The Long & Foster Market Minute

Focus On: Ocean City Housing Market December 2020

Zip Code(s): 8226
Units Sold
117
Active Inventory
312
Median Sale Price
$655,000
Days On Market
45
Up
Vs. Year Ago
Down -34%
Vs. Year Ago
Up 26%
Vs. Year Ago
Down -37%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 117 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 158 units or 34%. The total number of active inventory this December was 312 compared to 470 in December 2019. This month's total of 312 is lower than the previous month's total supply of available inventory of 355, a decrease of 12%.

Median Sale Price
Last December, the median sale price for Ocean City Homes was $520,000. This December, the median sale price was $655,000, an increase of $135,000 compared to last year. The current median sold price is higher than in November.

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


New Listings
61
Current Contracts
80
Sold Vs. List Price
96.8%
Months of Supply
2.7
Up 30%
Vs. Year Ago
Up 86%
Vs. Year Ago
Up 2.3%
Vs. Year Ago
Down -57%
Vs. Year Ago

Months of Supply
In December, there was 2.7 months of supply available in Ocean City, compared to 6.2 in December 2019. That is a decrease of 57% 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 61 homes newly listed for sale in Ocean City compared to 47 in December 2019, an increase of 30%. There were 80 current contracts pending sale this December compared to 43 a year ago. The number of current contracts is 86% higher than last December.

Sale Price to List Price Ratio
In December, the average sale price in Ocean City was 96.8% of the average list price, which is 2.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 45, lower than the average last year, which was 71, a decrease of 37%.

The Long & Foster Market Minute Ocean City are defined as properties listed in zip code/s 8226.
*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 SJSMLS 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 SJSMLS or Long & Foster Real Estate, Inc.