The Long & Foster Market Minute

Focus On: Ocean City Housing Market January 2019

Zip Code(s): 21842 and 21843
Units Sold
58
Active Inventory
770
Median Sale Price
$283,950
Days On Market
89
Down -22%
Vs. Year Ago
Down -9%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -44%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 58 sold this month in Ocean City Real Estate versus 85 last month, a decrease of 32%. This month's total units sold was lower than at this time last year, a decrease of 22% versus January 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 79 units or 9%. The total number of active inventory this January was 770 compared to 849 in January 2018. This month's supply remained stable as compared to last month.

Median Sale Price
Last January, the median sale price for Ocean City Homes was $268,000. This January, the median sale price was $283,950, an increase of 6% or $15,950 compared to last year. The current median sold price is 4% higher than in December.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
148
Current Contracts
88
Sold Vs. List Price
95.7%
Months of Supply
13.3
Up 3%
Vs. Year Ago
Down -4%
Vs. Year Ago
No Change
Vs. Year Ago
Up 16%
Vs. Year Ago

Months of Supply
In January, there was 13.3 months of supply available in Ocean City, compared to 11.5 in January 2018. That is an increase of 16% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 148 homes newly listed for sale in Ocean City compared to 144 in January 2018, an increase of 3%. There were 88 current contracts pending sale this January compared to 92 a year ago. The number of current contracts is 4% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Ocean City was 95.7% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 89, lower than the average last year, which was 160, a decrease of 44%.

The Long & Foster Market Minute Ocean City are defined as properties listed in zip code/s 21842 and 21843.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.