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| OCTOBER 2024 | |||
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| Zip Code(s): 8226 | |||
| Units Sold 59 |
Active Inventory 472 |
Median Sale Price $935,000 |
Days On Market 46 |
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| Up 13% Vs. Year Ago |
Up 11% Vs. Year Ago |
Down -21% Vs. Year Ago |
Up 28% Vs. Year Ago |
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Units Sold
There was an increase in total units sold in October, with 59 sold this month in Ocean City Real Estate versus 47 last month, an increase of 26%. This month's total units sold was higher than at this time last year, an increase of 13% versus October 2023. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 47 units or 11%. The total number of active inventory this October was 472 compared to 425 in October 2023. This month's total of 472 is higher than the previous month's total supply of available inventory of 462, an increase of 2%. |
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Median Sale Price
Last October, the median sale price for Ocean City Homes was $1,180,000. This October, the median sale price was $935,000, a decrease of 21% or $245,000 compared to last year. The current median sold price is 3% lower 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. |
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| New Listings 94 |
Current Contracts 40 |
Sold Vs. List Price 97.1% |
Months of Supply 8.0 |
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| Down -4% Vs. Year Ago |
Down -22% Vs. Year Ago |
No Change Vs. Year Ago |
Down -2% Vs. Year Ago |
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Months of Supply
In October, there was 8.0 months of supply available in Ocean City, compared to 8.2 in October 2023. That is a decrease of 2% 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 94 homes newly listed for sale in Ocean City compared to 98 in October 2023, a decrease of 4%. There were 40 current contracts pending sale this October compared to 51 a year ago. The number of current contracts is 22% lower than last October. |
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Sale Price to List Price Ratio
In October, the average sale price in Ocean City was 97.1% of the average list price, which is similar compared to a year ago. Days on Market
This month, the average number of days on market was 46, higher than the average last year, which was 36, an increase of 28%. | |||
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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. | |||
 Information 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. |
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