Sales volume is on track with 2015 numbers with 288 units closing in the first quarter. Closing prices were 4% higher than the average last year but price per sq.ft was a fraction lower at $224.54. On average, there was just over a 5% concession made by sellers from the final listing price of properties.
Prices of oceanfront units decreased by 7% on average but on a per sq.ft basis that decrease was just 3%. 50 units sold for an average price of almost $334,000. Most of these units are 2 bed and that seems about right for a unit of this size with a coveted ocean view.
Ocean View properties (units with an ocean view but not right on the ocean) showed a 16% increase in average sale price but this was mainly due to the fact that bigger units were selling. Sq. ft price was down 3% to $272.76, approximately $50/sq. ft. less than you would pay for an Oceanfront unit
Ocean Block properties (on the east side of Coastal highway but without a water view) tend are taking about 6 weeks more to sell than Oceanfronts but are ahead of the 2015 rate of sale. Price per sq.ft has increased by 3% in these units and we can foresee this continuing
On the bayside of Ocean City, Waterfront units are averaging a little over $300k but the price per sq.ft is down 4% to $230/sq.ft. which seems like a bargain for some of the spectacular views on offer. These units are also selling faster than any other sector in OC and we expect the average price to rise here.
Bayside interior units are mixed in both residential and vacation home usage. Prices have turned upwards from their lows, up 8% and even the sq.ft price has increased by 4% in the first quarter of this year. At less than $180 per sq.ft there are some good bargains out there for those that can forgo a water view.
And finally, in West Ocean City, new construction is still dragging prices upwards with a 6% rise in $/sq.ft. There are some very nice units with great views available and for the price of a 2-bed, 1000 sq.ft oceanfront property you could get a very spacious 3 bed unit with the possibility of a dock for your boat!
For more information on OC properties to buy or sell, call Steve Marriner, a member of The Carol Proctor Team at Berkshire Hathaway HomeServices on (443) 669-4464