Mortgage & Financing, Vacation/Investment Property
The Ocean City Resort Market Is Hanging In There
July 13, 2009 by Monica McNamara · Leave a Comment
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.
