The Long & Foster Market Minute

Focus On: Ocean City Housing Market August 2018

Zip Code(s): 21842 and 21843
Units Sold
23
Active Inventory
244
Median Sale Price
$230,000
Days On Market
86
Down -8%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down
Vs. Year Ago
Up 15%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 23 sold this month in Ocean City Real Estate versus 31 last month, a decrease of 26%. This month's total units sold was lower than at this time last year, a decrease of 8% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 4 units or 2%. The total number of active inventory this August was 244 compared to 248 in August 2017. This month's total of 244 is higher than the previous month's total supply of available inventory of 227, an increase of 7%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last August, the median sale price for Ocean City Homes was $315,000. This August, the median sale price was $230,000, a decrease of $85,000 compared to last year. The current median sold price is lower than in July.

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


New Listings
67
Current Contracts
37
Sold Vs. List Price
94.2%
Months of Supply
10.6
Up 20%
Vs. Year Ago
Up 42%
Vs. Year Ago
Down -0.5%
Vs. Year Ago
Up 7%
Vs. Year Ago

Months of Supply
In August, there was 10.6 months of supply available in Ocean City, compared to 9.9 in August 2017. That is an increase of 7% 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 67 homes newly listed for sale in Ocean City compared to 56 in August 2017, an increase of 20%. There were 37 current contracts pending sale this August compared to 26 a year ago. The number of current contracts is 42% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Ocean City was 94.2% of the average list price, which is 0.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 86, higher than the average last year, which was 75, an increase of 15%.

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.