The Long & Foster Market Minute

Focus On: Ocean City Housing Market April 2019

Zip Code(s): 8226
Units Sold
95
Active Inventory
590
Median Sale Price
$528,000
Days On Market
85
Up 2%
Vs. Year Ago
Up 18%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 95 sold this month in Ocean City Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 88 units or 18%. The total number of active inventory this April was 590 compared to 502 in April 2018. This month's total of 590 is lower than the previous month's total supply of available inventory of 593, a decrease of 1%.

Median Sale Price
Last April, the median sale price for Ocean City Homes was $485,000. This April, the median sale price was $528,000, an increase of 9% or $43,000 compared to last year. The current median sold price is 12% higher than in March.

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


New Listings
145
Current Contracts
101
Sold Vs. List Price
95.9%
Months of Supply
6.2
Up 29%
Vs. Year Ago
Up 2%
Vs. Year Ago
No Change
Vs. Year Ago
Up 15%
Vs. Year Ago

Months of Supply
In April, there was 6.2 months of supply available in Ocean City, compared to 5.4 in April 2018. That is an increase of 15% 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 145 homes newly listed for sale in Ocean City compared to 112 in April 2018, an increase of 29%. There were 101 current contracts pending sale this April compared to 99 a year ago. The number of current contracts is 2% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Ocean City was 95.9% 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 85, lower than the average last year, which was 98, a decrease of 13%.

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.