The Long & Foster Market Minute

Focus On: Ocean City Housing Market March 2019

Zip Code(s): 8226
Units Sold
54
Active Inventory
596
Median Sale Price
$484,450
Days On Market
60
Down
Vs. Year Ago
Up 12%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -42%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 54 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 65 units or 12%. The total number of active inventory this March was 596 compared to 531 in March 2018. This month's total of 596 is lower than the previous month's total supply of available inventory of 601, a decrease of 1%.

Median Sale Price
Last March, the median sale price for Ocean City Homes was $520,000. This March, the median sale price was $484,450, a decrease of 7% or $35,550 compared to last year. The current median sold price is 4% higher than in February.

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


New Listings
140
Current Contracts
99
Sold Vs. List Price
95.6%
Months of Supply
11.0
Up 1%
Vs. Year Ago
Down -2%
Vs. Year Ago
No Change
Vs. Year Ago
Up
Vs. Year Ago

Months of Supply
In March, there was 11.0 months of supply available in Ocean City, compared to 5.2 in March 2018. That is an increase 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 140 homes newly listed for sale in Ocean City compared to 138 in March 2018, an increase of 1%. There were 99 current contracts pending sale this March compared to 101 a year ago. The number of current contracts is 2% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Ocean City was 95.6% 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 60, lower than the average last year, which was 103, a decrease of 42%.

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.