ocean city md real estate report | march 2012

8/2/2019 Ocean City MD Real Estate Report | March 2012

1/6

2029

2071

2105

2072

2024

1979

1952

1916

1913

1863

1886

1820

1825

1836

1850

1885

1834

1825

1775

1770

1731

1717

1658

1574

1590

1606

1604

1604

1565

1545

1521

1508

1493

1451

1420

1393

0

500

1000

1500

2000

2500

F09

M A M J J A S O N D J F10


M A M J J A S O N D J

Ocean City Active Listing VolumeOcean CityThere are currently 1426 properties for sale inOcean City. This represents a 10% decreasefrom where we were this time last year. Thisvalue has been flat the last couple of monthsas we are in the slower part of our season forsales, yet in the busier time of year for newlistings that are getting ready for the upcomingseason. Look for the descent of this value tocontinue as activity is picking up considerably.

View Ocean City Active Listings

Ocean City MD and Ocean Pines MD

Real Estate Market Report

Nicholas A. Bobenko, RealtorDirect: 443-614-9179

Email: [email protected]

Ocean PinesThere are 188 homes, condos and town homescurrently listed for sale in Ocean Pines. This isa 16% decrease in inventory from where wewere in February of 2011. You can see thetrend here as inventory will likely go up in thecoming months with the season approaching.This is good for Buyers as it will present somenew options with the existing inventory havingbeen picked over.View Ocean Pines Active Listings

327

319

328

328

329

337

329

280

277

265

251

252

252

264

273

286 3

04

314

299

295

278

259

238

225

224

240

254

258

269

268

256

246

232

214

189

172

0

50

100

150

200

250

300

350

400

F09




Ocean Pines Active Listing Volume

Ocean CityThe current average and median active listingprices are $364,000 and $290,000respectively. From the February 2011 activelisting prices this represents a 5% decreasefrom the $386,000 average listing price and a3% decrease from the $300,000 median listingprice.

482

465

460

461

460

460

456

453

447

436

431

426

422

401

395

395

392

395

398

397

388

392

385

383

386

382

386

378

377

377

382

380

381

373

374

366

250

300

350

400

450

500

550

F

09

M A M J J A S O N D J F

10


11


Ocean City Active Listing Prices Avg. Price

Ocean PinesThe average listing price in the Pines iscurrently at $310,000 with the median comingin at $242,000. This is a 5% decrease from the2011 average price in February of $326,000and a 9% decrease from the median price of$266,000. Part of this decrease is attributed tothe lack of new waterfront properties comingon the market, which causes this value todecrease.

339

343

351

353

354

352

357

362

366

355

348

348

340

334

337

340

337 3

50

355

349

352

352

342

326

326

325

324

328

322 3

32

334

330

335

336

327

321

150

200

250

300

350

400

F09M

AM

J JA SO

N DJ

F10M

AM

J JA SO

N DJ

F11M

AM

J JA SO

N DJ

Ocean Pines Active Listing Prices Avg. Price M

Active Listing Prices

Active Listing Volume

www.oceancitypro.com
http://link.flexmls.com/rom5dy6z94i,11mailto:[email protected]:[email protected]://link.flexmls.com/roiye5o9s8g,11https://docs.google.com/spreadsheet/viewform?formkey=dE5uZ2w2dnhQUmYwblp1elE4UTY1QUE6MQhttp://link.flexmls.com/ox4wzw19sqj,11https://docs.google.com/spreadsheet/viewform?formkey=dEZ1VmYxb2pjQld0TXhwYzIyZTFRQmc6MQhttp://link.flexmls.com/roiye5o9s8g,11mailto:[email protected]://link.flexmls.com/rom5dy6z94i,11


2/6

39

72

59

70 7

2

83

70

70

82

59

51

37

53

75 7

7 83

80

81

65

81

77

70

93

34

57

82

106

1031

09

81

76

65

49

60

70

36

6 0

0

20

40

60

80

100

120

F09




Ocean City Sold Listing VolumeOcean City60 Ocean City properties sold in February,which is up slightly from the 57 that sold inFebruary of last year. This brings the year todate total to 96 sold properties, which is up by5.5% over last years totals at this point.Certainly a good sign as we approach theseason.

View Ocean Citys February Sold Listings

Ocean City MD and Ocean Pines MDReal Estate Market Report


Email: [email protected]

Ocean Pines12 properties sold in February, which is a100% increase over the 6 that sold in Februaryof last year. This brings the year to date totalsales for Ocean Pines to 28, representing a47% increase over the 19 that had sold by thispoint in 2011. This is a trend that will continuewith the large amount of properties currentlyunder contract in Ocean Pines.

View Ocean Pines February Sold Listings

9

12

19

18

25

20

17

16

35

13

16

12

12

5

19

25 2

7

22

28

25

18

14

22

13

6

15

23

22

26

25

28

24

22

26

16

16

1 2

0

5

10

15

20

25

30

35

40

F09




Ocean Pines Sold Listing Volume

Ocean City

The average and median sold prices in OceanCity during February were $318,000 and$325,000 respectively. This brings the YTDaverage sold price to $296,000 and the medianprice to $272,000. This is off by 5% from 2011average and median pricing. Considering thevariety of property types that sell in any givenmonth this is a typical variance.

361

401

386

373

384

341 3

68

378

360

329

364

288

364

334 3

63

306 3

26 3

56

305

353

355

322

379

345

301

268 2

92

347

337

309

280

265 2

83

360

304

260

100

150

200

250

300

350

400

450

500

F

09


10


11


Ocean City Sold Listing Prices Avg. Price

Ocean PinesThe average sold price in Ocean Pines forFebruary was $214,000 and the median camein at $167,000. There was an abnormal spikein January, which is making this look worsethan it is. The February median sold price of$203,000 represents a 11% decrease from theFebruary 2011 median value of $230,000.

249

306

245

211

250

317

254

276

301

252 2

71

225

267

213 2

31

277

265

246

242

301

224

220

292

237

374

215

254

253

213

243

208

277

229

234

197

294

150

200

250

300

350

400

F09




Ocean Pines Sold Listing Prices Avg. Price

Sold Listing Prices

Sold Listing Volume

http://www.flexmls.com/link.html?wwkmr1az2q7,11,1http://www.flexmls.com/link.html?wwkmr1az2q7,11,1mailto:[email protected]://www.flexmls.com/link.html?wwkmr3uewtv,11,1http://www.flexmls.com/link.html?wwkmr3uewtv,11,1http://www.oceancitypro.com/just-sold.asphttps://docs.google.com/spreadsheet/viewform?formkey=dE9ObXY1SWtkeERKRkVmcHVQUC1rRlE6MQhttps://docs.google.com/spreadsheet/viewform?formkey=dGJSWW9pcWF1UTA5Z1J5alpfMFZnVnc6MQhttp://www.flexmls.com/link.html?wwkmr3uewtv,11,1mailto:[email protected]://www.flexmls.com/link.html?wwkmr1az2q7,11,1


3/6

329

281

312

301

300

305

304

303 3

24

301 3

14

248

288

266 2

83

276

263

292

248 2

68

268 2

88

267

261

228

218 2

33

241

258

263

248

225 2

41 2

63

236

2 2 4

100

150

200

250

300

350

F09




Ocean City Sold Price/Sq. Ft.Ocean CityThe average sold price per square foot inFebruary was $231. This an increase over lastmonth and keeps us on pace with the February2011 value of $228. YTD this represents a 6%decrease over 2011. Again this is a typicalvariance based on the large variety of propertytypes and price ranges that make up theOcean City MD real estate market.



Email:[email protected]

Ocean PinesThe average sold price per square foot was$139 for sold property during February inOcean Pines. This is exactly where we were inFebruary of last year. YTD for 2012 is at $151per square foot, which is on base with the 2011YTD value of $152 per square foot.

160

168

156

164

141

162

140

161 1

71 1

84

158

128

168

125 1

41

145

142 1

52

156

162

138

139

165

139

167

122

146

145

134 1

46

138 1

55

143

139

142

50

70

90

110

130

150

170

190

210

230

250

F09




Ocean Pines Sold Price/Sq. Ft.

Ocean City

The current absorption rate in Ocean City is 18months, where it has been for sometime now.This is not a bad thing in that the sales pace iskeeping up with the amount of new listings thatare coming on the market. I anticipate that thiswill hit either 17 or 16 next month based on theamount of properties already under contractand the high level of Buyer activity that themarket is currently seeing.

32 32 33 33 32 3129 28 28

26 2624 24 24 24 24 23 23 22 23 22 22 22

20 20 20 20 20 19 18 18 18 18 18 18 18

10

15

20

25

30

35

40

45

50

F09




Ocean City Absorption Rates

Ocean PinesThe absorption rate in Ocean Pines is currentlyat 9 months, which is up from last month anddown by 3 months from where we were inFebruary of 2011. A bump up is typical thistime of year as a lot of Sellers hold off to listtheir properties until Spring in anticipation ofthe upcoming season.

21 2123

2224 24

23

20 20

1716

15 1516

1718 18

1918

1715 15

1413

1213 13 13 13 13 12.5 12

1110

8 8

0

5

10

15

20

25

30

F09




Ocean Pines Absorption Rates

Absorption Rates

Sold Price/Sq. Ft.

mailto:[email protected]:[email protected]:[email protected]://www.oceancitypro.com/seller-information.asphttp://www.oceancitypro.com/foreclosuresshorts.aspmailto:[email protected]


4/6

0.87

0.87

0.86

0.89

0.89

0.91

0.93

0.93

0.91

0.93

0.91

0.92

0.9 0

.91

0.92

0.92

0.93

0.92

0.93

0.91

0.91

0.92

0.92

0.92

0.94

0.92

0.92 0

.94

0.92

0.93

0.93

0.92

0.92

0.93

0.92

0 9 3

0.8

0.82

0.84

0.86

0.88

0.9

0.92

0.94

0.96

0.98

1

F09




Ocean City Sold to List Price RatioOcean CityProperty in Ocean City is currently selling at93% of the asking price at the time of contract.Most of the properties that are selling are theones that are priced properly based on recentcomparable sales. If the property is pricedright then you are essentially buying theproperty 7% below market value, which willinsulate you from any future adjustments.Remember that this is an average as all Sellers

are different.




Ocean CityProperty in Ocean Pines is currently selling at91% of the listing price. It is typical to see adecrease in this value coming out of the Wintermonths. Due to the decreased activity that wesee over the Winter, Sellers typically need tomove more on their prices in order to get adeal done. I anticipate that this value willreturn back to the 93%-95% range as activitycontinues to increase.

0.84

0.85

0.84

0.88

0.84

0.92

0.85

0.88

0.85

0.89

0.87

0.91

0.86

0.91

0.86

0.86

0.87

0.9

0.89

0.91

0.89

0.88

0.94

0.9

0.93

0.96

0.94

0.94

0.93

0.95

0.95

0.935

0.93

0.94

0.93

0.8

0.82

0.84

0.86

0.88

0.9

0.92

0.94

0.96

0.98

1

F09




Ocean Pines Sold to List Price Ratio

Ocean CityOcean City properties that sold in Februaryaveraged 247 days on the market, which is onpace with last month and down considerablyfrom where we are in February of last year. 26

2

401

280

242

344 3

81

394

301

283

219

393

326

224

297

269

213

211

268

205

178

184

250

206

328

308

219

225

240

251

177

236

296

225

242 2

82

241

0

50

100

150

200

250

300

350

400

450

500

F09




Ocean City Avg. Days on Market

Ocean PinesAverage days on market for Ocean Pinesproperties that sold in February was 136, whichis down considerably from last month and thistime last year. The properties that are in goodcondition with realistic Sellers that price themcompetitively will sell in relatively short order.

213

213

215

148

203

73

242

202

277

126

166

127

236

47

163

245

226

144

178

113

186

136

126

221

228

269

160

158

138

137

121

190

126

138

305

223

0

50

100

150

200

250

300

350

F09




Ocean Pines Avg. Days on Market

Average Days on Market

Sold to List Price Ratios

mailto:[email protected]:[email protected]:[email protected]://docs.google.com/spreadsheet/viewform?formkey=dE5uZ2w2dnhQUmYwblp1elE4UTY1QUE6MQhttp://www.oceancitypro.com/buyer-information.asphttp://link.flexmls.com/ox4wzw19sqj,11mailto:[email protected]


5/6

69

79

94

92

92

86

109

83

79

55

44

73

67

86

111

95

79

88

103

88

84

72

57

69

82

104

949

2101

71

71 7

7

57

47

69

1 0 3

0

20

40

60

80

100

120

F09




Ocean City Under Contract Listing VolumeOcean City103 properties went under contract in OceanCity during February, which is a 26% increaseover February of 2011. This is the equivalentof summer time activity in February andcertainly a positive sign of things to come.

View Ocean City February Pending Listings




Ocean Pines18 Ocean Pines properties went under contractin February, which is up from last month andon pace with February of 2011. December,January and February have combined to begood months for the Ocean Pines marketcompared to previous years and are yetanother sign of things to come.

View Ocean Pines February Pending Listings

18

13

26

25

12

19

22 2

4

19

11

11 1

2

9

15

28

21 2

2

27 2

9

17

17

23

16

9

17

35

31

23

30

34

27

22

30

20

19

14

1 8

0

5

10

15

20

25

30

35

40

45

50

F09




Ocean Pines Under Contract Listing Volume

Ocean City

The average and median prices of propertiesthat went under contract in February were$324,000 and $265,000 respectively.

557

494

454

472

373

421 4

59

357

402 4

40

404

413

406

381

350

395

363

382

377 4

18

340

396

375

327

314

310

330

379

339

351

281 3

12

380

326

310 3

34

100

150

200

250

300

350

400

450

500

550

600

F09




Ocean City Under Contract Listing Prices

Ocean PinesThe average price of properties that wentunder contract in Ocean Pines during Februarywas $264,000 and the median came in at$215,000.

306

239

249

315

306

266

298 3

12

255

234

316

279

345

252

252

307

249

291

266

233 2

57 2

76

323

369

253

282

242

232

242 2

64

207

266

243

249 2

62

237

100

150

200

250

300

350

400

F09




Ocean Pines Under Contract Listing Prices

Under Contract Listing Prices

Under Contract Listing Volume

http://www.flexmls.com/link.html?wwkmr9kgdj8,11,1http://www.flexmls.com/link.html?wwkmr9kgdj8,11,1mailto:[email protected]:[email protected]:[email protected]://www.flexmls.com/link.html?wwkmr60wcfb,11,1http://www.flexmls.com/link.html?wwkmr60wcfb,11,1https://docs.google.com/spreadsheet/viewform?formkey=dGJSWW9pcWF1UTA5Z1J5alpfMFZnVnc6MQhttps://docs.google.com/spreadsheet/viewform?formkey=dEZ1VmYxb2pjQld0TXhwYzIyZTFRQmc6MQhttps://docs.google.com/spreadsheet/viewform?formkey=dE9ObXY1SWtkeERKRkVmcHVQUC1rRlE6MQhttp://www.flexmls.com/link.html?wwkmr60wcfb,11,1mailto:[email protected]://www.flexmls.com/link.html?wwkmr9kgdj8,11,1


6/6

227

221

185

183

174

156 1

82

215

171

121

166

147

267

235

208

163

195

151 1

65 1

78

146

75

137

170 1

88

193

160

156

136

126 1

42

151

94

67

151

1 5 8

0

50

100

150

200

250

300

F09




Ocean City New Listing VolumeOcean City158 new properties came on the market inOcean City during February, which is downslightly from last year. As you can see fromprevious years this is typical as the season isapproaching. It represents a good time forBuyers as there will be the most optionsavailable with less competition than you willsee during the late Spring and Summermonths.

View Ocean Citys February New Listings




Ocean Pines34 new properties hit the Ocean Pines marketin February. As with Ocean City this is typicalas Sellers are gearing up for the upcomingseason.

View Ocean Pines February New Listings

44 4

8 49

42 4

343

36

42

36

23 2

4

37

29

59

49 5

3

46

55

35

33

28

24

16

21

37

52

57

46

37 4

0

33 3

5

22

18

13

26

3 4

0

10

20

30

40

50

60

70

80

F09

M A J J J A S O N D J F10

M A J J J A S O N D J F11


Ocean Pines New Listing Volume

Ocean CityThe average and median new listing prices inOcean City for February were $354,000 and$279,000 respectively. We are continuing toregain some of the ground we lost over theWinter.

453

442 4

68

410 4

41

362

365

356

501

392

337

383

398

362

345

349

423

400

387

379

369

413

359

341 3

74

350 3

72

381

388

387

388

354 3

77

341

305 3

25

100

150

200

250

300

350

400

450

500

550

600

F

09


10


11


Ocean City New Listing Prices

Ocean PinesThe average and median new listing prices inOcean Pines during February were $273,000and $246,000. This chart is always all over theplace and largely is a function of what pricepoints and property types are listed in anygiven month.

397

365

352

319 3

44 3

75

277

345

329

315

304

267

332

333

315

369

288 3

07

229

324

305

303

293

264 2

91 3

19

314

355

264

358

370

291

283

218

288

335

50

100

150

200

250

300

350

400

450

F09




Ocean Pines New Listing Prices

New Listing Prices

New Listing Volume

http://www.flexmls.com/link.html?wwkmrcfhb8p,11,1http://www.flexmls.com/link.html?wwkmrcfhb8p,11,1mailto:[email protected]:[email protected]:[email protected]://www.flexmls.com/link.html?wwkmrehuz3a,11,1http://www.flexmls.com/link.html?wwkmrehuz3a,11,1http://link.flexmls.com/ox4wzw19sqj,11http://www.oceancitypro.com/foreclosuresshorts.asphttp://www.oceancitypro.com/just-listed.asphttp://www.flexmls.com/link.html?wwkmrehuz3a,11,1mailto:[email protected]://www.flexmls.com/link.html?wwkmrcfhb8p,11,1

ocean city md real estate report | march 2012

Documents