Choosing the right timing for buying or selling a house is one of the determining factors of a deal’s success (for you, of course). By buying property randomly, you increase the risk of paying up to 50% more than you would have if the deal was closed a couple months later.
When talking about Ocean City, Maryland, property there is in demand due to the location of the city. Having a house in a location with access to the ocean is a huge advantage, no matter if you’re going to live there yourself or rent to visitors.
To make the research easier for you, we’ve gathered some data on the summer real estate market overview for the location. You’ll see the current prices and compare them to the ones in 2020. After the main data, we’ll share some recommendations on closing a successful deal with the help of professionals in the real estate industry.
Ocean City, Maryland Real Estate Market Overview
Before considering selling or buying property, a market overview is a must-read. This is especially important nowadays when the world is trying to get out of the COVID-19 trap and come back to normal lives.
Markets are trying as well, which causes fluctuations and dramatic changes compared to the year 2020.
The Number of Listings and Their Prices
At the moment, there are about 135 property listings available in the city. Last year was much more fruitful. In the summer of 2020, the number was 69% higher. There’s still a lot to choose from, of course, as the houses and condos are in different locations and have various sizes and amenities.
Homes for Sale in Ocean City MD here
As to the prices, the median price of real estate is $575,000, with the average number of about $648,000. If you look at the annual data, the average cost is $647,000, which is much more expensive than last year.
In 2020, the prices were 57% lower.
How Many Days the Property Is on Market
The average annual term for a property on the market is a little more than a month - 37 days. In June, though, the time decreased to only 3 weeks! This means people are getting back on their feet a little bit, which is good news.
Absorption Rate and Prices for 1 Sq. Ft of Property Already Sold in Ocean City
Back in 2020, the absorption rate was 4-5 months. This year, the situation is much better. The rate is roughly a month, sometimes less.
The June price for a square foot of property was $377, while the sold price was $341. According to these metrics, there’s a 28% improvement from last year.
The sellers aren’t bargaining. On average, people have bought houses for 99%-100% of the listing price.
Sold Listings and the Respective Pricing
In June only, 149 houses were bought in the city, which adds to the other months and comprises 1,008 purchased property listings in 2021. 2020 has seen a much lower sales rate - 55% less than the number of this year.
As to the pricing, the median deal was $368,000, while the average final deal price was only $30,000 bigger. The year 2021 sees an increase of 28% of an average annual price compared to 2020.
$387,000 is the average annual sold house price in 2021.
Contract Listing Info: Number of Options and Pricing
In June, there were 138 real estate contracts signed, adding to the total of 1,022 for the year 2021. Again, we can see an improvement compared to last year. There’s an increase of 26%.
As to the prices, the contract ones in June were $493,000 on average, with the median number being $90,000 less.
New Listing Data: Number of Options and Their Pricing
There are 130 new options listed for sale in Ocean City, Maryland, in June. The whole number for 2021 is 972, which is an improvement. In 2020, the number was 37% lower. The prices are going up a little bit since it’s summer.
The average cost is $540,000. The median one seems to be more affordable - $425,000. The annual average isn’t much higher, $444,000, which shows a ¼ of an increase compared to the year 2020.
Recommendations on Making a Successful Real Estate Deal in Ocean City, Maryland
The best recommendation is to turn to a professional when considering buying property in Ocean City, Maryland. You have all the chances to get the best house with a magnificent view and no need for redecoration. All that and more for a reasonable price tag.
The thing is that the real estate market is fluctuating, especially in recent years due to the pandemic, quarantine, etc. You can still get the best deals if you use:
- High-quality listing services.
Only use reliable websites that have detailed information about every option, pictures, and sufficient information. They should also have customer support that can help you with all potential queries.
- Real estate agent services.
Seeing a decent range of houses isn’t enough to make the best purchase of your life. You may need advice from a real estate agent. A specialist can find an excellent listing option, choosing the location, neighborhood, and price that would satisfy your needs and budget.
- Market reports.
Of course, trusting a professional is very important, but it’s also useful to be knowledgeable yourself. Read market reports like the one above, look for the latest information, and make conclusions on whether it’s a good time to buy.
The best deal is already waiting for you. Make sure you have enough money for the down payment and get inspired by looking at some of the best houses in the area. It’s a very beautiful city that will definitely win your heart.
No matter if you’re from Maryland or another state, make sure to cooperate with a real estate agent. They know every peculiarity of the local market when the prices are the lowest, and what neighborhoods are better for your request.
Trust a professional!
Ocean City MD Real Estate Here