4 Bedrooms ~ 2 Bathrooms
1,324 sq ft
3 Bedrooms ~ 3 Bathrooms
1,850 sq ft
One Unit Per Floor <> Three Unit Building
3 Bedrooms ~ 2 Bathrooms
1,220 sq ft
- Closed Sales
- New Listings
- Average Sale Price
- Median Days on Market
Ocean City is the East Coast’s favorite resort area. Like most vacation destinations, the real estate market experiences seasons of higher activity. According to the National Association of Realtors (NAR) vacation home sales are at an all-time high across the country as “baby boomers” are looking ahead and preparing for retirement. In addition to the national market trends, Ocean City’s individual personality seems to be bringing in the buyers in droves. Local events like the White Marlin Open and Bike Week expose the area to specific demographics of potential buyers.
As a result, Ocean City is in the midst of a very busy selling season, made evident by the vast number of closings outlined in the adjacent chart. Most closings take place from late spring into early summer. Units show the best in those times and buyers are hoping to close and make use of the numerous amenities the shore has to offer. Early fall also offers a slight increase in closed sales as visitors are still enchanted with the area after their vacations and are compelled to purchase a home or condo for their very own.
The national average for the number of new listings in the United States has decreased by almost 5% since 2015. The reason why is unknown, particularly in light of the increases in property values recently. We are in the midst of a sellers market.
Ocean City has seen a 16% decrease in new listings since 2015 (the current total is approximately 1010 active listings). That decrease is almost three times that of the national average. Buyers who purchase vacation homes in our resort area are holding onto them.
Average Sale Price
Over the past several years, the county has seen a steady climb in housing rates. Nationally, we experienced a small rise in property value in the end of 2015. In light of our location and the recent trends in resort area sales, this was good news for local property owners.
From 2014 to today, average sale prices have been in line with the national average, if not slightly higher. Properties are slowly appreciating in value – growing by approximately 10% over the past two years (July 2014 to July 2016). Some analysts predict this will not be a sustainable increase through 2017, and expect homes to become more “affordable” by the end of 2017.
|Month||Average Sold Price|
Median Days On Market
In comparison to the national average, the median age of a listing in our area is twice as old. This is due to multiple factors like the available year-round jobs for people looking for a primary residence. Resort areas, Ocean City in particular, typically have a higher sale price which may prolong the listing’s life while waiting for that right buyer.
When selling a home, the information provided in the chart to the right, as well as the data from the closed sales table should indicate that a home on the market for more than 120 days – compared to the national average of 70 days - still has the potential to bring in a buyer and earn a fair listing price. Also, as the demand for vacation homes increases (during the year as we enter and exit selling seasons or due to a national increase) the life of a listing will also become shorter.
|Month||Days on Market|
What Our Clients Say
Mark Fritschle first began selling real estate in Ocean City, Maryland in 1975, establishing Condominium Realty LTD., just a few years later in 1977. Today, The Mark Fritschle Group at Condominium Realty LTD., is still a family owned and locally operated business, with Lora and Grant Fritschle actively involved in its daily operations.
Officially ranked as the resort area's top Real Estate company (by transactional volume), Condominium Realty LTD., boasts 75 of the area's top real estate agents who specialize in all aspects of real estate. Whether you wish to purchase a beach property, sell your resort home, participate in a 1031 like-kind exchange, or upgrade your vacation home to accommodate an expanding family, we have the tools and services to help you successfully and expeditiously reach your goals. We commit our full resources to each and every project we undertake, and we take the time to formulate a strategy that is right for you. Contact our office or one of our experts today.