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Ocean City MD Real Estate Market Update [May 2017]

Michael Nolen of Coldwell Banker Realty
by Michael Nolen of Coldwell Banker Realty on June 10, 2017 at 9:00 AM

The Ocean City MD real estate market is hot. Often properties are going under contract in a blink of an eye. I hope you'll use this information to make smart and informed decisions when buying real estate in Ocean City, MD. In this June 2017 video market update I'll share trends related to the Ocean City MD real estate market from May 2017.

[May 2017 Market Update]

Residential Real Estate in Ocean City MD

Let's take a look at active residential real estate in Ocean City, MD.

Beach_Access_48th_St_1800x1200.jpg

 

Active Inventory 

During the month of May the number of active listings was down  21% from 2016 and down 5% percent from the month of April 2017. 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 over $300,000.
 

Days on Market

 
The average number of days that proeprties spent on the market before being sold decreased  9%. This lower 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 increased  33% compared to 2016 and increased  28% compared to August 2017. This information shows buyers have been taking advantage of Ocean City MD Real Estate for Sale.
 
 

Market Watch Video Update

Ocean City, MD Real Estate Market [May 2017]

 

 

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Michael Nolen of Coldwell Banker Realty
Michael brings a diverse background of mortgage, loan servicing and housing experience. Michael offers his clients a variety of helpful resources, guides and services that helps make buying and selling coastal real estate in the Ocean City, Ocean Pines, and Coastal Delaware markets. Michael has over 11 years industry experience and invests and manages vacation rental properties in the Ocean City, MD area through Nolen Invest and Nolen Vacation Rentals.
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