Ocean City Maryland Real Estate Market Report

Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A.
Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com
www.oceancitypro.com
Visit our Blog
Active Listing Volume

Ocean City There are currently 1196 condos and homes for sale in Ocean City, which represents a 3% decrease from last month and a 21% decrease from August 2011 inventory levels. After st remaining flat for the 1 part of the year we have seen a steady descent since the Spring. This is the result of a strong sales pace and less inventory coming on the market, both of which are positive signs for the OC market. View Ocean City Active Listings
Ocean City Active Listing Volume

1952 1916 1913
2500 2000 1500 1000 500 0
1886
1863
1836
1850
1885
1825
1834
1820
1825
1775
1770
1731
1717
1658
1606
1604
1574
1590
1604
1565
1545
1521
1508
1493
1451 1420
1426
1447
1393
1407
1361
1287 179 368 325
1231 186 376 320
A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A 09 10 11 12
Ocean Pines There are currently 185 properties for sale in Ocean Pines, which is down by 29% from August of last year. Ocean Pines has been in this volume range for much of 2012. This isnt necessarily a bad thing as 298 properties have been listed during this timeframe, which have essentially been absorbed. As the trends show, look for the inventory to start dropping in the fall and winter months. View Ocean Pines Active Listings
Ocean Pines Active Listing Volume

329 304 299 280 286 295
350 300 250 200 150 100 50 0
314
277
273
278
269
265
264
259
258
268
252
251
252
254
256
238
240
246
225
224
232
214
192
189
188
192
188
Active Listing Prices

Ocean City The average and median prices of active Ocean City listings are $373,000 and $290,000 respectively. As you can see these values have largely stayed in the same range for most of 2012. This is another positive sign for the Ocean City market considering we have had a lot of activity and strong sales pace at these prices.
Ocean City Active Listing Prices

550
453 447 436 431
172
Avg. Price
Med. Price
500 450 400 350 300 250
456
426
422
401
398
395
395
392
395
397
388
392
386
385
383
382
386
382
378
380
381
377
377
374
377
373
366
Avg. Price
Ocean Pines The average and median active listing prices in Ocean Pines are currently $329,000 and $270,000 respectively. These values have consistently improved since losing some ground late last year. This is a good sign in that there is solid sales activity in Ocean Pines, which indicates that Buyers are accepting these prices.
Ocean Pines Active Listing Prices

450
357 362 355 355
Med. Price 3 per. Mov. Avg. (Avg. Price)
352
350
348
348
349
352
400 350 300 250 200
366
340
337
340
337
342
334
332
334
330
335
336
364
368
369
328
326
326
325
324
322
327
321
310
308
310
317
329
373
185
1196
Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A. Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com
Sold Listing Volume

Ocean City 86 properties sold in Ocean City during August, which is up by 13% from the 76 properties that sold in August of last year. This brings the YTD total to 655 sold properties which is roughly on pace with the 655 condos and homes that had sold by this point last year. With a large number of properties under contract and a lot of activity in the market currently I would look for this trend to continue. View Ocean Citys August Sold Listings Ocean City Sold Listing Volume
103 99 93 99
120
82 83 81 81 82 80
106
109
92 28
77
77
81
75
76
70
70
70
65
65
59
57
51
53
60 40 20 0
37
49
60
Ocean Pines 25 properties sold in Ocean Pines during August, which is up from last month and on pace with August of 2011. This brings the YTD total sold listings in Ocean Pines to 168, keeping pace with the 170 properties that had sold by this point in 2011. As you will see, Ocean Pines best months are ahead of them when they will continue to see further improvement of their market. View Ocean Pines August Sold Listings
Ocean Pines Sold Listing Volume

35
25 35
40 30
28
34
28
36
60
80
70
72
27
26
25
25
26
28
23
24
22
22
22
19
14
15
13
12
12
13
15 10 5 0
Sold Listing Prices

Ocean City
Ocean City Sold Listing Prices

500
368 378 364 364 360 363 379
12
The average sold price in Ocean City for August was $282,000 and the median came in at $249,000. These represent 1% and 4% increases over the August 2011 sold prices. This brings the YTD average sold price to $284,000 and the median to $249,000, which are both down by roughly 6% from the sold prices at this point in 2011. A typical variance is 4%-5% based on the variety of property types Ocean City offers and this decrease is not to far outside of that which is reassuring. Ocean Pines The average and median sold prices in Ocean Pines for August were $199,000. This brings the average YTD sold price in Ocean Pines to $234,000 and the median to $206,000, representing a 2.5% decrease over the 2011 values. Based on the wide range of property types that Ocean Pines offers this decrease is well inside the price variance one would expect for that market.
Avg. Price Med. Price
450 400 350 300 250 200 150 100
356
353
355
345
347
329
334
326
322
337
360
318
306
305
309
301
304
310
14
20
17
16
16
18
16
16
288
292
283
299
20 277 260 270 221

Avg. Price
25
22
23
268
280
265
400 350
276 254
301
301
374
Ocean Pines Sold Listing Prices
277
292
271
277
294
267
254
252
246
253
242
237
243
231
229
234
259
300 250 200 150
265
270
225
224
220
215
213
213
208
214
222
225 199
197
259
Med. Price
282
25
86
100
92
Sold Price/Sq. Ft.

Ocean City The average sold price per square foot in Ocean City for August was $233. As you can see the moving average for this line has stayed flat since February, which is a great sign and a clear indicator of prices stabilizing. Ocean City Sold Price/Sq. Ft.
324 304 303 301 288 292
350 300 250 200 150 100
314
283
276
268
268
288
266
263
267
263
261
248
248
258
248
263
241
241
245
236
233
236
238 139
228
231
232
225
Ocean Pines The average sold price per square foot in Ocean Pines for August was $130. The reason that the sold price values are down for August is the fact that over half of the listings that sold were $200,000 and below and 3 of them were below $120,000.
Ocean Pines Sold Price/Sq. Ft.

250 230 210 190 170 150 130 110 90 70 50
184
171
168
162
165
167
218
161
158
156
155
162
224
152
152
146
145
145
146
142
143
140
141
139
139
139
142
138
138
139
136
134
136
146 8
228
128
125
Absorption Rates
Ocean City The absorption rate in Ocean City decreased again in August to 16 months. We have essentially gone through 3 months of inventory since March, which is a strong positive indicator for the OC market. This is another trend that will likely continue as considerably less inventory is coming on the market and there is a lot of activity in the market.
Ocean City Absorption Rates

50 45 40 35 30 25 20 15 10 A S O N D J F M A M J 09 J A S O N D J F M A M J 10 J A S O N D J F M A M J 11 J A 12
29 28 28
26 26
24 24 24 24 24 23 23 22 23 22 22 22
20 20 20 20 20 19 18 18 18 18 18 18 18 18 19 18 18 17 17 16
Ocean Pines The absorption rate in Ocean Pines currently lies at 8 months where it has been for most of the Summer. Look for this value to decrease in the coming months based off of previous year trends and high activity currently in the market.
25 20 15 10 5 0
23 20 20 17 16 15 15 16 17 18 18
Ocean Pines Absorption Rates

19 18 17 15 15 14 13 12 13 13 13 13 13 12.5 12
122
11
10 8 8
9 8.5 8.5 8
A S O N D J F M A M J 09
J A S O N D J F M A M J 10
J A S O N D J F M A M J 11
J A 12
130 8
233
Sold to List Price Ratios

Ocean City Property that settled in August sold at 92% of the listing price. This is considerable negotiating room that equates to $40,000 off of a property listed at $500,000. It is worth noting that this is just an average and all Sellers are different. Some will be in a better position to negotiate and the key is finding those Sellers with the types of property you are looking for.
100% 98%
93% 93% 93% 93% 93% 92% 92% 92% 92% 92% 92% 92%
Ocean City Sold to List Price Ratio

94% 94% 93% 93% 93% 93% 93% 93% 93% 93% 92% 92% 92% 92% 92% 92% 93% 94% 241 94% 95% 260 155 92%
96% 94% 92% 90% 88% 86% 84% 82% 80%
91%
91%
91%
91%
90%
Ocean Pines Ocean Pines property sold at 95% of the listing price in August. This value has improved considerably since the first of the year and will likely now hold in this range for the next few months. The fact that there is a reasonable inventory in Ocean Pines that leads to increased competition for the better listings has caused this value to increase.
96%
100% 98% 96%

91% 91%
Ocean Pines Sold to List Price Ratio

95% 95% 95% 95% 94% 94% 94% 94% 93% 93% 94% 93% 93% 93% 94% 95% 233 150 119 169 215
91%
91%
90%
89%
89%
88%
87%
86%
86%
85%
88% 86% 84% 82% 80%
Average Days on Market

Ocean City Property that sold in Ocean City during August averaged 215 days on the market. This is a pretty good decrease from where we have been for much of 2012. The fact that well priced units that are in good condition are selling quickly is starting to show through in this value.
85%
86%
90%
Ocean City Avg. Days on Market

500 450 400 350 300 250 200 150 100 50 0
394 393 326 328 308
301
297
87%
88%
92%
89%
90%
94%
283
296
269
268
282
91%
259 215
250
251
242
240
241
247
225
236
224
219
213
211
205
178
184
206
219
50 0 A S O N D J F M A M J 09 J A S O N D J F M A M J 10 J A S O N D J F M A M J 11 J A 12
47
Ocean Pines Sold Ocean Pines property averaged 233 days on the market in August. This value tends to be all over the place depending on what sells in a given month. This month a few listings that were overpriced and sat on the market for awhile finally sold, which caused the average to increase.
Ocean Pines Avg. Days on Market

277 236
177
225
226
228
166
163
178
186
160
138
136
137
138
126
127
126
150 100
113
121
126
136
200
144
158
190
250
202
221
223
300
242
245
269
350
305
239
257
Under Contract Listing Volume

Ocean City 106 properties went under contract in Ocean City during August, which is a 50% increase in activity over August of 2011 and a great sign of things to come. Based off of this and the st strong activity we have seen through the 1 week of September it appears that the fall buying season is going to be strong. This will continue to reduce the inventory and further foster price stabilization. View Ocean City Properties Under Contract Ocean Pines 17 properties went under contract in Ocean Pines during August, which is down by 32% from August of 2011. This brings the YTD total for contracts written to 187, which is on par with the 189 contracts that had been written at this point last year. View Ocean Pines Properties Under Contract
121
Ocean City Under Contract Listing Volume

111 109 109 103 103 95 94 92 101
117 101 90 31 21 34 290 232 295 243 309 221
120 100 80
88
86
88
83
84
79
79
82
104
73
72
71
71
77
67
55
57
69
40 20 0 A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A 09 10 11 12
44
60
Ocean Pines Under Contract Listing Volume

50 45 40 35 30 25 20 15 10 5 0
57 47
69
35
34
31
30
28
29
24
27
23
23
27
22
21
22
22
30
20
19
19
17
18
32
35
17
17
15
16
11
11
12
Under Contract Listing Prices

Ocean City
The average and median price of properties that went under contract in August was $324,000 and $267,000 respectively. Both of these values are up over August of last year. Part of this is attributed to the fact that a majority of the listings that went under contract in August were in the $300,000 price range and above.
Ocean City Under Contract Listing Prices

600 550 500 450 400 350 300 250 200 150 100
459 440 413 404 406 418
402
395
381
382
396
377
357
363
375
379
350
340
339
351
380
327
330
326
334
14
324
326
314
310
312
310
Ocean Pines The average and median price of listings that went under contract in Ocean Pines during August was $254,000 and $240,000 respectively. Both of these values are up considerably from the August 2011 levels. Ocean Pines has seen some slight price improvement in certain segments of their market that is leading to an increase in this value.
345
400
312 316 298
291
279
276
282
350 300 250 200 150 100
307
323
369
Ocean Pines Under Contract Listing Prices
281
266
266
264
255
257
262
264
267
285
252
252
249
253
242
242
243
249
234
233
232
207
237
239
254
324
17
106
New Listing Volume

Ocean City 130 new properties were listed in Ocean City during August, which is up slightly from August of last year. This brings the total YTD new listings to 1138, representing a 10% decrease from the total new listings at this point last year. This is one of the major factors that is leading to the recovery of the Ocean City MD real estate market. View Ocean Citys New Listings Ocean City New Listing Volume
300 250
182 215 267 235 208
195
188
193
171
178
166
160
151
156
151
147
146
142
151
158
137
136
138
200 150 100 50 0
163
165
170
183 133
126
121
Ocean Pines 39 homes were listed in Ocean Pines during August, which is up by 18% from the 33 homes that were listed in August of last year. YTD 298 properties have been listed in Ocean Pines, which is a 10% decrease from the 331 properties that had been listed by this point in 2011. View Ocean Pines New Listings
Ocean Pines New Listing Volume

80
59 55 57
70 60
37 36 36
55
49
52
94 67
75
46
46
48
40
37
37
35
35
37 30 362
33
29
28
24
21
16
18
30 20 10 0
23
24
22
New Listing Prices

Ocean City The average and median new listing prices in Ocean City for August were $352,000 and $299,000 respectively. This is a considerable improvement from where we have been for most of 2012. This is a result of Sellers being able to list properties slightly higher in certain segments of the market where the inventory has been absorbed and there is little competition.
Ocean City New Listing Prices

600 550 500 450 400 350 300 250 200 150 100
501 423 413
392
398
400
388
387
383
379
381
387
388
374
365
362
369
356
359
372
377
13
26
40
33
354
354
34
35 297 324
345
349
350
337
341
341
345
325
336
Ocean Pines The average new listing price in Ocean Pines for August was $337,000 and the median came in at $285,000. This value has steadily been increasing throughout the summer. This is a good sign as there has been solid sales activity in Ocean Pines through the Summer while this value has been increasing.
500
345
Ocean Pines New Listing Prices

369 355 358 370
329
332
333
324
315
315
319
314
335
307
305
304
303
293
291
288
291
277
283
288
267
264
264
273
257
305
229
200
100 A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A 09 10 11 12
218
300
255
308
337
400
305
309
352
39
50
42
43
112
123
130

Ocean City Maryland Real Estate Market Report

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Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A.

Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com

Visit our Blog

Active Listing Volume

Ocean City Active Listing Volume

2500 2000 1500 1000 500 0

1287 179 368 325

1231 186 376 320

Ocean Pines Active Listing Volume

350 300 250 200 150 100 50 0

Active Listing Prices

Ocean City Active Listing Prices

500 450 400 350 300 250

Ocean Pines Active Listing Prices

Med. Price 3 per. Mov. Avg. (Avg. Price)

400 350 300 250 200

Sold Listing Volume

Ocean Pines Sold Listing Volume

Sold Listing Prices

Ocean City Sold Listing Prices

Avg. Price Med. Price

450 400 350 300 250 200 150 100

20 277 260 270 221

Ocean Pines Sold Listing Prices

300 250 200 150

Sold Price/Sq. Ft.

350 300 250 200 150 100

Ocean Pines Sold Price/Sq. Ft.

Ocean City Absorption Rates

Ocean Pines Absorption Rates

Sold to List Price Ratios

Ocean City Sold to List Price Ratio

96% 94% 92% 90% 88% 86% 84% 82% 80%

100% 98% 96%

Ocean Pines Sold to List Price Ratio

88% 86% 84% 82% 80%

Average Days on Market

Ocean City Avg. Days on Market

Ocean Pines Avg. Days on Market

Under Contract Listing Volume

Ocean City Under Contract Listing Volume

117 101 90 31 21 34 290 232 295 243 309 221

Ocean Pines Under Contract Listing Volume

Under Contract Listing Prices

Ocean City Under Contract Listing Prices

350 300 250 200 150 100

Ocean Pines Under Contract Listing Prices

New Listing Volume

200 150 100 50 0

Ocean Pines New Listing Volume

New Listing Prices

Ocean City New Listing Prices

Ocean Pines New Listing Prices

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