Ocean City Property Market – 2016 Review

Ocean City Real Estate Market – 2016 Review

 

So 2016 is now in the books and its time to see how a year changed property prices in Ocean City. Did they go up, stay level or go down? Did volume increase? And which segments saw the most movement?

Well here are the answers. The first thing to note is that we did see a reasonable increase in overall sales last year, up 9% over 2015 with a total of 1333 units sold. Driven by record low interest rates and more realistic expectations from sellers, the overall market fared pretty well.

The average listing price increased by a very marginal $600 yet the sales price increased by almost $3,750. This dropped the discount that a buyer negotiates from the original listing price down to 8.6% compared to the 10%+ levels we saw a few years ago, with most properties selling for around 5% less than their final listing price.

As you can see, it still takes almost 6 months to get a property under contract and if you add the typical 6 week settlement time, its currently normal to take 7 months or so to offload a property. Almost 45% of sellers reduced their asking price at least once prior to final negotiations. These properties took on average around 300 days to sell whereas the properties that set more realistic prices at outset and received offers on their original listing prices only took 70 days on average to receive an offer that was acceptable.

Steve Marriner is a licensed Real Estate Agent based in Ocean City, Maryland working with The Carol Proctor Team “#1 at the Beach” and Berkshire Hathaway Home Services/PenFed Realty.

If you have any questions about how your property would sell or if you are looking to buy a home in the area, please call (443) 669-4464

Ocean Pines Property Market review – Jan ’16

Ocean Pines – January 2016 Review

18% more homes sold last month than in January ’15. Looking at the numbers below you will see that the average price increased by 12% and the average price per sq.ft. increased by 15%. However these numbers are a little misleading! January saw a disproportionate number of Waterfront sales with 9 properties selling versus 2 in 2015. These homes demand a premium price and skew the numbers somewhat.

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However, the fact that waterfront homes have been in such demand tends to show that Ocean Pines properties have reached their lows and buyers have found bargains.

When I stripped the waterfronts from the numbers you can see a more accurate representation of Ocean Pines price movements.

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The first thing to notice is that homes are moving much quicker with the average ‘Days on Market’ dropping to 79 days. Sellers are getting pricing right and buyers are moving quickly. Whilst the average sale price dropped to $185K, the average price per sq.ft rose by 4%, a significant increase at the beginning of the year.

Inventory is currently low with 160 units for sale. This could indicate incresed prices as we move through the year!  So if you are a buyer you need to move quickly to get what you want. And if you are a seller you may have more price negotiation than you have had for some time!

SO DID YOUR NEIGHBORS SELL? Take a look at January’s sales below..

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Ocean Pines Real Estate – 2015 Review

Ocean Pines Real Estate – 2015 Review
 
So with 2015 now history, lets take a look at how Ocean Pines property prices made out in 2015. Was it a good year for sellers or were buyers getting all the good deals.

Well the first thing of note was the significant increase in activity last year, with sales up 24% over 2014 numbers. Buyers are definitely out there and the prices seem attractive enough for them to make offers.
 

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The average sale price for Ocean Pines moved up 1.5% to Just under $244,000, but (and this is a big BUT), the average price per sq.ft fell by 1.7% to $140.26. So on average, larger properties were selling but at a slightly lower sq.ft price than in 2014.

Much of this was caused by a  big jump in the number of waterfront homes that sold in 2015.

97 Waterfront homes settled in 2015, almost 50% up on the previous year sales. It seems that buyers felt that prices had got to a level where the premium price for a waterfront home finally made total sense. Sellers that had been holding out finally dropped their listing prices to nearly 6% below 2014 levels and deals were done.

As a consequence, the average price for a waterfront property dropped below the $400k level and price per sq.ft dropped to around $182. Waterfront lots now fetch as average premium of around $58/sq.ft. on their interior counterparts

Interior properties also saw sales jump by 18%. Again, there was a move towards the bigger, and probably newer properties. When prices come down, buyers see their dollars stretching to larger, modernized units that previously might have been out of reach.
 

The average price remained pretty static compared with the 2014, creeping just above the $200K level, but $/sq.ft dropped by 2.6% to $124.

All in all it looks like sellers prices and buyers expectations are now coming into alignment and if inventory levels start to decrease, we could see prices begin to rise in 2016.

Steve Marriner is a Realtor with The Carol Proctor Team at Berkshire Hathaway Home Services/PenFed Realty in Ocean City.

If you have any questions about the local market, or need real estate services, please call (443) 669-4464

Ocean City Property Market – 2015 Review

Ocean City Property Market – A review of 2015

So the books are finally closed on 2015 and we wish you a very happy and prosperous 2016!

Overall, OC property sales improved once again, with unit sales increasing by 9.1% to 1185 homes sold, the fifth straight year of increasing volume since 2011. The average price also increased 3.5% to $277,489.
 

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However, the average price per square foot dropped slightly to $227.70 the lowest it has been for many years, so we are seeing larger properties selling first at value prices.

Time to sell is very similar to last year, taking on average just under six months from listing to contract.

Oceanfront properties increased by 1.1% but the price/sq.ft increased by 1.7%.

An average Oceanfront now fetches just over $350,000 for a 1,056 sq.ft unit.

Oceanview properties have been selling faster with the average time to close now at 5 months. Prices have dropped in the last year by 7.7% with the price per sq.ft dropping by 2.2%.
 

Ocean Block properties (those on the ocean side of Coastal Hwy but without an Ocean view) have also been in demand. The average price has increased by almost 5% but the price per sq.ft. is down 3% so buyer have been taking the larger units.
Bayside was the most sought after in 2015 with waterfront unit sales increasing by 9.3% and Bayside interior sales up 13.1%
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The average sale price of a Bayside waterfront property marginally increased from 2014 levels but the price per sq.ft. showed a 4.2% increase so demand is there.
Bayside interior properties (those with no water views) were also in good demand with volume up 13.1%. Buyers again were getting good deals on larger units and whilst average price increased the sq.ft price was down 2.2%.

Finally, West Ocean City showed significant increases in both average price and $/sq.ft. up 20.9% and 13% respectively.

Much of the 50% rise in sales volumes appears to have come from new home sales in the developments near Tanger outlets just north of Rt.50 near the bridge.

These homes are large and many have good views and boat slips with great access to the bay.  Prices are higher and so lifting the average in this segment. 

But it is a good sign for the market in general that new homes are being completed and demand for them is there.

MissingOceanCity.com is owned and operated by Steve Marriner, a Realtor affiliated with Berkshire Hathaway HomeServices in Ocean City.

Call (443) 669-4464 with questions about the OC Marketplace or any other Real Estate needs.

Ocean Pines property market – November 2015

Ocean Pines Property Market Review – November 2015

44 properties sold in Ocean Pines last month, up 22% from November ’14 and continuing the growth in sales we have seen so far this year. The average sale price was just over $290K, $41,000 more than last year. But before we all get too excited about this increase, we must take into account the disproportionate number of waterfront units that closed in November.

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18 Waterfront units closed last month, basically three times as many as Nov 2014, so this tends to skew the monthly figures somewhat. In fact the waterfront units that sold last month fetched an average$187/sq.ft., down 8% from the same month last year. However, it does seem that waterfront prices have now reached a level that is enticing buyers

Year-to-date figures also show a healthy growth in activity, with 23% more sales so far than last year.

Overall, the year-to-date numbers look like prices have consolidated at just over $140/sq/ft. Remember though that this is an average and is only really used to gauge overall activity in Ocean Pines. Waterfront homes with spectacular views will sell at a significantly higher price/sq.ft. than an older home on an interior lot. But, just like a rising tide floats all boats, increasing average prices will generally mean higher prices overall.
Steve Marriner is Realtor affilated with Coldwell Banker and serves Ocean Pines, Ocean City and the surrounding area. Call (443) 469-4464 with any questions or Real Estate needs you may have.

OC Property Market review – October 2015

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Ocean City Property – October 2015 Market Review
22% more properties sold in Ocean City last month than in October 2014. 123 units sold at an average price of$249,839, fractionally less than the average price last year. However the average price per sq.ft. showed a decline of 7% to $214.07. The biggest change is the sense of realism that we are seeing from sellers. The average prices that sellers are listing their properties for is down 14% from October ’14. In terms of listing price per sq.ft it is down by 19% (almost $60/sq.ft. lower). However the final sale prices are staying at the same level
This realism also impacts buyers. October last year shows a 20% differential between what the sellers were asking for initially and what buyers subsequently paid. Properties are now selling at an average discount to their original list price of around 10%, so buyers may have to accept that there is less wiggle room if they are to get the property that they really want.

The year through October comparison also shows this differential decreasing with the gap between Original Listing price and Sale price getting closer.

Year-on-year, sales have increased by 10% and whilst the average sales price has increased 4%, the average price per sq.ft is still fairly static around the $230 mark.

Steve Marriner is a Realtor affiliated with Coldwell Banker in Ocean City. For all your Real Estate needs call (443) 669-4464

Ocean Pines Property Market – Sept ’15 review

Ocean Pines Property Market Review – September 2015
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35 properties closed in Ocean Pines in September, 2 more than closed in the same month last year. The average sale price was $247,823 up 5% from Sep 2014 (for a list of all sales click here).

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So far in 2015 Home sales are up 24% over the same period in 2014.  And while the September sales price increase is encouraging, the average sales price is still down by 2% this year and perhaps more importantly the average price per sq.ft. is down by 4%
Waterfront properties have moved well this year, perhaps buyers are taking advantage of the low prices to gain that premium view. Sales are up 33% so far, but the closing price has dropped by 11% to $383,817.  With the price per sq.ft dropping by only 6% it appears that the smaller canal front properties have been a major mover in this area.
Sales of interior properties are up 22% year-on-year with the average price very close to $200k.  Yet the price per sq.ft is down 3% to $122.54.
It may be that we have reached the lows and the best bargains have been done with higher sales volume being maintained throughout the year. Lets see what the ramining quarter of the year holds!
Steve Marriner is a Realtor affiliated with Coldwell Banker Residential Brokerage and specializing in Ocean City and Ocean Pines properties.

Please call (443) 669-4464 with any Real Estate needs or questions about the market.

Ocean City YTD homesale numbers remain positive

OC prices remain steady
Home sales in Ocean City dropped slightly from September 2015 numbers but remain ahead for the year with 812 units sold so far, up 6% from the same period 2014.
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The Average price per sq ft is still hovering around the $240 level, a little higher than $237 average in 2014

Although they fell back a little last month, Oceanfront properties have performed best this year in terms of number of sales with 19% more units sold than in the first nine months of 2014.
Ocean View and Block units are both down from last years numbers whilst the Bayside seems to be doing pretty well with interior properties and waterfronts up 13% 1nd 8% respectively.
Steve Marriner is a Realtor afilliated with Coldwell Banker Residential Brokerage ayt 120th St in Ocean City.  For any Real Estate needs or any questions on the local market, please call (443) 669-4464

Ocean Pines – Property market review – August 2015

Ocean Pines Property Market – August 2015

33 homes sold in Ocean Pines last month, 2 more than in August 2014. The average price of the homes was $246,491, up 2.2%, with average price per sq.ft up 2.8%.








Whist this is an improvement, year-to-date prices are still down 3.4% on the corresponding period in 2014. And as a better guide, average price per sq.ft is down 5.4% over the same period.  We have seen slight improvements in Ocean City with prices rising marginally but this is yet to happen in the Pines. 
Sales however are 27% higher than than we saw to the end of August in 2014 with 256 units selling so far in 2015. 
 Waterfront property sales have increased disproportionally, with 47% more sales than in 2014, however the price/sq.ft. has also decreased by almost 8% to $181.83. 


Interior property sales increased by 23% so far this year and whilst the average price for a non-waterfront home remains the same as 2014, the price per sq.ft has declined by 4.7%. 

So prices are still at their lows without any great encouragement that 2015 will see higher average prices than 2014.  Buyers are getting some very good deals at the moment! 
Steve Marriner is a Realtor affiliated with Coldwell Banker Residential Brokerage servicing Ocean Pines and Ocean City.  For all your Real Estate needs and questions call (443) 669-4464

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OC Property Market review – August 2015

Ocean City Property Market –  August ‘ 15 results

Property sales in Ocean City were down 9% on August 2014 numbers but sales for the year so far show an increase of 11% over the same period last year.

92 units sold last month at an average price of $275,282, 16% higher than the average sale price in August 2014. However, comparing the price per sq.ft. of these sales we see that the increase, although still positive, stands at 8%.

So far this year, 784 units have sold in Ocean City, 80 more than in the same period last year and an 11% increase.

Whist the average sales price has risen 7% to $280,594, the price per sq.ft remains very similar to that of 2014, posting only a 1% gain.

Oceanfront properties have been highly sought after with over 30% more units selling so far this year than in 2014.  Bayside waterfront units have had the most sales with 212 selling so far and Ocean View and Ocean Block sales have seen a decline.  In terms of price, the bay view is becoming more appealing once again and price per sq.ft has risen over 4% in the last year

Steve Marriner is a Realtor with Coldwell Banker in Ocean City.  If you have any questions regard the OC property market, or need any real estate assistance, call on (443) 669-4464

 

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