The Long & Foster Market Minute

Focus On: Ocean City Housing Market May 2020

Zip Code(s): 8226
Units Sold
Active Inventory
Median Sale Price
Days On Market
Vs. Year Ago
Down -21%
Vs. Year Ago
Down -1%
Vs. Year Ago
Up 2%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 43 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 120 units or 21%. The total number of active inventory this May was 442 compared to 562 in May 2019. This month's total of 442 is lower than the previous month's total supply of available inventory of 480, a decrease of 8%.

Median Sale Price
Last May, the median sale price for Ocean City Homes was $550,000. This May, the median sale price was $545,000, a decrease of 1% or $5,000 compared to last year. The current median sold price is 17% lower than in April.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -17%
Vs. Year Ago
Down -2%
Vs. Year Ago
No Change
Vs. Year Ago
Vs. Year Ago

Months of Supply
In May, there was 10.3 months of supply available in Ocean City, compared to 5.2 in May 2019. 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 97 homes newly listed for sale in Ocean City compared to 117 in May 2019, a decrease of 17%. There were 89 current contracts pending sale this May compared to 91 a year ago. The number of current contracts is 2% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Ocean City was 95.8% 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 93, higher than the average last year, which was 91, an increase of 2%.

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.