The Long & Foster Market Minute

Focus On: Ocean City Housing Market February 2019

Zip Code(s): 8226
Units Sold
43
Active Inventory
598
Median Sale Price
$468,000
Days On Market
75
Up 13%
Vs. Year Ago
Up 12%
Vs. Year Ago
Down -12%
Vs. Year Ago
Down -10%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 43 sold this month in Ocean City Real Estate versus 55 last month, a decrease of 22%. This month's total units sold was higher than at this time last year, an increase of 13% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 64 units or 12%. The total number of active inventory this February was 598 compared to 534 in February 2018. This month's total of 598 is higher than the previous month's total supply of available inventory of 570, an increase of 5%.

Median Sale Price
Last February, the median sale price for Ocean City Homes was $530,000. This February, the median sale price was $468,000, a decrease of 12% or $62,000 compared to last year. The current median sold price is 16% lower than in January.

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


New Listings
154
Current Contracts
72
Sold Vs. List Price
97.2%
Months of Supply
13.9
Up 5%
Vs. Year Ago
Down -19%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Down -1%
Vs. Year Ago

Months of Supply
In February, there was 13.9 months of supply available in Ocean City, compared to 14.1 in February 2018. That is a decrease of 1% 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 154 homes newly listed for sale in Ocean City compared to 146 in February 2018, an increase of 5%. There were 72 current contracts pending sale this February compared to 89 a year ago. The number of current contracts is 19% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in Ocean City was 97.2% of the average list price, which is 1.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 75, lower than the average last year, which was 83, a decrease of 10%.

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.