Ocean City, Md. View of Condos

The Ocean City condo market is improving as reported by the Coastal Association of REALTORS Multiple Listing Service. New contracts written were up 33% in June 2009 as compared to June 2008. The year date figures reflect an overall increase of 9%.

Properties that settled or closed in June 2009 were up 19.2% as compared to the same time last year.  We are noticing a definite increase in overall traffic and sales activity. I will continue to follow and report these trends to you.

The “Housing Report” also breaks down the inventory trends, and the market by price ranges.

There are currently 1,550 resale and new homes in Ocean City, Maryland as reported by Trulia, including 18 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. That represents only slightly higher then 1% of the inventory. As compared to many areas of the country that is extremely low. Nationwide, foreclosures were up 57% from March 2007 to March 2008, and that trend has continued.

Our overall inventory has been leveling off since the beginning of 2009, which can be signaling that we are beginning to see that light at the end of the tunnel here at the beach. This would not only be good news for the housing sector, but our economy as a whole.

The average listing price for homes for sale in Ocean City MD was $470,356 for the week ending Jul 08, 2009, which represents a decrease of 1.4%, or $6,523, compared to the prior week.