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Ocean City

Sale Market Affects Rental Market

 

After a nearly a two-year run on sales properties, the market still leans to the sellers’ benefit.   The statistics show an increase of 2.9% in sales during the month of August 2021 when compared to the sales in August of 2020.   Further, there were less properties available for sale in Maryland in August 2021 (10,119 properties) compared to August of 2020 (13,524 properties).  Considering the active inventory has been lower in 2021 than 2020, the seller’s market should hold and remain steady in the near future.  Supply and demand are always the driving factors.

 

Maryland Association of REALTORS: http://www.mdrealtor.org/Resources/Publications/Monthly-Housing-Statistics

 

Personally, I have a number of qualified buyers right now just waiting to locate a property to purchase.  Since May 2021, in most cases, within a week of a new listing appearing on the market in Ocean City, it goes under contract.   This occurs frequently before my buyers can arrange to come to town to look at the listing.   Therefore the market is seeing more offers from buyers “sight unseen” as a result.

 

Regardless, prices continue to escalate.  Values have increased approximately 20% during the past year and a half.  The strong seller’s market, and associated increase in prices, has encouraged many property owners to sell over the past eighteen months.

 

While the high prices have pleased sellers, one of the downsides of this market is the number of families left desperately searching for a long term rental.

 

Approximately 27% of the sales, mentioned above, were owners of yearly rental properties.   In turn, that has left a great number of families and individuals in desperate need of long term and temporary housing.  Our company, Beach Real Estate, alone, has a list of 34 people in need of a place to live, including several older Veteran’s.

 

 

This scenario leaves a vacuum, hopefully to be filled by visionary investors.  Worcester County (specifically in the Berlin, Bishopville, Ocean Pines, West Ocean City and Ocean City areas) is ripe for an investor/builder to construct reasonably priced long term rental housing.  It would seem those investors would be ensured immediate and constant occupancy.

If you own a property that is unoccupied, and are interested in renting long term, please contact the Veteran’s Administration, or your local REALTOR.

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