Ocean City MD Real Estate Market Report - Jan. 2014

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J F M A M J J A S O N D
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Ocean City Active Listing Volume
Ocean City
There are currently 971 properties for sale in
Ocean City, representing a 12% decrease in
inventory from 2012. Additionally, the
inventory is down by 41% from three years ago
and is a trend that shows signs of continuing.

Search All Ocean City Listings
Ocean Pines
There are currently 171 properties for sale in
Ocean Pines, representing a 16% increase
over the 148 properties that were for sale this
time last year. Additionally, the inventory is
down by 28% from this point 3 years ago.

Search All Ocean Pines Listings
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Ocean Pines Active Listing Volume
Ocean City
The average and median listing price for
properties in Ocean City during 2013 were
$348,000 and $279,000. These values were
down by 5% and 4% respectively. This
decrease is largely attributed to the fact that we
had considerably less higher end listings on
the Ocean City real estate market this year.
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Ocean City Active Listing Prices
Avg. Price
Med. Price
3 per. Mov. Avg. (Avg. Price)
Ocean Pines
The average price of listings in Ocean Pines
throughout 2013 was $322,000, which was up
slightly from the 2012 value of $318,000. The
median values were unchanged.
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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

Occan Ci|v and Occan Pincs Markc| Rcpor|
Direct: 443-614-9179
Email: ocnick55@gmail.com
Web: oceancitycondosandhomes.com

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Ocean City Sold Listing Volume
Ocean City
A total of 955 properties went to settlement in
Ocean City during 2013, which ironically is the
exact same number of properties that sold in
2012. These are solid activity numbers and I
anticipate them increasing in 2014 now that the
market has definitively stabilized and more
Buyers enter the market.

View Ocean Citys November Sold Listings
Ocean Pines
A total of 297 properties sold in Ocean Pines
during 2013, representing a 25% increase in
activity over the 238 Ocean Pines properties
that sold in 2012. This is great news for the
Ocean Pines market and a trend that will
continue as the market has fully stabilized and
the fact that there are great values to be had.

View Ocean Pines November Sold Listings
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Ocean Pines Sold Listing Volume
Ocean City
The average sold price for the Ocean City
market in 2013 was $297,000, representing a
3% price increase over the 2012 average sold
price of $288,000. This is a positive sign and
in line with typical appreciation rates. This is
also encouraging in that several months of this
years market were overwhelmed by sales in
the lower price brackets, which can artificially
pull these values down.
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Ocean City Sold Listing Prices
Avg. Price
Med. Price
Ocean Pines
The average price of sold listings in Ocean
Pines during 2013 was $240,000, representing
a 2% decrease from the 2012 value of
$246,000. The median values were identical.
Part of this is attributed to the fact that there
were less waterfront listings available in Ocean
Pines this year and subsequently less
waterfront sales, which had an impact on this
value.
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Ocean Pines Sold Listing Prices
Avg. Price
Med. Price
Sold Listing Prices
Sold Listing Volume
Direct: 443-614-9179

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Ocean City Sold Price/Sq. Ft. Ocean City
The average sold price per square foot for the
year in Ocean City was $257, which represents
a 9% price increase over the 2012 value of
$236. Sold price per square foot is the best
indicator of value for real estate and this is a
clear sign that prices are on the rise, even with
a bad December factored in.
Ocean Pines
The average sold price per square foot in
Ocean Pines for 2013 was $137, which was
down by 4% from the 2012 value of $143. This
value was up through October and then we
had a couple of months dominated by the sale
of older, lower priced properties that ultimately
pulled the value down. I would look for it to
rebound in the first part of 2014 as a better mix
of property types sells.
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Ocean Pines Sold Price/Sq. Ft.
Ocean City
The average absorption rate for the year in
Ocean City was 13 months, which is a 4 month
improvement over 2012s average value of 17
months. This is another positive sign and a
trend that will continue with a decreasing
inventory and a steady sales pace.
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Ocean City Absorption Rates
Ocean Pines
The average absorption rate for 2013 in Ocean
Pines was 7 months, representing a 1 month
improvement over the 2012 average value of 8
months. Considering the overall size of the
Ocean Pines market this is good improvement
and a positive sign. As with Ocean City this
trend will continue due to good Buyer activity in
the market and a dwindling inventory.
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Ocean Pines Absorption Rates
Absorption Rates
Sold Price/Sq. Ft.
Direct: 443-614-9179

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80%
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Ocean City Sold to List Price Ratio
Ocean City
On average Ocean City property sold at 94%
of the listing price in 2013, which is a 1 point
improvement over the 2012 value of 93%. This
improvement is the result of the fact that
inventory is decreasing and competition is
increasing amongst Buyers for the more
attractive listings in several segments of the
Ocean City real estate market.
Ocean Pines
Ocean Pines property sold at 95% of the listing
price in 2013, representing a 1% improvement
over the 2012 value of 94%. As with Ocean
City inventory is this in several segments of the
Ocean Pines market and when good listings hit
the market savvy Buyers are jumping on them
quickly.
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80%
82%
84%
86%
88%
90%
92%
94%
96%
98%
100%
D
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Ocean Pines Sold to List Price Ratio
Ocean City
Property that sold in Ocean City during
November averaged 141 days on the market,
bringing the average for the year to 138 days.
This value has improved considerably over the
past few years for the same reasons
mentioned above.
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Ocean City Avg. Days on Market
Ocean Pines
Property that sold in Ocean Pines during 2013
averaged 134 days on the market,
representing an 11% improvement over the
2012 value of 151 days. Another positive
indicator and the result of well priced listings in
good condition selling quickly.
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Ocean Pines Avg. Days on Market
Average Days on Market
Sold to List Price Ratios
Direct: 443-614-9179

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Ocean City Under Contract Listing Volume
Ocean City
A total of 1021 properties went under contract
in Ocean City during 2013, which was down by
8% from the 1113 properties that went under
contract in 2012. It is worth noting that the
same number of properties got to settlement in
each year, which is largely the result of easing
mortgage requirements.

View Ocean City Properties Under Contract
Ocean Pines
A total of 316 properties went under contract in
Ocean Pines during 2013, representing a 14%
increase in activity over the 277 properties that
went pending in 2012. This is a respectable
increase in activity and a trend that will
continue now that the Ocean Pines market has
turned the corner.

View Ocean Pines Properties Under Contract
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1
7

3
5

3
1

2
3

3
0

3
4

2
7

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

0
5
10
15
20
25
30
35
40
45
50
D
10
11
12
13
Ocean Pines Under Contract Listing Volume
Ocean City
The average price of properties that went
under contract in Ocean City during 2013 was
$306,000, which was down slightly from the
2012 value of $311,000. The median value of
$263,000 remained unchanged. This is
encouraging as Ocean City saw a lot of
properties in the lower price brackets sell this
year with a considerable decrease in higher
end listings going under contract due to a lack
of inventory.
3
7
5

3
2
7

3
1
4

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

100
150
200
250
300
350
400
450
500
550
600
D
10
11
12
13
Ocean City Under Contract Listing Prices
Ocean Pines
The average price of properties that went
under contract in Ocean Pines during 2013
was $248,000, which was up slightly from the
2012 value of $246,000. The median value of
$217,000 remained unchanged. Another good
sign of market stabilization, especially
considering December is factored in and was a
bad month.
3
2
3

3
6
9

2
5
3
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

100
150
200
250
300
350
400
D
10
11
12
13
Ocean Pines Under Contract Listing Prices
Under Contract Listing Prices
Under Contract Listing Volume
Direct: 443-614-9179

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7
5

1
3
7
1
7
0

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

0
50
100
150
200
250
300
D
10
11
12
13
Ocean City New Listing Volume
Ocean City
A total of 1632 new properties were listed in
Ocean City during 2013, representing a 3%
increase over the 1589 properties that were
listed in 2012. This is a good thing as
inventory has gotten thin in some segments of
the market and hopefully this trend will
continue.

View Ocean Citys New Listings
Ocean Pines
A total of 436 new properties were listed in
Ocean Pines during 2013, which is a 22%
increase over the 359 new properties that were
listed in 2012. As with Ocean City this isnt a
bad thing as the inventory levels were low at
the beginning of the year and the market
needed the new listings.

View Ocean Pines New Listings
1
6
2
1

3
7

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

0
10
20
30
40
50
60
70
80
D
10
11
12
13
Ocean Pines New Listing Volume
Ocean City
The average price of new listings in Ocean City
during 2013 was $337,000 and the median
value came in at $277,000. Both prices
represent a 2% increase over the 2012 values
of $329,000 and $271,000 respectively. These
values are inline with the 2013 appreciation
rate and yet another solid indicator of market
stability.
3
5
9

3
4
1

3
7
4

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

100
150
200
250
300
350
400
450
500
550
600
D
10
11
12
13
Ocean City New Listing Prices
Ocean Pines
The average price of new listings in Ocean
Pines during 2013 was $300,000 and the
median value was $244,000. The average
value was unchanged from 2013 and the
median value was down by 2%. Considering
that December was a horrible month due to a
handful of bad listings, this is another indicator
that the Ocean Pines market has stabilized and
is trending up in several segments.
2
9
3

2
6
4

2
9
1

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

100
200
300
400
500
D
10
11
12
13
Ocean Pines New Listing Prices
New Listing Prices
New Listing Volume
Direct: 443-614-9179

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Ocean City MD Real Estate Market Report - Jan. 2014

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