How’s the Real Estate Market in Ocean City, MD?
The market has rebounded for sellers in the month of March after seeing a slight softening in February. As of today, there are 115 active listings in Ocean City and West Ocean City, including condos, townhomes, and single-family homes, with prices ranging from $149,900 to $12,900,000. There are currently 172 properties under contract, with prices ranging from $125,000 to $1,850,000. In the month of March, 149 properties sold, with prices ranging from $149,900 to $1,550,000 and averaging $465,503. The average days on market for March was 38 days, but of those 149 properties to have sold, 87 of them went under contract in 7 days or less (some leaving the market while still in “Coming-Soon” status!). The average sale price to list price ratio was 100 percent, with 65 of the 149 sales selling for more than the list price, and 38 of the sales selling at list price.
So what do these stats mean to you? They mean that the market already bounced back up after softening slightly in February. The number of properties that sold increased, as well as the number that sold in 7 days or fewer and for at or above list price. The demand has caught up to the inventory, and we are back to seeing a shortage in a very short period of time.
If you’re thinking about selling your property here in Ocean City, now is the time to do it. Demand is soaring as buyers are anxious to get in by summer, and inventory has held steady over the past month, so you are in a prime position to maximize the profits on the sale of your property. There’s no telling when that may change, so if you want to take advantage of a fantastic seller’s market, now is the time to do it.
If you’re a buyer in this market, it means you need to align yourself with a strong real estate professional to not only help you be the first in the door but also to help you strategize on how to win the bid and lock in on your dream property. Patience is key in this market, but there are opportunities available to buyers, and top agents are making their clients successful.
If you’re looking to buy a property at the beach or sell your existing beach property, give our team a call to discuss the best strategy to reach your real estate goals.
Rhonda Frick – (302)236-1456 – Rhonda@rhondafrick.com