(June 5, 2020) Demand has been very strong in the Ocean City market over the past month due to both being in our spring market (although somewhat postponed due to covid-19) and historically low interest rates.
With some easing of quarantine restrictions, the Ocean City real estate market is seeing a huge jump in properties going under contract, with pending properties outpacing new listings week over week.
Over the past seven days in Ocean City, we have had 34 listings come on the market, but 67 have gone under contract. And, this has been the trend for nearly the past month.
Currently, we have 474 residential properties for sale in Ocean City.
Over the past 12 months, there have been 1,430 sales, which means we have a 25 percent absorption rate.
In February, we were at a 20 percent absorption rate, so the inventory is getting tighter.
Economists and experts in the field of real estate say that anything over 20 percent is an indicator of a seller’s market, and anything under 20 percent leans more toward a buyer’s market.
These figures also represent a monthly inventory supply of four months, also a key indicator that we are in a seller’s market. In February, we had a 4.9 month supply.
In the 21811 zip code that encompasses Berlin and Ocean Pines, there are only 173 current active listings, and even more remarkable is that there are 108 properties currently under contract. And, in the past 30 days there have been 44 sold properties in the 21811 zip code.
– Lauren Bunting is a licensed Associate Broker with Atlantic Shores Sotheby’s International Realty in Ocean City.