The Long & Foster Market Minute

Focus On: Ocean City Housing Market March 2021

Zip Code(s): 8226
Units Sold
89
Active Inventory
287
Median Sale Price
$629,900
Days On Market
45
Down -6%
Vs. Year Ago
Down -41%
Vs. Year Ago
Up 15%
Vs. Year Ago
Down -46%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 89 sold this month in Ocean City Real Estate versus 71 last month, an increase of 25%. This month's total units sold was lower than at this time last year, a decrease of 6% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 198 units or 41%. The total number of active inventory this March was 287 compared to 485 in March 2020. This month's total of 287 is higher than the previous month's total supply of available inventory of 272, an increase of 6%.

Median Sale Price
Last March, the median sale price for Ocean City Homes was $549,900. This March, the median sale price was $629,900, an increase of 15% or $80,000 compared to last year. The current median sold price is 4% lower than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
152
Current Contracts
105
Sold Vs. List Price
97.5%
Months of Supply
3.2
Up 69%
Vs. Year Ago
Up 78%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -37%
Vs. Year Ago

Months of Supply
In March, there was 3.2 months of supply available in Ocean City, compared to 5.1 in March 2020. That is a decrease of 37% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 152 homes newly listed for sale in Ocean City compared to 90 in March 2020, an increase of 69%. There were 105 current contracts pending sale this March compared to 59 a year ago. The number of current contracts is 78% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Ocean City was 97.5% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 45, lower than the average last year, which was 83, a decrease of 46%.

The Long & Foster Market Minute Ocean City are defined as properties listed in zip code/s 8226.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by SJSMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of SJSMLS or Long & Foster Real Estate, Inc.