The Long & Foster Market Minute

Focus On: Ocean City Housing Market October 2022

Zip Code(s): 8226
Units Sold
44
Active Inventory
424
Median Sale Price
$983,000
Days On Market
33
Down
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 23%
Vs. Year Ago
Up 18%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 44 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 33 units or 8%. The total number of active inventory this October was 424 compared to 391 in October 2021. This month's total of 424 is higher than the previous month's total supply of available inventory of 410, an increase of 3%.

Median Sale Price
Last October, the median sale price for Ocean City Homes was $799,000. This October, the median sale price was $983,000, an increase of 23% or $184,000 compared to last year. The current median sold price is 6% higher 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.


New Listings
101
Current Contracts
47
Sold Vs. List Price
97.6%
Months of Supply
9.6
Down -21%
Vs. Year Ago
Down -52%
Vs. Year Ago
Down -1.3%
Vs. Year Ago
Up 139%
Vs. Year Ago

Months of Supply
In October, there was 9.6 months of supply available in Ocean City, compared to 4.0 in October 2021. That is an increase of 139% 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 101 homes newly listed for sale in Ocean City compared to 128 in October 2021, a decrease of 21%. There were 47 current contracts pending sale this October compared to 97 a year ago. The number of current contracts is 52% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Ocean City was 97.6% 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 33, higher than the average last year, which was 28, an increase of 18%.

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.