The Long & Foster Market Minute

Focus On: Ocean City Housing Market July 2019

Zip Code(s): 8226
Units Sold
60
Active Inventory
513
Median Sale Price
$494,375
Days On Market
86
Down -6%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 9%
Vs. Year Ago
Up 16%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 60 sold this month in Ocean City Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 5 units or 1%. The total number of active inventory this July was 513 compared to 508 in July 2018. This month's total of 513 is lower than the previous month's total supply of available inventory of 536, a decrease of 4%.

Median Sale Price
Last July, the median sale price for Ocean City Homes was $454,500. This July, the median sale price was $494,375, an increase of 9% or $39,875 compared to last year. The current median sold price is 8% lower than in June.

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


New Listings
126
Current Contracts
98
Sold Vs. List Price
96.3%
Months of Supply
8.6
Down -1%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 1.2%
Vs. Year Ago
Up 8%
Vs. Year Ago

Months of Supply
In July, there was 8.6 months of supply available in Ocean City, compared to 7.9 in July 2018. That is an increase of 8% 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 126 homes newly listed for sale in Ocean City compared to 127 in July 2018, a decrease of 1%. There were 98 current contracts pending sale this July compared to 89 a year ago. The number of current contracts is 10% higher than last July.

Sale Price to List Price Ratio
In July, the average sale price in Ocean City was 96.3% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 86, higher than the average last year, which was 74, an increase of 16%.

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.