Ocean City MD Real Estate Market Report - April 2013

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Ocean City and Ocean Pines Market Report Search All Area Listings
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New Listing Updates

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Active Listing Volume

Ocean City There are currently 1167 properties for sale in Ocean City, which is down by 19% from the 1447 properties that were on the market this time last year. We have seen a slight increase in listings over the past couple of months and is normal as folks list their properties in anticipation of the coming Summer season. Search All Ocean City Listings
1836 1850 1885 1834
Ocean City Active Listing Volume

1825 1775 1770 1731 1717 1658 1606 1604 1574 1590 1604 1565 1545 1521 1508 1493 1451 1420 1426 1447 1393 1407 1361
2000 1800 1600 1400 1200 1000 800 600 400 200 0
1287 1231
1196
1198
1183
1126
1104
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 S O N D J F M 10 11 12 13
Ocean Pines There are currently 155 properties for sale in Ocean Pines, which is down by 19% from the 192 properties that were on the market this time last year. As with Ocean City it is not unusual to see the inventory increase this time of year as a bulk of the new listings will come on the market over the next few months. Search All Ocean Pines Listings
Ocean Pines Active Listing Volume

304 299 286 295
350
273 264
314
278
269
259
254
256
238
240
246
225
224
232
300 250 200 150 100 50 0
258
268
214
192
192
189
188
188
186
185
191
172
179
184
168
1089 354 316 141
1114 351 315 143
Active Listing Prices

Ocean City The average active listing price in Ocean City is currently $351,000 and the median price is $276,000. The slight decreases in this value are coming from the inventory levels in the higher price brackets. There are currently 29% less listings at $400,000 and a majority of the current inventory is $300,000 or less. Ocean City Active Listing Prices
550 500
401 398 395 395 392 395 397 388 392 386 385 383 382 386 382 380 381
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)
450 400 350 300 250
378
377
377
377
373
374
376
368
369
366
368
373
364
365
362
362
362
148
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price) 3 per. Mov. Avg. (Med. Price)
Ocean Pines The average active listing price in Ocean Pines is currently $321,000 and the median came in at $255,000. Both values have shown a 6% increase over March of 2012. The average value has remained relatively flat since late last fall and is a good indicator of stabilization.
Ocean Pines Active Listing Prices

450
355
352
350
349
352
400
337 340 337 334
342
332
334
330
335
336
328
326
326
325
327
324
322
325
329
321
322
320
320
317
310
300 250 200 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 S O N D J F M 10 11 12 13
308
310
350
316
320
321
351
155
1167
Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Ocean City and Ocean Pines Market Report Sold Listing Updates
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Recently Sold Listings

View Multiple Listing Service reports of the properties that have sold over the most recent 90 day period, broken down by area.
Sold Listing Volume

Ocean City 82 properties went to settlement during March bringing the YTD total of sold properties to 189. This is down by 4.5% from this point in 2012 and partly attributed to the fact that the settlement/mortgage process is taking longer. With 137 properties currently under contract in Ocean City I would look for this value to rebound considerably in the coming months. View Ocean Citys March Sold Listings Ocean City Sold Listing Volume
103 99 93 99
120
83 82 81 81 80
106
109
92 92
91
86
77
77
81
75
76
72
70
65
65
60
57
60
80 60 40 20 0
70
72
67
49
Ocean Pines 26 properties went to settlement in Ocean Pines during March, representing an 86% increase in activity over March of last year. This brings the YTD total for sold properties to 47, which is up by 9% over this point in 2012. The stabilization and market improvement in Ocean Pines continues. View Ocean Pines March Sold Listings
28
34
Ocean Pines Sold Listing Volume

28 28 26 26 25 25 25 23 24
36
19
18
20
25 20 15 10 5 0
5
22
22
22
22
23
25
22
18
16
15
16
14
13
12
14
15
17
10
Sold Listing Prices

Ocean City The average sold listing price in Ocean City for March was $275,000 and the median came in at $225,000. The average trend line had been largely flat since the late fall and this is the first drop we have seen in several months. This is largely attributed to the fact that a majority of the property selling is in the lower price brackets. Over half of the properties that sold in March were $250,000 or less with 3 less than $60,000. This will have an adverse affect on this value. Ocean Pines The average sold listing price in Ocean Pines during March was $220,000 and the median came in at $215,000. As with Ocean City, most of the properties that have sold this year in Ocean Pines have been in the lower price ranges. 76% of the sold listings this year have been $250,000 or less and have put downward pressure on this value. Ocean City Sold Listing Prices
500
363 379
Avg. Price Med. Price
450
334
356
353
355
326
322
337
318
400 350 300 250 200 150 100
345
347
360
306
305
309
301
304
310
311
299
300
292
283
282
282
284
280
277
281 251
293 237
10 220 275
268
265
260
270
259
400 350
277
301
374
Ocean Pines Sold Listing Prices
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)
292
294
277
259
262
254
246
253
242
243
237
231
229
234
224
222
220
215
213
208
200 150 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 S O N D J F M 10 11 12 13
197
199
250
213
214
221
225
242
257
300
265
270
290
26
30
27
28
43
55
82
100
89

Ocean City and Ocean Pines Market Report Distressed Listing Updates
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Foreclosures and Short Sales

View all of the foreclosure and short sale listings currently available in Ocean City, Ocean Pines, Berlin and West Ocean City.
Sold Price/Sq. Ft.

Ocean City The average sold price per square foot in Ocean City during March was $247, which is up from last month and on pace with March of last year. The trend line has had a slight but steady increase in it since late last summer, which indicates some pricing stabilization. Ocean City Sold Price/Sq. Ft.
292
350
283 276 266 263
268
268
288
267
263
258
248
248
247
255 123
241
241
245
246
239
236
236
238
233
228
231
232
225
250 200 150 100
Ocean Pines The average sold price per square foot in Ocean Pines for March was $126. As with the average sold prices this value you is being adversely affected by the fact that 76% of the listings that have sold in Ocean Pines this year have been less than $250,000.
Ocean Pines Sold Price/Sq. Ft.

250 230 210 190 170 150 130 110 90 70 50
162
165
167
218
156
162
224
228
233
235
155
152
146
146
152
145
145
142
143
142
146
155
141
139
139
139
139
138
138
139
140
136
134
136
130
138
142
156 7 7 126 8
125
Absorption Rates
Ocean City The absorption rate in Ocean City currently stands at 14 months and is down by 5 months from this point last year. We saw a slight increase from last month, which is normal as many people list their properties in anticipation of the coming Summer season. Ocean City Absorption Rates
50 45 40 35 30 25 20 15 10 M A M J 10 J A S O N D J F M A M J 11 J A S O N D J F M A M J 12 J A S O N D J F M 13
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 16 15 14 13 13 13 14
Ocean Pines The absorption rate in Ocean Pines is currently 8 months. The increase we are seeing from the past few months is not unusual. A majority of the new listings that will come on the Ocean Pines market this year we will be listed during the Spring.
20 18 16 14 12 10 8 6 4 2 0
16
17
18 18
19
Ocean Pines Absorption Rates

18 17 15 15 14 13 13 13 13 13 13 12.5 12
12
122
11
10 8 8
9 8.5 8.5 8
M A M J 10
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 S O N D J F M 11 12 13
239
247
300
261
263

Ocean City and Ocean Pines Market Report Selling Real Estate
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Property Valuation
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Sold to List Price Ratios

Ocean City Property that settled in March sold on average for 93% of the listing price. This is considerable negotiating room in all price ranges. Also keep in mind that this is an average and some Sellers will be more motivated than others.
100% 98%
93% 93% 92% 92% 92% 92% 92% 92%
Ocean City Sold to List Price Ratio

94% 94% 94% 94% 95% 94% 93% 93% 93% 93% 93% 93% 93% 93% 93% 93% 93% 95% 94% 95% 145 81 163 89 173 92% 92% 92% 92% 92% 92% 92% 93% 156 145 95%
96%
91%
91%
94% 92% 90% 88% 86% 84% 82% 80%
91%
86%
88% 86% 84% 82% 80%
Average Days on Market

Ocean City Ocean City sold property for March averaged 145 days on market. We have seen a bit of an increase over the past few months, which is largely a function of the time of year. Some of the properties that are settling came on the market during our slowest time over the Winter, which leads to days on market accumulating. Ocean City Avg. Days on Market
500 450 400 350 300 250 200 150 100 50 0
328 308
297
86%
Ocean Pines Property in Ocean Pines sold at 95% of the listing price during March. This value has held in this range over the past few months and is the result of a tighter inventory and increased competition for the better listings.
96%
100%
94%
Ocean Pines Sold to List Price Ratio

95% 95% 95% 95% 95% 95% 94% 94% 94% 94% 94% 95% 117 94% 153 184 94 40 93% 93% 94% 93% 93% 93% 93% 94% 103
98% 96%
91% 91% 90%
89%
90%
87%
88%
92%
89%
90%
94%
296
269
268
282
91%
259
250
251
257
260 155
242
241
247
240
225
236
219
225
239
241
213
211
205
178
184
206
Ocean Pines Property that sold in Ocean Pines during March averaged 156 days on the market. This appears to be the norm as the dips we saw were during slower months without many transactions, when a quick sale or two can have a significant impact.
Ocean Pines Avg. Days on Market

233 150 119 169
177
226
228
221
223
163
178
186
160
138
136
137
138
126
150
47
100 50 0
113
121
126
136
200
144
158
190
250
215
300
245
269
350
305
215
249

Ocean City and Ocean Pines Market Report Useful Buying Information
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Buyer Action Plan

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Under Contract Listing Volume

Ocean City 101 properties went under contract in Ocean City during March, which is up considerably from last month and on pace with March of last year. We are getting ready to enter into the busy part of our season and this is certainly a good start. View Ocean City Properties Under Contract Ocean City Under Contract Listing Volume
121 111 109 117 101
140 120 100 80 60 40 20 0

86
126
103
104
101
103
106
95
94
92
88
88
90
84
85
91
82
79
72
71
69
71
77
69
57
57
69
Ocean Pines 25 properties went under contract in Ocean Pines during March. This brings the YTD total for contract is Ocean Pines to 74, representing a 30% increase in activity over this point in 2012. Certainly a positive sign of things to come in the Ocean Pines market. View Ocean Pines Properties Under Contract
Ocean Pines Under Contract Listing Volume

50 45 40 35 30 25 20 15 10 5 0
35 34 35 34
47
31
32
30
28
29
30
31
52
80 25 20 334 292 301 6 20
27
27
28 289 241 183 264 272 272
84 252 284 25
23
22
23
21
22
20
19
17
17
17
18
21
15
16
Under Contract Listing Prices

Ocean City The average price of Ocean City properties that went under contract in March was $284,000 and the median came in at $255,000. With these values increasing over the past few months I would look for the average and median sold prices to improve in the coming months as these properties start to settle. Ocean City Under Contract Listing Prices
600 550 500 450 400 350 300 250 200 150 100
418
395
381
382
396
377
363
375
379
350
340
339
351
380
327
330
326
334
14
324
326
324
17
314
310
312
310
309
250 200 150 100
207
Ocean Pines The average price of properties that went under contract in March was $252,000 and the median price was $220,000. There has been a better mix of property types and price ranges selling since the first of the year.
400
291
276
282
266
266
267
287
350
252 252
307
323
369
Ocean Pines Under Contract Listing Prices
281
285
290
295
322
24
264
249
253
243
249
242
242
233
232
237
239
221
232
243
254
300
257
262
264
265
101

Ocean City and Ocean Pines Market Report Search ALL Listings
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Just Listed Properties

View new listings and price adjustments that have become available over the most recent 7 day period, broken down by area.
New Listing Volume

Ocean City 200 new listings came on the Ocean City real estate market during March, representing a 9% increase over March of last year. This brings the YTD total to 492 which is on pace with the 494 that had been listed by this point last year. March and April are 2 of the busiest months for new listings and Sellers put their properties on the market in anticipation of the coming season. View Ocean Citys New Listings Ocean City New Listing Volume
300 250 200 150
75 267 235 208
195
188
193
178
163
165
170
160
156
158
183
151
151
146
142
151
137
136
138
141
152 114 75 12 323 10 28 311 306 258
133
126
50 0 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 S O N D J F M 10 11 12 13
Ocean Pines 40 new properties were listed in Ocean Pines during March, representing a 17% decrease from March of 2012. A total of 101 new listings have become available in Ocean Pines during 2013 thus far, which is down by 10% from the 112 that had been listed by this point last year. The reduced inventory levels is leading to increased competition for the more attractive listings. View Ocean Pines New Listings
Ocean Pines New Listing Volume

80
59 55 57
70 60 50 40 30 20 10 0
55
49
52
67
100
94
46
46
48
40
43
112 123
130
131
134 323 272 32 323 305 40
37
37
35
35
37
33
33
34
28
24
26
30
35
39
22
21
16
18
New Listing Prices

Ocean City The average new listing price in Ocean City for March was $305,000 and the median price was $277,000. The median value is beginning to regain some of the ground that was lost over the Winter, which is typical. Most Sellers that list their properties over the Winter have to sell and must price their properties accordingly during our slowest time of the year. Ocean City New Listing Prices
600 550 500 450 400 350 300 250 200 150 100
423 413
400
388
387
379
381
387
388
374
369
372
377
13
22
362
359
354
354
362
345
349
350
341
341
345
325
336
305
309
297
352
297
365
23
Ocean Pines The average new listing price in March was $323,000 and the median price came in at $243,000. A handful of higher end listings came on the market during the month that ultimately caused this value to increase considerably
500
369
Ocean Pines New Listing Prices

370 355 358 337 359
333
324
335
315
319
314
307
305
303
305
308
324
400
293
291
288
291
283
288
273
264
264
257
229
200
100 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 S O N D J F M 10 11 12 13
218
300
255
266
294
284
200

Ocean City MD Real Estate Market Report - April 2013

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Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.

New Listing Updates

Active Listing Volume

Ocean City Active Listing Volume

Ocean Pines Active Listing Volume

300 250 200 150 100 50 0

1089 354 316 141

1114 351 315 143

Active Listing Prices

450 400 350 300 250

Ocean Pines Active Listing Prices

300 250 200 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 S O N D J F M 10 11 12 13

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Recently Sold Listings

Sold Listing Volume

Ocean Pines Sold Listing Volume

Sold Listing Prices

400 350 300 250 200 150 100

Ocean Pines Sold Listing Prices

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

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Foreclosures and Short Sales

Sold Price/Sq. Ft.

250 200 150 100

Ocean Pines Sold Price/Sq. Ft.

Ocean Pines Absorption Rates

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Sold to List Price Ratios

Ocean City Sold to List Price Ratio

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

88% 86% 84% 82% 80%

Average Days on Market

Ocean Pines Sold to List Price Ratio

Ocean Pines Avg. Days on Market

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Buyer Action Plan

Under Contract Listing Volume

140 120 100 80 60 40 20 0

Ocean Pines Under Contract Listing Volume

80 25 20 334 292 301 6 20

28 289 241 183 264 272 272

Under Contract Listing Prices

250 200 150 100

Ocean Pines Under Contract Listing Prices

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com

Just Listed Properties

New Listing Volume

152 114 75 12 323 10 28 311 306 258

Ocean Pines New Listing Volume

134 323 272 32 323 305 40

New Listing Prices

Ocean Pines New Listing Prices

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