Worcester County Sales Market Watch 2018 - Ocean City Real Estate

The following study compares 2017 and 2018 between the dates of January 1 and June 19, for each of those years. In Worcester County, the number of single family home sales declined by 20.19% between 2017 and 2018. In contrast, however, the price of the average home sold increased by 10.6%! That trend was extended to condominiums and townhouses as well. The number of condos sold in 2018 decreased by 13.9% in 2018. However the sold price was 3.7% higher than in 2017. That being said there was only a 1.66% difference in unimproved lots and land, with 60 sales in 2017 and 59 in 2018. Conversely, one more farm sold in 2018 compared to 2017. The following are some interesting statistics for our county with more specificity than previous reports (by popular request);

SINGLE FAMILY HOMES

Single Family Homes

Jan 1-June 19, 2017 416 single family homes were sold. List price The lowest list price of these homes was $23,900 (215 Laurel St. Pocomoke) Average list was $292,400 Highest list price was $2,600,000 (9 Beach Walk Mews Ocean City). Sold price The lowest sold price was $12,500 (348 Winter Quarters Dr. Pocomoke) Average sold price was $279,681 Highest sold price was $2,300,000 (9 Beach Walk Mews Ocean City) The days on the market (DOM) for these properties: Low 0 days - there were 8 units that sold in 0 days:

12506 Sea Buoy Ct, Ocean City
11836 Man O War, Berlin
179 Sandy Hook Lane, Ocean Pines
102 Seafarer Lane, Ocean Pines
90 Matinique Circle, Ocean Pines
13 Junniper Ct, Ocean Pines
118 Austin Circle, Berlin
92 White Sail Circle, Ocean Pines

Average 129 days Highest DOM was 2,136 (369 Walnut Hill in Berlin) Compare these sales to the same time period in 2018: 332 singles family homes settled in 2018. List price Low was $14,900 (700 Clarke Ave, Pocomoke) average was $309,337 highest was $1,699,000. (12972 Inlet Isle Lane) Sold price lowest sold price was $10,500 (700 Clarke Ave., Pocomoke) Average sold price was $295,936 Highest sold price was $1,725,000. This property (12972 Inlet Isle Lane in Ocean City) sold for $26,000 more than the asking price after 634 DOM!! The days on the market (DOM)for the single family homes sold in the first half of 2018: Low was 0 days. There were 6 properties that sold in 0 days:

7 Bimini Lane, Berlin
1 Avon Ct, Ocean Pines
275 Woodhaven Ct, Berlin
7628 Downs Rd, Newark
10 Juneway Lane, Ocean Pines
9 Watergreen Lane, Berlin

Average DOM was 124 days Highest number of DOM was 1,946 (12240 Swan Lane in Bishopville)

CONDOS AND TOWNHOUSES

Condos and townhouses

January 1 – June 19, 2017 638 condominium or townhomes were sold List price Low $79,900 (719 142^nd Street, Ocean City) Average $289,059 High $1,700,000 (#2 48^th Street unit 1701, Ocean City) Sold prices: Low $70,000 (719 142^nd Street, Ocean City) Average $276,794 High $1,400,000 (#2 48^th Street Unit 1701, Ocean City) DOM Low 0 - There were two units that sold in “0” days:

13201 Wight St #304, Ocean City
5801 Atlantic Ave #501, Ocean City

Average 183 High 1,903 (Sunset Bay Phase II unit 407 54^th Street Ocean City) January 1 – June 19, 2018 549 units were sold List price Low $74,900 – (206 8^th Street #32, Ocean City) Average $299,941 High $1,499,900 - (2 48^th Street #1706, Ocean City) Sold price Low $70,000 - (206 8^th Street #32, Ocean City) Average $287,150 High $1,425,000 – (2 48^th Street # 1706, Ocean City) DOM Low 0 - there were 6 properties that sold in “0” days

14500 Wight Street #302, Ocean City
107 Convention Center Dr #48B, Ocean City
11 36^th Street #302, Ocean City
5101 Atlantic Ave #301, Ocean City
705 Edgewater Ave #705, Ocean City
11431 Manklin Creek Rd, Ocean Pines

Average 147 High 4,027 (106 16^th Street 2 Ocean City,)

Lots/unimproved land

The first half of 2017 showed 60 parcels of land that changed hands. List price Low $5,000 (Lambertson Rd Pocomoke) Average $162,989 High $ 1,500,000 (N Baltimore Ave Ocean City) Sold price Low $5,000 (Lambertson Rd., Pocomoke) Average $142,867 High $ 1,500,000 (N Baltimore Ave, Ocean City) DOM Low 4 (132 Pine Forest Dr Ocean Pines) Average 523 Highest # od days 3152 (323 Walnut Hill Dr, Berlin) 2018 There were 59 land parcels sold List price Low $4,999 (507 Bonneville Ave Pocomoke) Average $117,545 High $440,000 (Lot 3 Saddle Creek Dr Berlin) Sold price Low $3,000 (507 Bonneville Ave Pocomoke) Average $98,222 High $425,000 (Lot 3 Saddle Creek Dr Berlin) DOM Low 0 (704 Edgewater Ave Ocean City) Average 518 High 3,854 (lot 11 Croppers Island Rd Berlin)

Farms

Two farms were sold in 2017:

Lot 3, Backcreek (36.35 acres) Rd Bishopville was listed for $200,000 and sold after 2,107 DOM for $175,000
6641 Whitesburg Rd (28.22 acres) Snow Hill was listed for $450,000 and sold for $400,000 after 66 DOM.

Three farms sold in 2018:

4723 Stockton Rd (8.76 acres) in Pocomoke was listed for $529,000 and sold for $455,000 after 48 DOM
10442 Katelyn Lane (33.76 acres) in Berlin was listed for $799,000 and sold for $700,000 after 921 DOM
6033 Tyson Lane (245 acres) in Snow Hill was listed for $1,100,000 and sold for $925,000 after 13 DOM

In review: While fewer properties were sold, overall, the properties showed a slight increase in price.

For further information, please feel free to reach out to me: (joanna@oceancitybeachproperties.com), or call your local REALTOR for assistance.

Worcester County Sales Market Watch 2018 - Ocean City Real Estate

Single Family Homes

Condos and townhouses

Lots/unimproved land

Farms

In review: While fewer properties were sold, overall, the properties showed a slight increase in price.

About Joanna Laslo

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