The Ocean City MD real estate market is hot. Often properties are going under contract in a blink of an eye. In this July 2017 video market update, I'll share market trends for Ocean City MD real estate market in July 2017.
[July 2017 Market Update]
Residential Real Estate in Ocean City, MD
Let's take a look at active residential real estate in Ocean City, MD.
Active Inventory
During the month of July the number of active listings was down ↓ 21% from 2016 and down ↓ 2% percent from the month of June. With less inventory buyers who waited to buy may have a smaller selection to choose from.
Median Listing Price
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 $310,000.
Days on Market
The average number of days that proeprties spent on the market before being sold decreased ↓ 31%. 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 decreased ↓ 2% compared to 2016 and decreased ↓ 6% compared to August 2017. The lower year over year figures indicate that more buyers may be able to negotiate better terms when buying 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 [July 2017]
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