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| Focus On: Ocean City Housing Market | December 2022 | ||
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| Zip Code(s): 21842 and 21843 | |||
| Units Sold 61 |
Active Inventory 164 |
Median Sale Price $365,000 |
Days On Market 34 |
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| Down Vs. Year Ago |
Up 5% Vs. Year Ago |
Down -1% Vs. Year Ago |
Down -19% Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in December, with 61 sold this month in Ocean City Real Estate. This month's total units sold was lower than at this time last year. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 8 units or 5%. The total number of active inventory this December was 164 compared to 156 in December 2021. This month's total of 164 is lower than the previous month's total supply of available inventory of 193, a decrease of 15%. |
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Median Sale Price
Last December, the median sale price for Ocean City Homes was $368,000. This December, the median sale price was $365,000, a decrease of 1% or $3,000 compared to last year. The current median sold price is 15% lower 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. |
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| New Listings 49 |
Current Contracts 54 |
Sold Vs. List Price 96.6% |
Months of Supply 2.7 |
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| Down -26% Vs. Year Ago |
Down -30% Vs. Year Ago |
Down -1.3% Vs. Year Ago |
Up 196% Vs. Year Ago |
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Months of Supply
In December, there was 2.7 months of supply available in Ocean City, compared to 0.9 in December 2021. That is an increase of 196% 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. |
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New Listings & Current Contracts
This month there were 49 homes newly listed for sale in Ocean City compared to 66 in December 2021, a decrease of 26%. There were 54 current contracts pending sale this December compared to 77 a year ago. The number of current contracts is 30% lower than last December. |
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Sale Price to List Price Ratio
In December, the average sale price in Ocean City was 96.6% of the average list price, which is 1.3% lower than at this time last year. Days on Market
This month, the average number of days on market was 34, lower than the average last year, which was 42, a decrease of 19%. | |||
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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. | |||
 Information included in this report is based on data supplied by BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc. |
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