ocean city md real estate report - apr. 2014
TRANSCRIPT
1606
16
04
1604
15
65
1545
15
21
1508
14
93
1451
14
20
1393
14
26
1447
14
07
1361
12
87
1231
11
96
1198
11
83
1126
11
04
1089
11
14
1167
11
90
1126
1034
95
2 97
9 99
7 10
04
1006
97
1 98
5 1062
11
04
0200400600800
10001200140016001800
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Active Listing Volume Ocean City There are currently 1104 properties for sale in Ocean City. The typical Spring influx of new listings is underway however the overall inventory is down by 5% from this point in 2013. Search All Ocean City Listings
Ocean Pines There are currently 210 properties for sale in Ocean Pines, which is up by 35% from March of last year. As with Ocean City, Ocean Pines is also seeing its typical Spring inventory come on the market. March saw an unprecedented number of new listings, which isn’t necessarily a bad thing for Buyers as it provides many needed options. Search All Ocean Pines Listings
240 25
4 25
8 269
268
256
246
232
214
189
172 18
8 19
2 19
2 18
8 17
9 18
6 18
5 19
1 18
4 16
8 14
8 14
1 14
3 155
146
185 20
5 17
5 20
7 19
0 19
5 17
7 17
1 16
7 16
9 21
0
0
50
100
150
200
250
300
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Active Listing Volume
Ocean City The average listing price in Ocean City is currently $348,000, which is down slightly from March of last year. The median listing price in Ocean City is currently $295,000 and is up by 7% over the 2013 value of $276,000. 38
2
386
378
377
377
382
380
381
373
374
366
364
368
369 377
368 376
373
365
362
362
362
354
351
351
350
353
343
341 349
351
353
346
339
340
347
348
250
300
350
400
450
500
550
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Active Listing Prices Avg. PriceMed. Price3 per. Mov. Avg. (Avg. Price)
Ocean Pines The average listing price in Ocean Pines currently stands at $338,000, which is up by 5% over the 2013 value of $321,000. The median active listing price in Ocean Pines is $260,000 and is up by 2% from the 2013 value of $255,000.
325
324
328
322 33
2
334
330
335
336
327
321
310
308
310 317 32
5
320 32
9
320
322
316
320
316
315 321 33
6
330
320
325
325
327
320
309 315
320 33
2 338
200
250
300
350
400
450
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Active Listing Prices Avg. PriceMed. Price3 per. Mov. Avg. (Avg. Price)3 per. Mov. Avg. (Med. Price)
Active Listing Prices
Active Listing Volume
Ocean City and Ocean Pines Market Report
Direct: 443-614-9179 Email: [email protected]
Web: DwellinOC.com
New Listing Updates Sign up for email updates with new listings and price adjustments
for the type of properties you are looking for
Search All Area Listings We provide the most advanced consumer search available that is
linked directly to the Multiple Listing Service that we use.
A Division of The Mark Fritschle Group | Condominium Realty LTD
82
106
103 10
9
81
76
65
49 60
70
36
60
99
72
99
92
92
86 91
72
89
67
43 55
82
84
120
91 96
77
94
88
67
57
41 54
68
0
20
40
60
80
100
120
140
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Sold Listing Volume Ocean City 68 Ocean City properties went to settlement during March, bringing the YTD total to 163. This is down by 9% from the 180 properties that went to settlement through this point in 2014. This was to be expected considering the impact the weather had on our market in the first quarter. View Ocean City’s March Sold Listings
Ocean Pines 25 properties went to settlement in Ocean Pines during March, which was on par with March of last year. For the year a total of 51 properties have closed in Ocean Pines, which is an 11% increase in activity over the 2013 value. View Ocean Pines’ March Sold Listings
15
23
22 26
25 28
24
22 26
16
16
12 14
23
28
28
20
25
15
22
18
17
10
10
26
25
42
38
22
33
25
22
27
17
14
12
25
05
1015202530354045
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Sold Listing Volume
Ocean City The average sold price in Ocean City during March was $263,000, which was down by 4% from the 2013 value of $275,000. The price decreases that we have seen are a function of the makeup of the property types and price ranges that are selling and not price depreciation. The volume of sales in Ocean City over $500,000 is down by 60% from 2013 and has had a considerable impact on these values.
268 29
2
347
337
309
280
265 28
3
360
304
260
318
310
277 29
9
270
259 28
2 311
282
284 30
0
281 293
275
279 31
6
294 306 33
8
306
307
307
266
275
260
263
100
150
200
250
300
350
400
450
500
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Sold Listing Prices Avg. PriceMed. Price
Ocean Pines The average sold price in Ocean Pines during March was $217,000 and the median sold price was $185,000. This brings the average sold price for the year in Ocean Pines to $232,000, which is off slightly from the 2013 value of $236,000.
215
254
253
213
243
208
277
229 234
197
294
214
270
259
222
221 225
199
262
242
290
257
251
237
220
217
236
275
247 26
0
246
270
218
198
293
187
217
150
170
190
210
230
250
270
290
310
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Sold Listing Prices Avg. PriceMed. Price3 per. Mov. Avg. (Avg. Price)
Sold Listing Prices
Sold Listing Volume
Ocean City and Ocean Pines Market Report
Direct: 443-614-9179 Email: [email protected]
Web: DwellinOC.com
Recently Sold Listings Sold Listing Updates View Multiple Listing Service reports of the properties that have sold over the most recent 90 day period, broken down by area.
Sign up to get email updates when properties sell in areas that are of interest to you, based on your specifications.
A Division of The Mark Fritschle Group | Condominium Realty LTD
218 23
3 241 25
8
263
248
225 24
1 263
236
224 231 24
5
232
236
238
228
233 24
6
235
239 247 255
239 247
251
256
260 27
2
267
261 27
3
265
232 240
231
234
100
150
200
250
300
350
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Sold Price/Sq. Ft. Ocean City The average sold price per square foot in Ocean City during March was $234, bringing the average for the year to $235. This is down by 5% from the 2013 value of $247. As with the sold pricing this is more a function of the property types, locations and price ranges that are selling more than anything else. Now that the market is in full swing this value will improve considerably over the coming months.
Ocean Pines The average sold price per square foot in Ocean Pines during March was $138. This brings the average sold price per square foot for the year to $151, which is a 12% increase over the 2013 value of $135. 12
2
146
145
134 14
6
138 15
5
143
139
142 16
2
139
136 15
2
136
139 14
6
130 14
0
138 15
5
142
123
156
126 132
134 15
4
130 14
5
144
145
137
121
170
146
138
507090
110130150170190210230250
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Sold Price/Sq. Ft.
Ocean City The absorption rate in Ocean City currently stands at 14 months. As you will see from previous years it is not unusual to see an increase in this value this time of year. There is an influx of new inventory for the Spring market, coupled with the fact that we are coming out of the slowest time of the year.
20 20 20 19 18 18 18 18 18 18 18 18 19 18 18 17 17 16 16 15 14 13 13 13 14 14.5 15
12 11 11 11 12 12 12 12 13 14
0
5
10
15
20
25
30
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Absorption Rates
Ocean Pines The absorption rate in Ocean Pines is currently 8 months. As with Ocean City and any market for that matter it is normal to see an increase in this value in the Spring. The Spring months naturally see the largest increase in inventory as we approach the busiest time of the year.
13 13 13 13 13 12.5 12 11
10
8 8 9 9 8.5 8.5 8 8 8
9 9 8
7 7 7 8
7 8
6 7 7 7 7 7
8 7 7
8
0
2
4
6
8
10
12
14
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Absorption Rates
Absorption Rates
Sold Price/Sq. Ft.
Ocean City and Ocean Pines Market Report
Direct: 443-614-9179 Email: [email protected]
Web: DwellinOC.com
Foreclosures and Short Sales Distressed Listing Updates View all of the foreclosure and short sale listings currently available
in Ocean City, Ocean Pines, Berlin and West Ocean City. Sign up to receive email updates as the new foreclosure and short sale listings hit the market in the areas that are of interest to you.
A Division of The Mark Fritschle Group | Condominium Realty LTD
92%
92%
94%
92%
93%
93%
92%
92%
93%
92%
93%
93%
93%
93%
93%
93%
94%
92%
94%
93%
95%
94%
93%
94%
93%
94%
94%
94%
95%
95%
95%
95%
94%
95%
94%
94%
94%
80%82%84%86%88%90%92%94%96%98%
100%
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Sold to List Price Ratio Ocean City Not much new to report here, property in Ocean City is currently selling on average at 94% of the listing price.
Ocean Pines Property that sold in Ocean Pines during March averaged 96% of the listing price. The average sold to list price ratio in Ocean Pines for the year is 96%, which is up slightly from the 2013 value of 95%.
96%
94%
94%
93%
95%
95%
94%
93%
94%
93%
95%
91%
93%
94%
95%
94%
95%
95%
93%
95%
94%
94%
95%
95%
95%
95%
95%
96%
96%
95%
96%
95%
96%
95%
94%
98%
96%
80%82%84%86%88%90%92%94%96%98%
100%
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Sold to List Price Ratio
Ocean City Properties that went to settlement in Ocean City during March averaged 244 days on the market. A few things are at play in this increase, the first of which is the fact that the market is coming out of the slowest 4 months we have seen in a long time due to the wonderful winter we had. Secondly, 4 of the properties that sold during the months had been on the market in excess of 1200 days and helped skew this value.
219
225 240
251
177
236
296
225 24
2 282
241
247
259
239 25
7
241 26
0
215 24
9
117 15
3
103
81
145
145
126 14
4 194
160
104
111
169
141
134
198
195 24
4
050
100150200250300350400450500
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Avg. Days on Market
Ocean Pines Sold property in Ocean Pines averaged 143 days on the market during March. This brought the average for the year to 132 days, which is a 20% improvement over the 2013 value of 164 days.
269
160
158
138
137
121
190
126 138
305
223
136
215
150
119
169
155
233
94
40
184
89
163 173
156 167
123
92
164
109
118 129
89 12
8 157
97
143
0
50
100
150
200
250
300
350
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Avg. Days on Market
Average Days on Market
Sold to List Price Ratios
Ocean City and Ocean Pines Market Report
Direct: 443-614-9179 Email: [email protected]
Web: DwellinOC.com
Selling Real Estate Property Valuation View our comprehensive marketing plan that we utilize to get our clients the highest price possible in the shortest amount of time.
Fill out our quick property information form and we will email you a comprehensive valuation report for your home or condo.
A Division of The Mark Fritschle Group | Condominium Realty LTD
126
104
94
92 10
1
71
71 77
57
47
69
103 10
9 121
101
90
117
106
85 91
69
52
80 84
101
133
119
93 96
85
74
74
55
27
77
57
97
0
20
40
60
80
100
120
140
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Under Contract Listing Volume Ocean City 97 properties went under contract in Ocean City during March, which was down slightly from March of last year. Look for this upward trend to continue and a big April value as 25 properties are already under contract through the first weekend of the month. View Ocean City’s Under Contract Listings
Ocean Pines 30 properties went under contract in Ocean Pines during March, which was a 20% increase in activity over March of last year. This brings the total number of contracts written for the year to 71 and is on pace with the 73 that were written at this point in 2013. This is a reassuring sign considering the challenges the market has faced. View Ocean Pines’ Under Contract Listings
35
31
23
30 34
27
22
30
20
19
14 18
32 35
31
21
34
17
24
25
20
6
20
28
25
35 38
25
35
23
33
26
19
9
21
20
30
05
101520253035404550
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Under Contract Listing Volume
Ocean City The average price of properties that went under contract in Ocean City during March was $293,000 and the median price was $258,000, both of which are up from March of last year. This brings the average price of contracts written for the year to $287,000, which is up by 2% over the 2013 value.
310 33
0 379
339
351
281 31
2
380
326
310 33
4
324
326
285 30
9
290
295 32
4
322
292 33
4
301
272 28
9
284 32
4
290 34
0
344
312 33
4
302
294
288
253
320
293
100150200250300350400450500550600
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City Under Contract Listing Prices
Ocean Pines The average price of properties that went under contract in Ocean Pines during March was $285,000 and the median price was $223,000. This brings the average price of contracts written for the year to $252,000, which is down slightly from the 2013 value of $255,000.
282
242
232 24
2 264
207
266
243
249 26
2
237 26
4
239 26
7
221 23
2 243 25
4
287
265
264
183
272
241 25
2
250
245
290
262
243 26
4
235
236
191
238
233
285
100
150
200
250
300
350
400
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines Under Contract Listing Prices
Under Contract Listing Prices
Under Contract Listing Volume
Direct: 443-614-9179 Email: [email protected]
Web: DwellinOC.com
Ocean City and Ocean Pines Market Report
Useful Buying Information Buyer Action Plan View a series of articles and videos that we have put together which
explain and outline the various phases of buying real estate. View the plan and steps that we take to ensure our Buyer clients get the best deal possible through a relaxed and stress free transaction.
A Division of The Mark Fritschle Group | Condominium Realty LTD
188
193
160
156
136
126 14
2 151
94
67
151
158 18
3
138
133
112 12
3
130
131 14
1
114
75
152
134
200
189
119
93 11
4
149
136 15
2
123
71
133 15
0
150
0
50
100
150
200
250
300
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City New Listing Volume Ocean City 150 new properties were listed in Ocean City during March, which was down by 25% from March of last year. For the year a total of 433 new listing have come on the market, representing an 11% decrease from the 486 new properties that were listed through this point in 2013. View Ocean City’s New Listings
Ocean Pines 66 new properties were listed in Ocean Pines during March, which was a considerable increase over March of 2013. This brings the total number of new listings for the year to 114 and is up by 14% over the 100 properties that were listed through this point in 2013. View Ocean Pines New Listings
52 57
46
37 40
33
35
22
18
13
26 34
48
30
43
37
35 39
22
23
12
10
28 32
40
35
55
34
54
56
32
34
25
11
27
21
66
0
10
20
30
40
50
60
70
80
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines New Listing Volume
Ocean City The average new Ocean City listing price was $334,000 during March and the median value was $275,000. This brought the average new listing price for the year to $356,000, which represents a 14% increase over the average new listing price through this point in 2013.
350 37
2
381
388
387
388
354 37
7
341
305 32
5 354
345
336 36
2
309
297
352
297
365
284 32
3
311
323
305 34
2
408
341 37
2 394
325
329
289
301
370
363
334
100150200250300350400450500550600
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean City New Listing Prices
Ocean Pines The average new listing price in Ocean Pines during the month was $324,000 and the median price was $237,000. This brings the average new listing price for the year to $333,000, which represents an 11% price increase over the 2013 average new listing price of $300,000.
319
314
355
264
358 370
291
283
218
288
335
273
257
305
255
308 32
4 337
266 29
4
258
359
306
272
323
314
302
283
335
285
360
280
336
204
315
361
324
100
200
300
400
500
M11
A M J J A S O N D J F M12
A M J J A S O N D J F M13
A M J J A S O N D J F M14
Ocean Pines New Listing Prices
New Listing Prices
New Listing Volume
Ocean City and Ocean Pines Market Report
Direct: 443-614-9179 Email: [email protected]
Web: DwellinOC.com
Just Listed Properties Search ALL Listings Search all of the available area listings based on your specifications
through the MLS, which is the same database we utilize. View new listings and price adjustments that have become available
over the most recent 7 day period, broken down by area.
A Division of The Mark Fritschle Group | Condominium Realty LTD