The Long & Foster Market Minute

Focus On: Ocean City Housing Market September 2019

Zip Code(s): 21842 and 21843
Units Sold
129
Active Inventory
659
Median Sale Price
$284,000
Days On Market
115
Up 33%
Vs. Year Ago
Down -20%
Vs. Year Ago
Down -5%
Vs. Year Ago
Down -2%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 129 sold this month in Ocean City Real Estate versus 142 last month, a decrease of 9%. This month's total units sold was higher than at this time last year, an increase of 33% versus September 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 169 units or 20%. The total number of active inventory this September was 659 compared to 828 in September 2018. This month's total of 659 is lower than the previous month's total supply of available inventory of 667, a decrease of 1%.

Median Sale Price
Last September, the median sale price for Ocean City Homes was $300,000. This September, the median sale price was $284,000, a decrease of 5% or $16,000 compared to last year. The current median sold price is 4% lower than in August.

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


New Listings
175
Current Contracts
129
Sold Vs. List Price
96.0%
Months of Supply
5.1
Down -16%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -40%
Vs. Year Ago

Months of Supply
In September, there was 5.1 months of supply available in Ocean City, compared to 8.5 in September 2018. That is a decrease of 40% 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 175 homes newly listed for sale in Ocean City compared to 208 in September 2018, a decrease of 16%. There were 129 current contracts pending sale this September compared to 127 a year ago. The number of current contracts is 2% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Ocean City was 96.0% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 115, lower than the average last year, which was 117, a decrease of 2%.

The Long & Foster Market Minute 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.
REALTOR, Equal Opportunity HousingInformation 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.