(July 31, 2020) The covid-19 crisis may be hammering retail and restaurants, but resort area Realtors are experiencing an even higher demand for housing in a market with a quickly dwindling number of listings.
The Coastal Association of Realtors reported 204 closed sales in the 21842-zip code for June, which is a 164.9 percent increase from the previous month and a 61.9 percent increase from June 2019.
Joseph Wilson, the broker at Coastal Life Realty Group and president of the Coastal Association of Realtors, said he has seen a great interest from out-of-state buyers during the covid-19 pandemic.
“We usually deal with people from out of state, but yes, we’ve seen definitely an uptick in the number of people that want to move to this area or purchase a second home,” Wilson said.
Wilson believes the ability to work remotely is directly correlated to the high demand in the local market.
“For example, I had a client that worked in Manhattan and now everyone in his company is working from home, so he took advantage of that opportunity and decided to purchase a place here in Ocean City and live here full time but still working remotely,” Wilson.
Grace Masten, owner and broker of North Beach Realtors, has also been working with many clients from New York and Pennsylvania.
“Buyers are still interested in purchasing,” she said. “I am seeing multiple offers on properties that are priced correctly.”
Wilson agreed, saying the market has been competitive this summer.
“We’ve seen a lot of multiple offers situations,” Wilson said. “A lot of times, people are purchasing for over the asking price.”
The median sold price for properties in Worcester County last month was $274,900 and the median price for properties in Ocean City last month was $284,750, according to the Coastal Association of Realtors.
“The inventory is very, very slim right now,” Wilson added.
According CAR, there were only 141 new listings in Ocean City last month, which is a 5.4 percent decrease from May and a 4.7 percent decrease from June 2019.
Wilson mostly works with clients for properties in Ocean City, but said the inventory in Ocean Pines has also been slim.
“I feel like that’s another popular area as well and Berlin,” he said.
In addition, Masten, who specializes in Worcester County and Sussex County, Delaware, said both areas are in high demand.
The Coastal Realtors Association reported 285 closed sales throughout Worcester County in June for an 86.3 percent increase from May.
For more information about the local real estate market, visit coastalrealtors.org/housing-reports.