June Market Report

Here are the latest housing and real estate statistics for Ocean City for April . Feel free to to download, print, or view in the larger size. We’ll be adding these reports once a month so please feel free to subscribe to this page to have them delivered into your inbox!

We’re seeing some positive changes in the market. Specifically the days total that homes are on the market is shorter, and the average home sold price is going up. The inventory is lower than this time last year..so you know what that means?  We are possibly at the beginning stages of seeing some stabilization.

Ocean City Real Estate-April Market Report

Here are the latest housing and real estate statistics for Ocean City for March. Feel free to to download, print, or view in the larger size. We’ll be adding these reports once a month so please feel free to subscribe to this page to have them delivered into your inbox!

March Market Stats-Ocean City

The median sales price for homes in Ocean City MD for Sep 09 to Nov 09 was $335,000. This represents an increase of 24.1%, or $65,000, compared to the prior quarter and an increase of 20.4% compared to the prior year.

The average listing price for Ocean City homes for sale was $430,969 for the week ending Jan 20, which represents a decline of 1.9%, or $8,450, compared to the prior week and a decline of 2.5%, or $11,016, compared to the week ending Dec 30.

According to the National Association of REALTORS (NAR), we have seen pending home sales rise for the ninth month in a row now.  The Pending Home Sale Index is an indicator that looks forward based upon properties that were put under contract (or pending) the month previously. In this case it would be for October 2009 that they are reporting on.

For those number crunchers out there, the Index increased 3.7% to 114.1 up from 110 in September, and it is 31.8% above October 2008 when it was 86.6.  The rise from October 2008 to now is the biggest annual increase ever recorded for the Index.  The Pending Home Sale Index is at the highest level it has been since March 2006 when it was 115.2.

According to Lawrence Yun, the chief economist for NAR, home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year”.  He sites that the first time home buyers tax credit is probably helping to unleash pent-up demand.  Whether this will continue remains to be seen.  Many factors contribute to the health of the housing market.

In Ocean City, we do not have as many first time home buyers, but we have seen the positive trickle down effect as a result of the overall stimulation in the real estate market.

Many buyers that have delayed purchasing their second homes and/or investment property have come back. Competitive prices and low interest rates have aroused the interest of the savvy real estate purchaser. They are some great deals out there and people are starting to realize it.  We will more then likely slow down over the Holiday, but our spring market, (which begins around President’s weekend in February) should see increased activity.

Coldwell Banker Real Estate and McNamara & Associates continue to lead the way in innovative business ideas and techniques.

Leadrouter continues to be an important, robust source of business for me as an agent. A prospective buyer can go on line, view a property they are interested in, and then request additional information. We will receive a Leadrouter call instantaneously on our cell phone that someone made an inquiry and immediately get right back in touch with that buyer prospect.

My company received almost 2500 leads in September, per the graph below- that is a lot of opportunities!

Referrals Placed – our company referrals placed are up substantially over last year.  This is e-agent business!

In September, we had a nice increase in New Contracts.

All of this indicates, as we know, that buyers and sellers are shopping on line and that this business is becoming more and more active and substantial.

When I take a listing it is disseminated to over 400 different web sites. The power of that is incredible. My seller’s property is seen by millions, exposure unparalleled to any other, to advertise their property.

We work with the best, and we always deliver the best possible service to our buyer and seller customer and clients.

Mid Atlantic Internet Sales – September 2009

Ocean City, Md Real Estate Sales Statisics

The median sales price for homes in Ocean City MD for Jul 09 to Sep 09 was $169,000. This represents a decline of 46.1%, or $144,750, compared to the prior quarter and a decrease of 41.7% compared to the prior year. Sales prices have depreciated 49.7% over the last 5 years in Ocean City.

The average listing price for Ocean City homes for sale on Trulia was $445,722 for the week ending Sep 30, which represents a decline of 0.6%, or $2,577, compared to the prior week and a decline of 1.9%, or $8,458, compared to the week ending Sep 09. Average price per square foot for Ocean City MD was $200, a decrease of 11.9% compared to the same period last year.

Average List Price for Ocean City, Md. Properties

Number of properties for sale in Ocean City, Md.

Interest rates…everybody wants to know where they are headed. Here’s what’s coming out this week that will definitely have an impact.

The Fed’s Beige Book – officially known as the Survey on Current Economic Conditions will be reported on Wednesday. It shows info from banks, interviews with business contacts, economists, market experts, and other sources. The Beige Book is thought by some to be looking in the rearview mirror too much, but it can serve as a future indicator of the Fed’s policy decisions.

This Thursday, the Initial Jobless Claims report will be released. Last week, the number filing for jobless benefits fell, even though it was still higher then previous estimates. Markets will be watching to see if this report hits expectations of approximately 556,000 new claims.

Also on Thursday, the Balance of Trade for July will be reported. The expectations are that the trade deficit will come in the same as the previous month when it widened to $27 Billion. A negative balance of trade (deficit) occurs when imports surpass exports. The United States trade balance has been in a deficit since the mid 1970’s.

Lastly, on Friday, the Preliminary Consumer Sentiment Index will come out. This is a survey conducted by the University of Michigan and measures consumer attitudes regarding the present and future economic conditions.

The biggest factor this week is treasury auctions as the release and sale of Government Bonds can affect Mortgage Bonds, which can alter our interest rates. It’s good to keep your eye on Treasuries and stocks this week as an excellent indicator of what rates will do.

As always, many thanks to Paul Soule, a Senior Mortgage Advisor with Coldwell Banker Home Loans.

Homebuyers are back! After a cold spell through fall, winter and spring,  buyers are acting on the positives of lower prices, lower interest rates and higher tax credits. The result?  An increase in sales of existing homes/condominiums for the last two months.  Savvy sellers who are positioning their prices for the market are the beneficiaries as they go to closing and move onto their next property.  Meanwhile, sellers who are holding on to yesteryear price tags are the ones now out in the cold.

Ocean City Residential Market Report

Check out the graph of market conditions in Worcester County, which includes Ocean City, Maryland. You’ll see that our overall inventory has been decreasing as the buying signs are appearing.

You will hear national statistics about what is happening in real estate, but if you are a buyer, seller or a market watcher, remember all real estate is very localized. You have to evaluate each market separately.

As your local Ocean City real estate market expert, I can assist you or anyone you know in analyzing the market and more importantly, provide understanding and insight to guide a buyer or seller to fulfill their real estate needs.