The Long & Foster Market Minute

Focus On: Ocean City Housing Market August 2021

Zip Code(s): 8226
Units Sold
55
Active Inventory
395
Median Sale Price
$865,000
Days On Market
31
Down
Vs. Year Ago
Down -1%
Vs. Year Ago
Up
Vs. Year Ago
Down -62%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 55 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 lower by 3 units or 1%. The total number of active inventory this August was 395 compared to 398 in August 2020. This month's total of 395 is higher than the previous month's total supply of available inventory of 373, an increase of 6%.

Median Sale Price
Last August, the median sale price for Ocean City Homes was $595,000. This August, the median sale price was $865,000, an increase of $270,000 compared to last year. The current median sold price is higher than in July.

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


New Listings
146
Current Contracts
102
Sold Vs. List Price
98.5%
Months of Supply
7.2
Down -23%
Vs. Year Ago
Down -37%
Vs. Year Ago
Up 1.3%
Vs. Year Ago
Up 109%
Vs. Year Ago

Months of Supply
In August, there was 7.2 months of supply available in Ocean City, compared to 3.4 in August 2020. That is an increase of 109% 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 146 homes newly listed for sale in Ocean City compared to 189 in August 2020, a decrease of 23%. There were 102 current contracts pending sale this August compared to 163 a year ago. The number of current contracts is 37% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Ocean City was 98.5% of the average list price, which is 1.3% higher than at this time last year.

Days on Market
This month, the average number of days on market was 31, lower than the average last year, which was 81, a decrease of 62%.

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.