The Long & Foster Market Minute

Focus On: Ocean City Housing Market March 2019

Zip Code(s): 21842 and 21843
Units Sold
121
Active Inventory
771
Median Sale Price
$255,000
Days On Market
140
Down -17%
Vs. Year Ago
Down -16%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -12%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 121 sold this month in Ocean City Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 147 units or 16%. The total number of active inventory this March was 771 compared to 918 in March 2018. This month's total of 771 is lower than the previous month's total supply of available inventory of 802, a decrease of 4%.

Median Sale Price
Last March, the median sale price for Ocean City Homes was $252,900. This March, the median sale price was $255,000, an increase of 1% or $2,100 compared to last year. The current median sold price is 4% lower than in February.

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


New Listings
185
Current Contracts
160
Sold Vs. List Price
94.5%
Months of Supply
6.4
Down -13%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -1.2%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In March, there was 6.4 months of supply available in Ocean City. The amount of supply is similar compared to 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 185 homes newly listed for sale in Ocean City compared to 213 in March 2018, a decrease of 13%. There were 160 current contracts pending sale this March compared to 153 a year ago. The number of current contracts is 5% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Ocean City was 94.5% of the average list price, which is 1.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 140, lower than the average last year, which was 159, a decrease of 12%.

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.