Worcester County/Ocean City Real Estate Sales Market Going Strong
The sales market has been very active this year. Most notably, the months of August and September have been extremely busy with sales.
Single Family Home Sales
From January 1, 2018 to September 30, 2018, 645 single family homes were sold in Worcester County totaling $195,532,781!!
The lowest price sold was $8,500 at 501 Bonneville Ave in Pocomoke City and the highest was $2,000,000 for 5 Pier Walk Mews in Ocean City with an average sold price of $303,151.
Condominium/Townhouse Sales
902 condominiums and/or townhouses were sold within the same first nine months of 2018 in Worcester County.
The lowest price sold was $1,800.00 at 11000 Blockade Lane, Berlin, Md 21811. The highest priced property that changed hands was a condominium in Gateway Grand at 2 48th Street unit 1706, Ocean City, Md for $1,425,000.
Total condo/townhouse sales for the first nine months of 2018 was $290,705,923.00, with an average sales price of $322,290, bringing the total sales in Worcester County to $486,238,704.
Low Inventory
Currently there are only 1,121 active properties in all of Worcester County listed for sale. There are 407 single family homes, 99 of which are located in Ocean City. There are 523 condominium/townhouses for sale and 503 of them are also located in Ocean City. There were 1,106 fewer active listings in 2018 than in 2017.
Another indication of a strong sales market is the number of days on the market (DOM) for sold properties. Interesting that while some properties were on the market for up to 1,100 days in the past few years, this year the average days on the market was 64.23!
This trend is reflected in all counties in Maryland. Many believe the wave of sales was generated, in part, by the possibility of rates hikes close on the horizon.
Whatever the reason may be, if you have been considering selling your property, this might be the right time to make your move. Please contact your local REALTOR for a free competitive market analysis for your land, home or condo.
