The Long & Foster Market Minute

Focus On: Ocean City Housing Market October 2018

Zip Code(s): 8226
Units Sold
95
Active Inventory
573
Median Sale Price
$616,000
Days On Market
68
Up 10%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 20%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 95 sold this month in Ocean City Real Estate versus 87 last month, an increase of 9%. This month's total units sold was higher than at this time last year, an increase of 10% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 50 units or 10%. The total number of active inventory this October was 573 compared to 523 in October 2017. This month's total of 573 is higher than the previous month's total supply of available inventory of 534, an increase of 7%.

Median Sale Price
Last October, the median sale price for Ocean City Homes was $514,000. This October, the median sale price was $616,000, an increase of 20% or $102,000 compared to last year. The current median sold price is 9% higher 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.


New Listings
167
Current Contracts
68
Sold Vs. List Price
95.8%
Months of Supply
6.0
Up 26%
Vs. Year Ago
Down -13%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In October, there was 6.0 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 167 homes newly listed for sale in Ocean City compared to 133 in October 2017, an increase of 26%. There were 68 current contracts pending sale this October compared to 78 a year ago. The number of current contracts is 13% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Ocean City was 95.8% of the average list price, which is 0.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 68, which is similar compared to a year ago.

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.