Active Listing Volume: View Ocean City Active Listings

Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A.
Bobenko, Realtor Direct: 443-614-9179 Email: remaxnick@gmail.com
www.oceancitypro.com
Active Listing Volume

Ocean City There are currently 1393 properties on the market in Ocean City, which is down from 1420 last month and 1574 in January of last year. This represents 2% and 11% decreases respectively. Simply put , the good listings are selling and the overpriced properties sit until they get priced in the market. We are actually starting to see some competition for the better listings. View Ocean City Active Listings Ocean City Active Listing Volume
2029 2071 2072 2003 2024 1979 1952 1916 1913
2500 2000 1500 1000 500 0
2105
1886
1863
1836
1850
1885
1825
1834
1820
1825
1775
1770
1731
1717
1658
1606
1604 1604
1574
1590
1565
1545
1521
1508
1493
1451 214
1420 189
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 N D J 09 10 11 12
Ocean Pines There are currently 172 properties on the market in Ocean Pines, which is down from 189 last month and 225 this time last year, representing 9% and 24% decreases respectively. This is a trend that appears will continue as the sales pace is keeping up with the amount of new inventory that is coming on the market. View Ocean Pines Active Listings
Ocean Pines Active Listing Volume

329 337 328 327 319 328 329
400
310
299
280
286
295
277
273
278
269
350 300 250 200 150 100 50 0
304
314
265
264
259
258
268
252
251
252
254
256
238
240
246
225
224
232
Active Listing Prices

Ocean City The current average and median active listing prices are $366,000 and $295,000 respectively. These are down slightly from the 2010 average price of $383,00 and the $304,000 median price. We typically see a drop coming out of the Winter as Sellers need to reduce their prices in order to get activity during the winter months, which is our slowest time of the year. Outside of that the median has held for some time now. Ocean City Active Listing Prices
550 500 450 400 350 300 250 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 N D J 09 10 11 12
Avg. Price Med. Price
Ocean Pines The average listing price in the Pines is currently at $321,000 with the median coming in at $252,000. These are down slightly from the 2010 average and median list prices of $326,000 and $265,000 respectively. Look for this value to rebound as we come out of the Winter market and activity increases.
Ocean Pines Active Listing Prices

400 350 300 250 200 150
Avg. Price
Med. Price
172
1393
Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A. Bobenko, Realtor Direct: 443-614-9179 Email: remaxnick@gmail.com
Sold Listing Volume

Ocean City 36 properties sold in January, which is on pace with the 34 that sold in January of last year. As you can see January is always a slow month nd for real estate, especially in a 2 home market. Look for the February numbers to be well above previous years as there is a lot of activity currently. There are already 12 properties under contract through the first 4 days of February. View Januarys Sold Listings Ocean City Sold Listing Volume
100
72 70 72 59 93 106 103 83 82 83 81 81 82 77 80 77
120
109 81 76
70
70
75
70
65
65
59
51
53
57
39
60 40 20 0
28
37
49
60 22 26 16
Med. Price
80
70 360 283 304

Med. Price
Ocean Pines 16 properties sold in January which is up slightly from the 13 that sold last January and up considerably from years prior. Ocean Pines st should see a strong 1 quarter as there currently 18 properties under contract and heading to settlement, which when combined with the January sales will dwarf last years numbers and we still have the rest of the month to go. View Ocean Pines January Sold Listings
Ocean Pines Sold Listing Volume

35
25 25 35
40 30
19 18
28
34
27
25
26
25
28
22
22
23
20
19
13
14
12
12
15 10 5 0
7 9
12
13
Sold Listing Prices

Ocean City
Ocean City Sold Listing Prices

423
15
20
17
16
16
18
25
22
24
Avg. Price
The average and median sold prices in Ocean City during January were $260,000 and $239,000 respectively. Half of the 36 properties that sold in January were $250,000 or less which pulls these values down. In comparison, of the 34 properties that sold in January of last year, 9 were less than $250,000 and 19 were over $300,000. It is important to look at the specifics of the market segment you are interested in.
500 450 400 350 300 250 200 150 100
401
386
384
373
368
378
364
364
361
360
363
356
353
355
379
341
345
347
329
334
326
322
337
306
305
301
288
292
309
268
280
265
Ocean Pines The average sold price in Ocean Pines for January was $293,000 and the median came in at $275,000. Excluding an abnormal spike in February, this is the highest level we have seen since late 2010. These sales represented a good mix of property types, sizes and locations, which is a great sign of what 2012 holds for the Ocean Pines real estate market.
400
306
301
301
277
292
276
271
267
254
254
246
249
250
252
245
246
253
300 250 200 150
265
242
237
243
277
231
225
224
220
213
215
211
213
208
229
234 197
294
350
317
374
Ocean Pines Sold Listing Prices
Avg. Price
260
16
36
Sold Price/Sq. Ft.

Ocean City The average sold price per square foot in January was $224. As with the average and median sold prices this drop is largely nd attributed to the time of year. Being a 2 home market we see very little activity during the holiday season. Because of this, Sellers that need to sell must adjust their prices accordingly and savvy Buyers take advantage of this when the right opportunity presents itself. Ocean City Sold Price/Sq. Ft.
400
329 324
350 300 250 200 150 100
351
312
305
304
301
303
300
301
314
288
292
281
283
276
268
268
288
266
263
267
263
261
248
248
258
233 241
248
241
263 139 8
228
225
236 142 8
125
Absorption Rates
Ocean City
The current absorption rate in Ocean City is 18 months, where it has been for sometime now. This is not a bad thing in that the sales pace is keeping up with the amount of new listings that are coming on the market. I anticipate that this will hit either 17 or 16 next month based on the amount of properties already under contract and the high level of Buyer activity that the market is currently seeing.
Ocean City Absorption Rates

50 45 40 35 30 25 20 15 10 J F M A M J J A S O N D J F M A M J 09 10 J A S O N D J F M A M J 11 J A S O N D J 12
33 33 32 31 32 32 31
29 28 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
Ocean Pines The absorption rate in Ocean Pines currently stands at 8 months. As with Ocean City I anticipate that this value will continue to drop over the coming months. There is good activity currently in Ocean Pines and the amount of new inventory coming on the market is either on pace or below previous years. Most of the mess has been cleared out of Ocean Pines and they are starting to enjoy some stabilization.
Ocean Pines Absorption Rates

30 25
19 23 21 21 24 24 22 23 20 20 17 16 15 15 16 17 18 18 19 18 17 15 15 14 13 12 13 13 13 13 13 12.5 12 11
20 15 10 5 0
122
Ocean Pines The average sold price per square foot was $162 for sold property during January in Ocean Pines. As I mentioned earlier this was a good mix of property types and price points, which is an encouraging sign as it points to stabilization across various market segments.
Ocean Pines Sold Price/Sq. Ft.

250 230 210 190 170 150 130 110 90 70 50
168
171
184
168
164
162
162
165
167
218
160
161
156
158
156
152
146
145
145
146
155
141
140
141
142
139
138
138
139
128
134
138
J F M A M J J A S O N D J F M A M J 09 10
J A S O N D J F M A M J J A S O N D J 11 12
143
10
162
224
Sold to List Price Ratios

Ocean City Property in Ocean City is currently selling at 93% of the asking price at the time of contract. Most of the properties that are selling are the ones that are priced properly based on recent comparable sales. If the property is priced right then you are essentially buying the property 7% below market value, which will insulate you from any future adjustments. Remember that this is an average as all Sellers are different. Ocean City Ocean Pines sold to list price ratio is currently 95%. This ratio has improved dramatically over the past year. Its current high value is largely attributed to the fact that the overall Ocean Pines inventory has been reduced significantly. Because of this there is increased competition for the better listings, which leads to better offers and higher selling prices. Another indicator of Ocean Pines market stabilization.
1 0.98 0.96
0.94 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.94 282 305 160 158 138 190 137 121 126 138 223 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.91 0.91 0.91 0.91 0.91 0.91 0.92 0.93 0.95
Ocean City Sold to List Price Ratio
0.94 0.92
0.89 0.87 0.87 0.89
0.94
0.9 0.88 0.86 0.84 0.82 0.8

0.84 0.86
1 0.98 0.96
Ocean Pines Sold to List Price Ratio

0.96 0.95 0.95
0.9
0.94
0.94
0.94
0.93
0.93
0.93 242
0.91
0.91
0.9
0.91
0.92 0.9
0.88
0.92
0.89
0.89
0.88
0.89
0.87
0.86
0.86
0.85
0.85
0.85
0.84
0.84
0.84 0.82 0.8
Average Days on Market

Ocean City Property that sold in January averaged 241 days on the market. Keep in mind that these values do include the contract, financing and title phase, which averages around 45 days. We are seeing some improvement, especially over a couple of years ago. This value will improve as a lot of Sellers are pricing their properties realistically and the good ones are moving relatively quick. Ocean City Avg. Days on Market
500 450 400 350 300 250 200 150 100 50 0
401 394 344 381 393 326 328 308
0.84
301
0.85
0.86
297
0.86
0.87
0.88
0.88
0.9
280
283
269
262
268
243
242
250
251
296
240
225
236
219
224
213
211
205
178
184
206
219
50 0 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 N D J 09 10 11 12
47
Ocean Pines Days on market for listings that sold in January were 223. Some strange things happened in December, which jumped the value up. We are heading back down now and the increase we are seeing over where we were for much of 2011 is attributed to the time of year and being nd primarily a 2 home market.
Ocean Pines Avg. Days on Market

277 236
226
213
213
215
203
166
148
163
126
127
136
124
100
73
150
113
126
200
144
178
186
250
202
221
228
300
242
245
269
350
177
225
241
0.93
0.94
0.935
0.92
Under Contract Listing Volume

Ocean City 69 properties went under contract in January and there are already 12 properties under st contract through the 1 few days of February. These are certainly positive signs of things to come. Typically it is slow in January and we usually begin to see activity later in February. I feel that low interest rates, an improving stock market and overall consumer confidence are getting some folks off the fence. View Januarys Pending Listings Ocean Pines 14 properties went under contract in Ocean Pines during January, which as you can see is a significant increase over previous years. This is another great sign for the Ocean Pines market, which is already fairing quite well. View Januarys Pending Listings Ocean City Under Contract Listing Volume
103 92 92 104 94 84 82 94 95 92 101
120
86 79
109
111
88 79
83
79
86
100
69 63
88
73
72
71
69
71
77
80 60 40 20 0
67
57
55
57 35 31 30 34 23 27 22 30 20 380 17 19 262 310 237 334 14 379 330 339 351 310 282 281 264 266 312 242 232 242 207 243 249 326 327 9 369 253 314 47
Ocean Pines Under Contract Listing Volume

50 45 40 35 30 25 20 15 10 5 0
44
28
26
25
24
27
29
22
19
18
19
21
22
17
17
23
13
12
11
11
12
Under Contract Listing Prices

The average and median price of properties that went under contract during January in Ocean City were $334,000 and $302,000. These are up from $327,000 and $260,000 respectively in 2011. This will lead to an increase in the average and median sold prices in coming months as those values are largely a function of what types and size properties that sell in any given month.
600 550 500 450 400 350 300 250 200 150 100
537 557
Ocean City
Ocean City Under Contract Listing Prices

494 472 454 459 421 440 413 404 406 418
402
15
395
381
382
377
396
373
357
350
363
Ocean Pines The average price of properties that went under contract in Ocean Pines during January was $237,000 and the median came in at $219,000. With a better mix of property types selling and eliminating the extremes, the median value is recovering. All of these pricing graphs will be dictated by the amount of waterfront property that transacts during any month, as it has the biggest impact on the values.
Ocean Pines Under Contract Listing Prices

345
400
315 312 316 306 298 298
340
279
291
350 300 250 200 150 100
306
307
266
266
255
252
249
252
239
234
249
233
257
276
323
375
16
69
New Listing Volume

Ocean City 151 new listings came on the market in January, which is up slightly from last year. This is typical as Sellers put their properties on the market in anticipation of the upcoming season. For Buyers this is a prime time as there is a good inventory without competition from other Buyers that are after the better deals. View Januarys New Ocean City Listings Ocean Pines 26 new properties hit the Ocean Pines real estate market in January. This is on pace with previous years and a good thing because the market needs it. The inventory gets picked over for the better listings and leaves the overpriced and undesirable properties. New listings provide better options, however the best of the bunch do move quick. View Januarys New Ocean Pines Listings Ocean City New Listing Volume
300
227 221 192 267 215 235 208
195
188
250 200 150 100 50 0
156
193 160
185
183
182
174
171
178
166
163
165
170
151
156
151
147
146
137
136
121
126
142
75
94 52 57 46 37 37 40 33 35 67 21 22 18 341 218 388 381 387 388 374 372 341 350 354 377 13 305 288 335 291 283 325 319 264 291 314 355 264 358 370 26
Ocean Pines New Listing Volume

80
59
70
49 48
49
45
44
43
36
36
37
50 40 30 20 10 0
42
43
42
46
60
53
55
35
29
33
24
28
23
24
J F M A J J J A S O N D J F M A J J J A S O N D J F M A M J J A S O N D J 09 10 11 12
New Listing Prices

Ocean City The average and median new listing prices in Ocean City for January were $325,000 and $285,000 respectively. We are starting to rebound after a few months of declines, largely because folks that need to sell in the Winter must have competitive prices in order to sell as there is very limited activity and serious Buyers during those months. Ocean City New Listing Prices
600 550 500 450 400 350 300 250 200 150 100
453 442 468 441 501 423 410 413
392
398
400
383
387
374
379
362
365
362
369
356
Ocean Pines The average and median new listing prices in Ocean Pines during January were $335,000 and $255,000. These represent significant increases over the January 2011 values of $264,000 and $225,000. Part of this is attributed to the fact that a lot of the lower end older homes have been cleared from the inventory. Some nice waterfront home listings coming on the market has also helped.
375
365
345
352
329
332
333
319
315
315
307
324
400 350 300 250 200 150 100 50
344
345
369
450
397
Ocean Pines New Listing Prices

304 305 303 288 293
277
337
267
345
349
229
359
16
151

Active Listing Volume: View Ocean City Active Listings

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Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A.

Bobenko, Realtor Direct: 443-614-9179 Email: remaxnick@gmail.com

Active Listing Volume

2500 2000 1500 1000 500 0

Ocean Pines Active Listing Volume

350 300 250 200 150 100 50 0

Active Listing Prices

Ocean Pines Active Listing Prices

Sold Listing Volume

70 360 283 304

Ocean Pines Sold Listing Volume

Sold Listing Prices

Ocean City Sold Listing Prices

500 450 400 350 300 250 200 150 100

300 250 200 150

Ocean Pines Sold Listing Prices

Sold Price/Sq. Ft.

350 300 250 200 150 100

Ocean City Absorption Rates

Ocean Pines Absorption Rates

Ocean Pines Sold Price/Sq. Ft.

Sold to List Price Ratios

Ocean City Sold to List Price Ratio

0.9 0.88 0.86 0.84 0.82 0.8

Ocean Pines Sold to List Price Ratio

0.84 0.82 0.8

Average Days on Market

Ocean Pines Avg. Days on Market

Under Contract Listing Volume

Ocean Pines Under Contract Listing Volume

Under Contract Listing Prices

Ocean City Under Contract Listing Prices

Ocean Pines Under Contract Listing Prices

350 300 250 200 150 100

New Listing Volume

250 200 150 100 50 0

Ocean Pines New Listing Volume

New Listing Prices

400 350 300 250 200 150 100 50

Ocean Pines New Listing Prices

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