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How’s The Real Estate Market in Ocean City MD?

How’s the Real Estate Market in Ocean City, MD?

The market is still strong here in Ocean City MD, with low inventory and high demand still at play, but we may be starting to see a market shift. As of today, there are 114 active listings in Ocean City and West Ocean City, including condos, townhomes, and single-family homes, with prices ranging from $215,000 to $12,900,000. There are currently 167 properties under contract, with prices ranging from $149,500 to $1,850,000. In the month of February, 110 properties sold, with prices ranging from $172,550 to $2,050,000 and averaging $440,834. The average days on market for February was 36 days, but of those 110 properties to have sold, 42 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 99.1 percent, with 34 of the 110 sales selling for more than the list price, and 21 of the sales selling at list price.

What do these market stats mean for you? If you are considering selling your beach property, it means now is a great time to list your property. The demand is still high for beach properties in both Ocean City and West Ocean City, as buyers looking for second homes want to be settled before the summer begins, and investors are looking to settle on properties quickly to start maximizing rental income. It also means that, while demand is high, pricing your property correctly is very important. The vast majority of properties sold for less than list price (69%), and we are seeing a steady increase in price reductions as sellers are starting to over-price their properties in order to test the market. Properties that are priced correctly are still leaving the market very quickly and for list price or above. If you’re thinking about purchasing a property here at the beach, the market may be starting to turn in your favor as buyers are finding more negotiation power as sellers are over-pricing their properties and sitting on the market longer. While home values are still up and not expected to decline in the near future, buyers are finding it easier to take their time making decisions and have some negotiation ability with sellers.

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

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Rhonda was the ultimate professional and helped us at every stage of the purchase. I would recommend highly Rhonda for your sale or purchase. My husband and I have bought and sold more than 30 properties over the years, and Rhonda was the best realtor with whom we worked.

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