing the total number of sold listings for the year to 1325. Sold listing volume for the year in Ocean City was up by 3% over 2017.
Sold Listing Prices
The average sold price of Ocean City properties that went to settlement during December was $314,000 and the median sold price was $270,000. The average sold price for the year in Ocean City was $304,000, which was a 5% increase over 2017.
Average Sold Price/Sq. Ft.
The average sold price per square foot in Ocean City during December was $279. The average sold price per square foot for the year in Ocean City was $270, which was a 5% increase over 2017.
Absorption Rate
The absorption rate in Ocean City is currently 6 months, which is unchanged from 2017.
Sold to List Price Ratio
Ocean City properties that went to settlement during December sold on average at 95% of the list price. The average sold to list price ratio for the year in Ocean City was 96%, which was unchanged from 2017.
Days on Market
Ocean City real estate listings that went to settlement during December averaged 121 days on the market. Average days on market for the year in Ocean City were 130, which was a 15% improvement over 2017.
Pending Sale Volume
46 Ocean City real estate listings went under contract during December bringing the total number of contracts written for the year to 1315. Pending sales volume for the year in Ocean City was down by 3% from 2017.
Pending Sale Prices
The average price of Ocean City properties that went under contract during December was $293,000 and the median pending sale price was $260,000. The average pending sale price for the year in Ocean City was $314,000, which was a 4% increase over 2017.
New Listing Volume
71 new properties were listed in Ocean City during December bringing the total number of new listings for the year to 1656, which was a slight decrease from 2017.
New Listing Prices
The average price of new real estate listings in Ocean City during December was $314,000 and the median new listing price was $285,000. The average new listing price for the year in Ocean City was $331,000, which was a 4% decrease from 2017.
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