Active Listing Volume: View Ocean City Active Listings

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

Ocean City There are currently 1393 properties on the market in Ocean City, which is down from 1420 last month and 1574 in January of last year. This represents 2% and 11% decreases respectively. Simply put , the good listings are selling and the overpriced properties sit until they get priced in the market. We are actually starting to see some competition for the better listings. View Ocean City Active Listings
Ocean City Active Listing Volume

2105 2029 2003 2024 1979 1952 1916 1913 1886 1863 1836 1850 1885
2500 2000 1500 1000 500 0
2071
2072
1825
1834
1820
1825
1775
1770
1731
1717
1658
1606
1604 1604
1574
1590
1565
1545
1521
1508
1493
1451 214
1420 189
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 S O N D J 09 10 11 12
Ocean Pines There are currently 172 properties on the market in Ocean Pines, which is down from 189 last month and 225 this time last year, representing 9% and 24% decreases respectively. This is a trend that appears will continue as the sales pace is keeping up with the amount of new inventory that is coming on the market. View Ocean Pines Active Listings
Ocean Pines Active Listing Volume

329 337 328 327 319 328 329 310 304 314
400 350 300 250 200 150 100 50 0
299
280
286
295
277
273
278
269
265
264
259
258
268
252
251
252
254
256
238
240
246
225
224
232
Active Listing Prices

Ocean City The current average and median active listing prices are $366,000 and $295,000 respectively. These are down slightly from the 2010 average price of $383,00 and the $304,000 median price. We typically see a drop coming out of the Winter as Sellers need to reduce their prices in order to get activity during the winter months, which is our slowest time of the year. Outside of that the median has held for some time now.
Ocean City Active Listing Prices

550 500 450 400 350 300 250
Avg. Price
Med. Price
Ocean Pines The average listing price in the Pines is currently at $321,000 with the median coming in at $252,000. These are down slightly from the 2010 average and median list prices of $326,000 and $265,000 respectively. Look for this value to rebound as we come out of the Winter market and activity increases.
Ocean Pines Active Listing Prices

400 350 300 250 200 150
Avg. Price
Med. Price
172
1393
Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A. Bobenko, Realtor Direct: 443-614-9179 Email: remaxnick@gmail.com
Sold Listing Volume

Ocean City 36 properties sold in January, which is on pace with the 34 that sold in January of last year. As you can see January is always a slow month nd for real estate, especially in a 2 home market. Look for the February numbers to be well above previous years as there is a lot of activity currently. There are already 12 properties under contract through the first 4 days of February. View Decembers Sold Listings
Ocean City Sold Listing Volume

120
83 82 83 81 81 82 77 80 77
81
100
72 70 72 59
93
106 103
109 76
70
70
75
70
59
51
53
57
39
37
60 40 20 0
28
49
60 22 26 16
Med. Price
80
65
65
70 360 283 304

Med. Price
Ocean Pines 16 properties sold in January which is up slightly from the 13 that sold last January and up considerably from years prior. Ocean Pines st should see a strong 1 quarter as there currently 18 properties under contract and heading to settlement, which when combined with the January sales will dwarf last years numbers and we still have the rest of the month to go. View Ocean Pines December Sold Listings
Ocean Pines Sold Listing Volume

40 35
27 35 28 28
34
22
22
23
19
18
19
17
16
16
18
25 20
12
20
22
24
30
25
25
25
26
25
13
14
12
10 5 0
15
12
13
Sold Listing Prices

Ocean City
Ocean City Sold Listing Prices

423
15
Avg. Price
The average and median sold prices in Ocean City during January were $260,000 and $239,000 respectively. Half of the 36 properties that sold in January were $250,000 or less which pulls these values down. In comparison, of the 34 properties that sold in January of last year, 9 were less than $250,000 and 19 were over $300,000. It is important to look at the specifics of the market segment you are interested in.
500
401
386
384
373
368
378
364
364
361
360
363
356
353
355
379
341
345
347
329
334
326
322
306
305
301
288
292
309
400
337
268
280
265
300
200
100 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 S O N D J 09 10 11 12
Ocean Pines The average sold price in Ocean Pines for January was $293,000 and the median came in at $275,000. Excluding an abnormal spike in February, this is the highest level we have seen since late 2010. These sales represented a good mix of property types, sizes and locations, which is a great sign of what 2012 holds for the Ocean Pines real estate market.
400
306 301 301
277
292
276
271
267
254
254
246
249
250
252
245
246
253
242
237
243
300 250 200 150
265
277
231
225
224
220
213
215
211
213
208
229
234 197
294
350
317
374
Ocean Pines Sold Listing Prices
Avg. Price
260
16
36
Sold Price/Sq. Ft.

Ocean City The average sold price per square foot in January was $224. As with the average and median sold prices this drop is largely nd attributed to the time of year. Being a 2 home market we see very little activity during the holiday season. Because of this, Sellers that need to sell must adjust their prices accordingly and savvy Buyers take advantage of this when the right opportunity presents itself.
Ocean City Sold Price/Sq. Ft.

400
329 324
350 300 250 200 150 100
351
312
305
304
301
303
300
301
314
288
292
281
283
276
268
268
288
266
263
267
263
261
248
248
258
233 241
248
241
263 139 8
228
225
236 142 8
125
100 50 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 S O N D J 09 10 11 12
Absorption Rates
Ocean City
The current absorption rate in Ocean City is 18 months, where it has been for sometime now. This is not a bad thing in that the sales pace is keeping up with the amount of new listings that are coming on the market. I anticipate that this will hit either 17 or 16 next month based on the amount of properties already under contract and the high level of Buyer activity that the market is currently seeing.
Ocean City Absorption Rates

50 45 40 35 30 25 20 15 10 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 S O N D J 09 10 11 12
33 33 32 31 32 32 31
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
Ocean Pines The absorption rate in Ocean Pines currently stands at 8 months. As with Ocean City I anticipate that this value will continue to drop over the coming months. There is good activity currently in Ocean Pines and the amount of new inventory coming on the market is either on pace or below previous years. Most of the mess has been cleared out of Ocean Pines and they are starting to enjoy some stabilization.
Ocean Pines Absorption Rates

30 25
19 23 21 21 24 24 22 23 20 20 17 16 15 15 16 17 18 18 19 18 17 15 15 14 13 12 13 13 13 13 13 12.5 12 11
20 15 10 5 0
122
Ocean Pines The average sold price per square foot was $162 for sold property during January in Ocean Pines. As I mentioned earlier this was a good mix of property types and price points, which is an encouraging sign as it points to stabilization across various market segments.
Ocean Pines Sold Price/Sq. Ft.

250 200
168 171 164 162 160 161 156
184
168
162
165
167
218
158
156
146
145
145
146
141
140
141
142
139
138
138
139
128
134
138
10
143
150
152
155
162
224
Sold to List Price Ratios

Ocean City Property in Ocean City is currently selling at 93% of the asking price at the time of contract. Most of the properties that are selling are the ones that are priced properly based on recent comparable sales. If the property is priced right then you are essentially buying the property 7% below market value, which will insulate you from any future adjustments. Remember that this is an average as all Sellers are different.
1
Ocean City Sold to List Price Ratio
0.94
0.93
0.93
0.93
0.93
0.93
0.94
0.95
0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.91 0.91 0.91 0.91 0.91 0.91
0.93
0.93
0.93 0.94 282 305
0.92
0.92
0.92
0.92
0.89
0.87
0.87
0.8 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 S O N D J 09 10 11 12
0.84
0.85
0.86
0.89
0.9
Ocean City Ocean Pines sold to list price ratio is currently 95%. This ratio has improved dramatically over the past year. Its current high value is largely attributed to the fact that the overall Ocean Pines inventory has been reduced significantly. Because of this there is increased competition for the better listings, which leads to better offers and higher selling prices. Another indicator of Ocean Pines market stabilization.
Ocean Pines Sold to List Price Ratio

0.96 0.95 0.95 0.95
0.94
0.94
0.94
0.93
0.93
0.935
0.95
0.92 0.91 0.91 0.91
0.9
0.92
0.93
0.9
0.89
0.89
0.88
0.88
0.89
0.9
0.85 0.85 0.85 0.85
0.87
0.86
0.86
0.84
0.84
0.8 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 S O N D J 09 10 11 12
Average Days on Market

Ocean City Property that sold in January averaged 241 days on the market. Keep in mind that these values do include the contract, financing and title phase, which averages around 45 days. We are seeing some improvement, especially over a couple of years ago. This value will improve as a lot of Sellers are pricing their properties realistically and the good ones are moving relatively quick.
0.84
0.85
Ocean City Avg. Days on Market

401 394 344 381 393
500 400
262 243
0.86
0.87
326
328
0.88
301
297
308
0.9
280
283
269
268
242
250
251
296
242
240
225
236
219
224
213
205
178
184
206
200 100 0 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 S O N D J 09 10 11 12
100 50 0
47
Ocean Pines Days on market for listings that sold in January were 223. Some strange things happened in December, which jumped the value up. We are heading back down now and the increase we are seeing over where we were for much of 2011 is attributed to the time of year and being nd primarily a 2 home market.
Ocean Pines Avg. Days on Market

277 242 236 245 226
213
213
215
203
202
221
166
163
160
148
144
158
250
124
178
186
138
190
126
127
126
73
150
113
121
126
200
136
137
138
223
300
228
269
350
177
300
211
219
225
241
0.93
0.92
0.93
Under Contract Listing Volume

Ocean City 69 properties went under contract in January and there are already 12 properties under st contract through the 1 few days of February. These are certainly positive signs of things to come. Typically it is slow in January and we usually begin to see activity later in February. I feel that low interest rates, an improving stock market and overall consumer confidence are getting some folks off the fence. View Decembers Pending Listings
Ocean City Under Contract Listing Volume

109 111 92 92 104 94 84 82 94 95 88 86 86 88 92 101
120
79
83
79
79
73
72
71
69
69
71
77
100
63
103
57
55
57 35 31 30 34 23 27 22 30 20 380 17 19 262 310 237 334 14 379 330 339 351 310 282 281 264 266 312 242 232 242 207 243 249 326 327 9 369 253 314 47
80 60 40 20 0
12
11
11
12
Ocean Pines 14 properties went under contract in Ocean Pines during January, which as you can see is a significant increase over previous years. This is another great sign for the Ocean Pines market, which is already fairing quite well. View Decembers Pending Listings
Ocean Pines Under Contract Listing Volume

50 40
28 26 22 22 23
44
67
19
18
19
21
30
13
25
24
27
29
17
17
20 10 0
6
Under Contract Listing Prices

The average and median price of properties that went under contract during January in Ocean City were $334,000 and $302,000. These are up from $327,000 and $260,000 respectively in 2011. This will lead to an increase in the average and median sold prices in coming months as those values are largely a function of what types and size properties that sell in any given month.
494
600 500 400 300 200 100
537
557
Ocean City
Ocean City Under Contract Listing Prices

472 454 459 421 440 413 402 404 406 418 395 396
15
381
382
377
373
357
350
363
Ocean Pines The average price of properties that went under contract in Ocean Pines during January was $237,000 and the median came in at $219,000. With a better mix of property types selling and eliminating the extremes, the median value is recovering. All of these pricing graphs will be dictated by the amount of waterfront property that transacts during any month, as it has the biggest impact on the values.
Ocean Pines Under Contract Listing Prices

345
400
315 312 316 306 298 298 279
340
291
266
266
255
252
249
252
239
234
250 200 150 100
233
300
249
257
276
350
306
307
323
375
16
69
New Listing Volume

Ocean City 151 new listings came on the market in January, which is up slightly from last year. This is typical as Sellers put their properties on the market in anticipation of the upcoming season. For Buyers this is a prime time as there is a good inventory without competition from other Buyers that are after the better deals. View Decembers New Ocean City Listings Ocean Pines 26 new properties hit the Ocean Pines real estate market in January. This is on pace with previous years and a good thing because the market needs it. The inventory gets picked over for the better listings and leaves the overpriced and undesirable properties. New listings provide better options, however the best of the bunch do move quick. View Decembers New Ocean Pines Listings
Ocean City New Listing Volume

227 221 215 235
300
192 185 183 182
267 208
195
188
156
193 160
250 200 150 100 50 0
174
171
178
166
163
165
170
151
156
151
147
146
137
136
121
126
142
75
94 52 57 46 37 37 40 33 35 67 21 22 18 341 218 388 381 387 388 374 372 341 350 354 377 13 305 288 335 291 283 325 319 264 291 314 355 264 358 370 26
Ocean Pines New Listing Volume

80
59 55
70
49 48 45
49
44
43
42
43
36
36
37
35
50 40 30 20 10 0
42
46
60
53
29
33
24
28
23
24
J F M A J J J A S O N D J F M A J J J A S O N D J F M A M J J A S O N D J 09 10 11 12
New Listing Prices

Ocean City The average and median new listing prices in Ocean City for January were $325,000 and $285,000 respectively. We are starting to rebound after a few months of declines, largely because folks that need to sell in the Winter must have competitive prices in order to sell as there is very limited activity and serious Buyers during those months.
Ocean City New Listing Prices

453 442 468 441 501
600
410
392
398
400
383
387
374
379
362
365
362
369
413
500 400 300 200 100
423
356
Ocean Pines The average and median new listing prices in Ocean Pines during January were $335,000 and $255,000. These represent significant increases over the January 2011 values of $264,000 and $225,000. Part of this is attributed to the fact that a lot of the lower end older homes have been cleared from the inventory. Some nice waterfront home listings coming on the market has also helped.
375
365
345
352
344
345
329
332
319
315
315
307
324
304
305
303
400 350 300 250 200 150 100 50
333
369
450
397
Ocean Pines New Listing Prices

288 293
277
337
267
345
349
229
359
16
151

Active Listing Volume: View Ocean City Active Listings

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

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

Active Listing Volume

Ocean City Active Listing Volume

2500 2000 1500 1000 500 0

Ocean Pines Active Listing Volume

400 350 300 250 200 150 100 50 0

Active Listing Prices

Ocean City Active Listing Prices

Ocean Pines Active Listing Prices

Sold Listing Volume

Ocean City Sold Listing Volume

70 360 283 304

Ocean Pines Sold Listing Volume

Sold Listing Prices

Ocean City Sold Listing Prices

300 250 200 150

Ocean Pines Sold Listing Prices

Sold Price/Sq. Ft.

Ocean City Sold Price/Sq. Ft.

350 300 250 200 150 100

Ocean City Absorption Rates

Ocean Pines Absorption Rates

Ocean Pines Sold Price/Sq. Ft.

Sold to List Price Ratios

Ocean City Sold to List Price Ratio

0.93 0.94 282 305

Ocean Pines Sold to List Price Ratio

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

Ocean Pines Under Contract Listing Volume

Under Contract Listing Prices

600 500 400 300 200 100

Ocean City Under Contract Listing Prices

Ocean Pines Under Contract Listing Prices

250 200 150 100

New Listing Volume

Ocean City New Listing Volume

250 200 150 100 50 0

Ocean Pines New Listing Volume

New Listing Prices

Ocean City New Listing Prices

500 400 300 200 100

400 350 300 250 200 150 100 50

Ocean Pines New Listing Prices

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