The Long & Foster Market Minute

Focus On: Ocean City Housing Market October 2017

Zip Code(s): 21842 and 21843
Units Sold
119
Active Inventory
754
Median Sale Price
$253,000
Days On Market
132
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 20%
Vs. Year Ago
Down -25%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -25%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 119 sold this month in Ocean City Real Estate versus 112 last month, an increase of 6%. This month's total units sold was higher than at this time last year, an increase of 20% versus October 2016.

Click here to compare the units sold of this area against other locations.
Active Inventory
Versus last year, the total number of homes available this month is lower by 247 units or 25%. The total number of active inventory this October was 754 compared to 1,001 in October 2016. This month's total of 754 is lower than the previous month's total supply of available inventory of 800, a decrease of 6%.

Click here to compare the active inventory of this area against other locations.
Median Sale Price
Last October, the median sale price for Ocean City Homes was $250,000. This October, the median sale price was $253,000, an increase of 1% or $3,000 compared to last year. The current median sold price is 1% 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.

Click here to compare the median sale price of this area against other locations.

New Listings
142
Current Contracts
117
Sold Vs. List Price
95.4%
Months of Supply
6.3
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -32%
Vs. Year Ago
Up 39%
Vs. Year Ago
No Change
Vs. Year Ago
Down -37%
Vs. Year Ago

Months of Supply
In October, there was 6.3 months of supply available in Ocean City, compared to 10.1 in October 2016. That is a decrease of 37% 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.

Click here to compare the months of supply of this area against other locations.
New Listings & Current Contracts
This month there were 142 homes newly listed for sale in Ocean City compared to 208 in October 2016, a decrease of 32%. There were 117 current contracts pending sale this October compared to 84 a year ago. The number of current contracts is 39% higher than last October.

Click here to compare the new listings of this area against other locations.

Click here to compare the current contracts of this area against other locations.
Sale Price to List Price Ratio
In October, the average sale price in Ocean City was 95.4% of the average list price, which is similar compared to a year ago.

Click here to compare the sale price to list price ratio of this area against other locations.
Days on Market
This month, the average number of days on market was 132, lower than the average last year, which was 175, a decrease of 25%.

Click here to compare the days on market of this area against other locations.
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 CAR 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 CAR or Long & Foster Real Estate, Inc.