Ocean City MD Real Estate Report - Apr. 2014

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A M J J A S O N D J F M
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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 isnt necessarily
a bad thing for Buyers as it provides many
needed options.

Search All Ocean Pines Listings
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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.
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Ocean City Active Listing Prices
Avg. Price
Med. Price
3 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.
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200
250
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350
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450
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11
12
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Ocean Pines Active Listing Prices
Avg. Price
Med. Price
3 per. Mov. Avg. (Med. Price)
Active Listing Prices
Active Listing Volume

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Direct: 443-614-9179
Email: ocnick55@gmail.com
Web: DwellinOC.com

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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 Citys 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
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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.
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Ocean City Sold Listing Prices
Avg. Price
Med. 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.
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Ocean Pines Sold Listing Prices
Avg. Price
Med. Price
Sold Listing Prices
Sold Listing Volume
Direct: 443-614-9179
Web: DwellinOC.com

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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.
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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.
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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.
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Ocean Pines Absorption Rates
Absorption Rates
Sold Price/Sq. Ft.
Direct: 443-614-9179
Web: DwellinOC.com

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80%
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90%
92%
94%
96%
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100%
M
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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%.
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80%
82%
84%
86%
88%
90%
92%
94%
96%
98%
100%
M
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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.
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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.
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M
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Ocean Pines Avg. Days on Market
Average Days on Market
Sold to List Price Ratios
Direct: 443-614-9179
Web: DwellinOC.com

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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 Citys 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
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2
2

3
0

2
0

1
9

1
4

1
8

3
2
3
5

3
1

2
1

3
4

1
7

2
4

2
5

2
0

6

2
0

2
8

2
5

3
5
3
8

2
5

3
5

2
3

3
3

2
6

1
9

9

2
1

2
0

3
0

0
5
10
15
20
25
30
35
40
45
50
M
11
12
13
14
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.
3
1
0

3
3
0
3
7
9

3
3
9

3
5
1

2
8
1

3
1
2

3
8
0

3
2
6

3
1
0

3
3
4

3
2
4

3
2
6

2
8
5

3
0
9

2
9
0

2
9
5

3
2
4

3
2
2

2
9
2
3
3
4

3
0
1

2
7
2

2
8
9

2
8
4

3
2
4

2
9
0
3
4
0

3
4
4

3
1
2

3
3
4

3
0
2

2
9
4

2
8
8

2
5
3

3
2
0

2
9
3

100
150
200
250
300
350
400
450
500
550
600
M
11
12
13
14
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.
2
8
2

2
4
2

2
3
2

2
4
2

2
6
4

2
0
7

2
6
6

2
4
3

2
4
9

2
6
2

2
3
7
2
6
4

2
3
9
2
6
7

2
2
1

2
3
2

2
4
3

2
5
4

2
8
7

2
6
5

2
6
4

1
8
3

2
7
2

2
4
1

2
5
2

2
5
0

2
4
5

2
9
0

2
6
2

2
4
3

2
6
4

2
3
5

2
3
6

1
9
1

2
3
8

2
3
3

2
8
5

100
150
200
250
300
350
400
M
11
12
13
14
Ocean Pines Under Contract Listing Prices
Under Contract Listing Prices
Under Contract Listing Volume
Direct: 443-614-9179
Web: DwellinOC.com

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1
8
8

1
9
3

1
6
0

1
5
6

1
3
6

1
2
6

1
4
2

1
5
1

9
4

6
7

1
5
1

1
5
8

1
8
3

1
3
8

1
3
3

1
1
2

1
2
3

1
3
0

1
3
1

1
4
1

1
1
4

7
5

1
5
2

1
3
4

2
0
0

1
8
9

1
1
9

9
3

1
1
4

1
4
9

1
3
6

1
5
2

1
2
3

7
1

1
3
3

1
5
0

1
5
0

0
50
100
150
200
250
300
M
11
12
13
14
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 Citys 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
5
2
5
7

4
6

3
7

4
0

3
3

3
5

2
2

1
8

1
3

2
6

3
4

4
8

3
0

4
3

3
7

3
5

3
9

2
2

2
3

1
2

1
0

2
8

3
2

4
0

3
5

5
5

3
4

5
4

5
6

3
2

3
4

2
5

1
1

2
7

2
1

6
6

0
10
20
30
40
50
60
70
80
M
11
12
13
14
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.
3
5
0

3
7
2

3
8
1

3
8
8

3
8
7

3
8
8

3
5
4

3
7
7

3
4
1

3
0
5

3
2
5

3
5
4

3
4
5

3
3
6

3
6
2

3
0
9

2
9
7

3
5
2

2
9
7

3
6
5

2
8
4

3
2
3

3
1
1

3
2
3

3
0
5

3
4
2

4
0
8

3
4
1

3
7
2

3
9
4

3
2
5

3
2
9

2
8
9

3
0
1

3
7
0

3
6
3

3
3
4

100
150
200
250
300
350
400
450
500
550
600
M
11
12
13
14
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.
3
1
9

3
1
4
3
5
5

2
6
4

3
5
8

3
7
0

2
9
1

2
8
3

2
1
8

2
8
8

3
3
5

2
7
3

2
5
7

3
0
5

2
5
5

3
0
8

3
2
4

3
3
7

2
6
6

2
9
4

2
5
8

3
5
9

3
0
6

2
7
2

3
2
3

3
1
4

3
0
2

2
8
3

3
3
5

2
8
5

3
6
0

2
8
0

3
3
6

2
0
4

3
1
5

3
6
1

3
2
4

100
200
300
400
500
M
11
12
13
14
Ocean Pines New Listing Prices
New Listing Prices
New Listing Volume
Direct: 443-614-9179
Web: DwellinOC.com

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Ocean City MD Real Estate Report - Apr. 2014

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Ocean City MD Real Estate Report - Apr. 2014

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