Ocean City MD Real Estate Market Report - Oct. 2012

Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.
com
Ocean City and Ocean Pines Market Report
Active Listing Volume

Ocean City The inventory is Ocean City is down by 22% from where we were this time last year. This is being fueled by a good number of properties going under contract and settling, as well as considerably less new inventory coming on the market than in prior years. Ocean City Active Listing Volume
1913
2500 2000 1500 1000 500 0
1886
1863
1836
1850
1885
1825
1834
1820
1825
1775
1770
1731
1717
1658
1606
1604
1574
1590
1604
1565
1545
1521
1508
1493
1451
1393 1426
1420
1447
1407
1361
1287
1231
1196 185 373 329
1198 191 365 320
Search All Ocean City Listings
O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O 09 10 11 12
Ocean Pines There are currently 184 properties for sale in Ocean Pines, which is down by 21% from where it was this time last year. This value has remained flat for much of this year but keep in mind that 346 new listings have also come on the market during this time, the equivalent of which has been absorbed. Search All Ocean Pines Listings
Ocean Pines Active Listing Volume

304 299 286 295
350
277 273 265 264 252 251 252
314
278
269
259
254
256
238
240
246
225
224
232
300 250 200 150 100 50 0
258
268
214
192
189
188
192
188
186
Active Listing Prices

Ocean City The average listing price in Ocean City is currently $362,000 and the median came in at $289,000. In looking at the median, with the exception of a bump up we have stayed in this same range for most of 2012. This is an encouraging sign considering there is solid sales activity at the current pricing levels. Ocean City Active Listing Prices
550
447 436 431
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)
500 450 400 350 300 250
426
422
401
398
395
395
392
395
397
388
392
386
385
383
382
386
382
378
377
377
380
381
172
377
179
373
374
368
369
366
364
368
376
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price) 3 per. Mov. Avg. (Med. Price)
Ocean Pines The average listing price in Ocean Pines for October was $322,000 and the median was $260,000. The Ocean Pines market has regained some of the ground it lost late year and appears to be holding steady with a slight upward trend in the 3 month moving average for both.
Ocean Pines Active Listing Prices

450
355 355
352
350
348
348
349
352
400 350 300 250 200
366
340
337
340
337
342
334
332
334
328
330
335
336
326
326
325
327
324
322
325
321
310
308
310
317
320
322
362
184
1183
Direct: 443-614-9179 Email: ocnick55@gmail.com Web: oceancitycondosandhomes.com
Sold Listing Volume

Ocean City 72 properties sold in Ocean City during October, representing a 44% increase in activity over October of last year. This brings the total properties sold for 2012 to 822, which is a 6% increase over the 777 that had settled by this point in 2011. This is certainly a positive sign of things to come. View Ocean Citys October Sold Listings Ocean City Sold Listing Volume
103 99 93 99
120
82 83 81 81 82 80
106
109
92
92
77
77
81
75
76
72
86 25 282 199
100 80 60 40 20 0
91 311 262 15 242 282 22 72
70
65
65
60
70 49 36 60
59
51
37
53
Ocean Pines 22 properties sold in Ocean Pines during October, which is up by 47% from September and on pace with October of last year. This brings the YTD sold total in Ocean Pines to 207 properties, which is down slightly from the 220 that had sold by this point last year. It is worth noting that 2011 was a very good year for the Ocean Pines market. View Ocean Pines October Sold Listings
Ocean Pines Sold Listing Volume

35
25 35
40 30
28
34
57
28
28 23 16 16 12 14 318 304 310 277 299 222 260
27
26
25
25
22
22
23
22
24
19
13
14
12
15 10 5 0
12
13
Sold Listing Prices

Ocean City
Ocean City Sold Listing Prices

500
364 364 360 363 379
15
20
16
18
The average sold price for October was $282,000 and the median came in at $263,000. The average price is the same as this time last year and the median saw an 8% increase. rd This is the 3 month in a row that the median value has increased and both moving averages are trending up.
Avg. Price Med. Price
450
329
356
353
355
334
326
322
337
400 350 300 250 200 150 100
345
347
306
305
301
288
292
309
280
283
360
268
265
270 221
Ocean Pines This thing will make you blind! The average is always all over the place based on the wide range of property types Ocean Pines offers. The median price trend is worth noting here as it has been steadily increasing since the summer and, after excluding one spike, is at its highest level in the past year and a half
400 350 300 250 200 150
301
301
374
Ocean Pines Sold Listing Prices
Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)
277
292
271
277
294
267
265
270
254
252
246
253
242
237
243
231
225
229
234
259
224
220
215
213
213
208
197
214
225
259
20
25
22
26
28
Sold Price/Sq. Ft.

Ocean City The average sold price per square foot in Ocean City for October was $235. The trend line has been flat for most of 2012, which is a pretty good indication that prices have stabilized. Ocean City Sold Price/Sq. Ft.
324 301 288 292
350 300 250 200 150 100
314
283
276
268
268
288
266
263
267
263
261
248
248
258
248
263
241
241
245
236
236
238
246 140 9
233
228
231
232
225
Ocean Pines Ocean Pines average sold price per square foot came in at $138 for October. This brings the 2012 YTD sold price per square foot to $142, which is only off slightly from the $144 value we saw through this point last year.
Ocean Pines Sold Price/Sq. Ft.

250 230 210 190 170 150 130 110 90 70 50
184
171
168
162
165
167
218
158
156
152
155
162
224
146
146
152
145
145
142
143
141
139
139
139
142
139
138
138
139
146
228
233 130
136
128
125
Absorption Rates
Ocean City The absorption rate in Ocean City currently stands at 15 months, which is down from last month and down by months from the beginning of the year. This is being fueled by a strong sales pace and less inventory coming on the market. Ocean City Absorption Rates
50 45 40 35 30 25 20 15 10 O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O 09 10 11 12
28 26 26
24 24 24 24 24 23 23 22 23 22 22 22
20 20 20 20 20 19 18 18 18 18 18 18 18 18 19 18 18 17 17 16 16 15
Ocean Pines The absorption rate in Ocean Pines is currently at 9 months, which is down by 2 months from this time last year. As you can see last year was a big year for Ocean Pines which I feel pulled some of the demand for 2012 and has caused this value to slow down some.
Ocean Pines Absorption Rates

25
20
20 15 10 5 0
17
16
15 15
16
17
18 18
19
18
17 15 15 14 13 12 13 13 13 13 13 12.5 12
122
134
11
10 8 8
9 8.5 8.5 8
136
O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 09 10 11
J A S O 12
138 9
235
Sold to List Price Ratios

Ocean City After bouncing around for a few months the sold to list price ratio in Ocean City has returned to 93%. In looking back over the past 3 years, 92% to 93% is the standard. This is currently considerable negotiating room, however it is a window that will tighten as the market continues to improve.
100% 98%
93% 93% 93% 92% 92% 92% 92% 92% 92% 92%
Ocean City Sold to List Price Ratio

94% 94% 94% 93% 93% 93% 93% 93% 93% 93% 93% 93% 94% 249 94 40 117 93% 92% 92% 92% 92% 92% 92% 92% 95% 215 233 169 150 119 155 93% 95%
96%
91%
91%
91%
91%
92% 90% 88% 86% 84% 82% 80%
90%
94%
Ocean Pines The sold to list price ratio in Ocean Pines for October was 95%. 94% to 95% has been the standard over the past year and a half or so. The value is slightly better in Ocean Pines because there is considerably less inventory that leads to increased competition for the better listings.
96%
100% 98% 96%

91% 91%
Ocean Pines Sold to List Price Ratio

95% 95% 95% 95% 94% 94% 94% 94% 94% 93% 93% 94% 93% 93% 93% 94% 241 95% 260
91%
91%
90%
89%
89%
87%
86%
86%
88% 86% 84% 82% 80%
Average Days on Market

Ocean City Please not that we have made a change to the value that we are using here. We are now using the median cumulative days on market, which I feel is a better indicator of what is going on. This will eliminate the overpriced properties that have been on the market forever, as well as the distressed properties and great deals that sell in a matter of days. This makes for a more accurate representation of the current market. Ocean City Avg. Days on Market
500 450 400 350 300 250 200 150 100 50 0
393 326 328 308
85%
297
86%
90%
87%
88%
92%
89%
90%
94%
283
296
269
268
282
91%
259 215
250
251
242
240
241
247
225
236
219
224
213
211
205
178
184
206
219
Ocean Pines Please not that we have made a change to the value that we are using here. We are now using the median cumulative days on market, which I feel is a better indicator of what is going on. This will eliminate the overpriced properties that have been on the market forever, as well as the distressed properties and great deals that sell in a matter of days. This makes for a more accurate representation of the current market.
Ocean Pines Avg. Days on Market

277 236
177
225
226
228
166
163
178
186
160
138
136
137
138
126
127
126
150 100 50 0
47
113
121
126
136
200
144
158
190
250
221
223
300
245
269
350
305
239
257
Under Contract Listing Volume

Ocean City 91 homes and condos went under contract in Ocean City during October, which is a 26% increase from the 72 properties that went under contract during October of last year. This is great activity for October and an indication that the year is going to finish strong.
121
Ocean City Under Contract Listing Volume

111 109 103 101 103
117 101
120
86 79
95
104
94
92
106 85 324 254 17 322 287 24 25 265 292 91
84
79
82
100 80
88
88
73
72
71
67
69
71
77
57
40 20
View Ocean City Properties Under Contract Ocean Pines 25 properties went under contract in Ocean Pines during October. A total of 233 properties have gone under contract in Ocean Pines in 2012, which is on pace with the 235 properties that had gone under contract by this point last year. The mortgage process is taking a bit longer these days, ultimately delaying these numbers from reflecting in the sold totals. View Ocean Pines Properties Under Contract
0 O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O 09 10 11 12
44
60
55
57
Ocean Pines Under Contract Listing Volume

50 45 40 35 30 25 20 15 10 5 0
35 34 35 34 21 326 309 221 267 285 290 232 239 243 295
47
69
31
32
30
28
27
29
23
22
23
27
21
22
30
19
20
19
17
17
15
16
17
11
11
12
Under Contract Listing Prices

Ocean City The average price of listings that went under contract in Ocean City during October was $292,000 and the median value came in at $250,000. Over 60% of the properties that went under contract were $300,000, which pulled this value down for October. Ocean City Under Contract Listing Prices
600 550 500 450 400 350 300 250 200 150 100
440 413 404 406 418
402
395
381
382
396
377
363
375
379
350
340
339
351
380
327
330
326
334
14
314
310
312
Ocean Pines The average and median prices of properties that went under contract in Ocean Pines during October were $265,000 and $217,000. Last month saw a few higher end waterfront listings go under contract causing this value to spike. A better mix of properties went under contract in October bringing this value back to normal levels.
345
400
316
291
279
266
276
282
350
234
307
323
369
Ocean Pines Under Contract Listing Prices
281
264
266
310
252
252
249
253
242
242
243
249
233
232
250 200 150 100
207
237
300
255
257
262
264
324
18
31
90
New Listing Volume

Ocean City 141 new properties were listed in Ocean City in October, which is down by 7% from the 151 that were listed in October of last year. For 2012 a total of 1412 properties have been listed in Ocean City, representing a 10% decrease from the 1560 homes and condos that were listed by this point in 2011. View Ocean Citys New Listings Ocean City New Listing Volume
300 250
171 166 147 267 235 208
195
188
193
178
160
142
151 158
151
156
146
151
137
136
138
133
126
121
150 100 50 0
75
94
21
16
18
Ocean Pines 23 new properties were listed in Ocean Pines during October, which is on pace with last year. A total of 346 new listings have come on the market in Ocean Pines this year, representing a 11% decrease from the 389 that had been listed by this point in 2011. View Ocean Pines New Listings
Ocean Pines New Listing Volume

80
59 55 57
70 60
37
55
49
52
67
46
46
48
40
37
37
36
35
35
37
33
29
28
24
23
24
26
30
40 30 20 10 0
33
34
35
39 22 23 294 365 266 297 337 352
50
22
New Listing Prices

Ocean City The average and median new listing prices in Ocean City for October were $365,000 and $285,000 respectively. Both of these values are down slightly from this point last year, which shows that Sellers are responding to the market and trying to make their properties stand out relative to the competition. Ocean City New Listing Prices
600 550 500 450 400 350 300 250 200 150 100
501 423 413
392
398
400
388
387
383
379
381
387
388
374
362
369
372
377
13
359
354
345
349
350
354
341
337
341
345
325
336
362
43
305
309
112
Ocean Pines The average and median new listing prices in Ocean Pines for October came in at $294,000 and $235,000. This graph also illustrates the wide range of property types that make up Ocean Pines. The spikes are when higher end, waterfront listings come on the market, however even the median is a bit erratic.
500
369
Ocean Pines New Listing Prices

355 358 370
329
332
333
324
335
315
315
319
314
307
305
304
303
293
291
288
291
283
288
267
264
264
273
257
305
229
200
100 O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O 09 10 11 12
218
300
255
308
324
400
297
123
130
131
141
200
163
165
170
183

Ocean City MD Real Estate Market Report - Oct. 2012

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

Ocean City and Ocean Pines Market Report

Active Listing Volume

2500 2000 1500 1000 500 0

1196 185 373 329

1198 191 365 320

Search All Ocean City Listings

Ocean Pines Active Listing Volume

300 250 200 150 100 50 0

Active Listing Prices

500 450 400 350 300 250

Ocean Pines Active Listing Prices

400 350 300 250 200

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

Ocean City and Ocean Pines Market Report

Sold Listing Volume

91 311 262 15 242 282 22 72

Ocean Pines Sold Listing Volume

28 23 16 16 12 14 318 304 310 277 299 222 260

Sold Listing Prices

Ocean City Sold Listing Prices

Avg. Price Med. Price

400 350 300 250 200 150 100

400 350 300 250 200 150

Ocean Pines Sold Listing Prices

Avg. Price Med. Price 3 per. Mov. Avg. (Avg. Price)

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

Ocean City and Ocean Pines Market Report

Sold Price/Sq. Ft.

350 300 250 200 150 100

Ocean Pines Sold Price/Sq. Ft.

Ocean Pines Absorption Rates

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

Ocean City and Ocean Pines Market Report

Sold to List Price Ratios

Ocean City Sold to List Price Ratio

92% 90% 88% 86% 84% 82% 80%

100% 98% 96%

Ocean Pines Sold to List Price Ratio

88% 86% 84% 82% 80%

Average Days on Market

Ocean Pines Avg. Days on Market

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

Ocean City and Ocean Pines Market Report

Under Contract Listing Volume

Ocean City Under Contract Listing Volume

106 85 324 254 17 322 287 24 25 265 292 91

Ocean Pines Under Contract Listing Volume

Under Contract Listing Prices

Ocean Pines Under Contract Listing Prices

250 200 150 100

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

Ocean City and Ocean Pines Market Report

New Listing Volume

Ocean Pines New Listing Volume

39 22 23 294 365 266 297 337 352

New Listing Prices

Ocean Pines New Listing Prices

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