(Jan. 8, 2021) The year 2020 in real estate ended very strong. Here’s an “at a glance” recap of some of the various market stats.
• The average sales prices varied monthly throughout the year, but June had the highest sales price average increase for Worcester county at 20 percent higher than last year, and the month of November showed sales price averages at $347,572.
• The most recently reported figure for the month of November showed months of inventory is at 1.6 months, compared to this time last year where the months of inventory average was 5.3.
• In 2019, the active inventory during November was 1,055 units; in 2020 it was 391.
• As of the first week in 2021, there are only 35 total units actively listed for sale in the MLS that are direct oceanfront.
• The luxury market posted 29 sales in 2020 over the $1 million mark. This is compared to last year where there were 15 sales over $1 million.
• The majority of the luxury homes sold in 2020 were in the town limits of Ocean City, which saw 18 of the 29 sales.
• The highest priced sale was for a bayside waterfront home in Heron Harbour at $3,300,000, and this home had been listed on and off the market since 2009.
• As of the first week in 2021, there were only four active single-family homes in Ocean Pines actively listed for sale in the MLS between the price range of $300,000-400,000.
• In 2020, there were 133 new construction units sold versus 103 in 2019.
– Lauren Bunting is a licensed Associate Broker with Atlantic Shores Sotheby’s International Realty in Ocean City.