(Sept. 4, 2020) At the beginning of the summer, we reported that demand has been very strong in the Ocean City market and surrounding areas since the end of April.
Demand in the Ocean City area has remained robust. We are experiencing increased buyer demand, historically low interest rates and a real estate market with very little inventory—making for a true sellers’ market.
Pending or Under Contract properties have been outpacing new listings week over week since late April.
Over the past seven days in Worcester County, we have had 38 new listings come on the market, but 88 have gone under contract, more than a 2-to-1 ratio of new listing inventory being outpaced by properties going under contract.
Currently we have 311 residential properties for sale in Ocean City. Back in the beginning of June, we had 474 residential properties.
Inventory is down to around a two-month supply, much lower than the standard of six months of supply. And, in Ocean City, which is mainly a second-home destination, the typical supply is nine months of inventory.
Maryland Realtors July figures show that the months of inventory state-wide is sitting at 1.6, whereas in 2019 they were 3.5.
In the 21811 zip code that encompasses Berlin and Ocean Pines, there are only 102 current active listings, whereas back in June’s report there were 173. And, at the current time there are 151 properties currently under contract in the 21811 zip code and 317 under contract in the 21842 zip code.
Over the past 90 days, there have been 250 sold properties in the 21811 zip code and 612 sold properties in the 21842 zip code.
– Lauren Bunting is a licensed Associate Broker with Atlantic Shores Sotheby’s International Realty in Ocean City.