The Long & Foster Market Minute

Focus On: Ocean City Housing Market May 2018

Zip Code(s): 8226
Units Sold
103
Active Inventory
500
Median Sale Price
$537,500
Days On Market
83
Down -13%
Vs. Year Ago
Down -13%
Vs. Year Ago
Down -1%
Vs. Year Ago
Down -27%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 103 sold this month in Ocean City Real Estate versus 91 last month, an increase of 13%. This month's total units sold was lower than at this time last year, a decrease of 13% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 73 units or 13%. The total number of active inventory this May was 500 compared to 573 in May 2017. This month's supply remained stable as compared to last month.

Median Sale Price
Last May, the median sale price for Ocean City Homes was $545,000. This May, the median sale price was $537,500, a decrease of 1% or $7,500 compared to last year. The current median sold price is 12% 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
144
Current Contracts
74
Sold Vs. List Price
94.8%
Months of Supply
4.9
Up 19%
Vs. Year Ago
Down -23%
Vs. Year Ago
Down -0.5%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In May, there was 4.9 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 144 homes newly listed for sale in Ocean City compared to 121 in May 2017, an increase of 19%. There were 74 current contracts pending sale this May compared to 96 a year ago. The number of current contracts is 23% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Ocean City was 94.8% of the average list price, which is 0.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 83, lower than the average last year, which was 114, a decrease of 27%.

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.