The Long & Foster Market Minute

Focus On: Ocean City Housing Market May 2018

Zip Code(s): 21842 and 21843
Units Sold
151
Active Inventory
753
Median Sale Price
$260,000
Days On Market
137
Down -17%
Vs. Year Ago
Down -11%
Vs. Year Ago
No Change
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 151 sold this month in Ocean City Real Estate versus 122 last month, an increase of 24%. This month's total units sold was lower than at this time last year, a decrease of 17% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 91 units or 11%. The total number of active inventory this May was 753 compared to 844 in May 2017. This month's total of 753 is lower than the previous month's total supply of available inventory of 801, a decrease of 6%.

Median Sale Price
Last May, the median sale price for Ocean City Homes was $260,000. This May, the median sale price was $260,000, which is similar compared to a year ago. The current median sold price is 6% higher than in April.

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


New Listings
145
Current Contracts
139
Sold Vs. List Price
95.1%
Months of Supply
5.0
Down -6%
Vs. Year Ago
Up 11%
Vs. Year Ago
No Change
Vs. Year Ago
Up 8%
Vs. Year Ago

Months of Supply
In May, there was 5.0 months of supply available in Ocean City, compared to 4.6 in May 2017. That is an increase of 8% 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 145 homes newly listed for sale in Ocean City compared to 155 in May 2017, a decrease of 6%. There were 139 current contracts pending sale this May compared to 125 a year ago. The number of current contracts is 11% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Ocean City was 95.1% 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 137, lower than the average last year, which was 158, a decrease of 13%.

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.