The Long & Foster Market Minute

Focus On: Ocean City Housing Market October 2018

Zip Code(s): 21842 and 21843
Units Sold
140
Active Inventory
806
Median Sale Price
$256,908
Days On Market
127
Up 12%
Vs. Year Ago
Down -9%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 2%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 140 sold this month in Ocean City Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 76 units or 9%. The total number of active inventory this October was 806 compared to 882 in October 2017. This month's supply remained stable as compared to last month.

Median Sale Price
Last October, the median sale price for Ocean City Homes was $253,000. This October, the median sale price was $256,908, an increase of 2% or $3,908 compared to last year. The current median sold price is 14% lower than in September.

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


New Listings
202
Current Contracts
141
Sold Vs. List Price
94.9%
Months of Supply
5.8
Up 30%
Vs. Year Ago
Up 26%
Vs. Year Ago
No Change
Vs. Year Ago
Down -18%
Vs. Year Ago

Months of Supply
In October, there was 5.8 months of supply available in Ocean City, compared to 7.1 in October 2017. That is a decrease of 18% 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 202 homes newly listed for sale in Ocean City compared to 155 in October 2017, an increase of 30%. There were 141 current contracts pending sale this October compared to 112 a year ago. The number of current contracts is 26% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Ocean City was 94.9% 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 127, higher than the average last year, which was 124, an increase of 2%.

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.