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.
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.
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..