The Ocean City MD real estate market is hot. Often properties are going under contract in a blink of an eye. If your're considering buying a condo or home in Ocean City, MD, you'll want to stay ahead of the market and be aware of market changes. In this September 2017 video market update, I'll share trends for the Ocean City MD real estate market for August 2017.
[August 2017 Market Update]
Residential Real Estate in Ocean City, MD
Let's take a look at residential real estate active in Ocean City, MD.
Active Inventory
During the month of August the number of active listings was down ↓ 20% from 2016 and down ↓ 2% percent from the month of July. With less inventory buyers who waited to buy may have a smaller selection to choose from.
As you can see from the market watch video below, the median listing price in the Ocean City MD real estate market was just under $320,000.
Days on Market
The average number of days that proeprties spent on the market before being sold decreased ↓ 27%. This higher number of days may signal a postive in the local inventory turnover rate.
Median Sales Price
The median sale price was just under $260,000.
Home Sales
The number of properties sold increased ↑ 10% compared to 2016 and decreased ↓ 2% compared to August 2017. The higher year over year figures indicate that more buyers have been finding what they're looking for when searching Ocean City MD Real Estate for Sale.
Interested in reviewing more trends for the Ocean City, MD real estate market? Read all of my market updates here.
Market Watch Video Update
Ocean City, MD Real Estate Market [August 2017]
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