SALES MARKET STABILITY IN WORCESTER COUNTY

SALES MARKET STABILITY IN WORCESTER COUNTY

Remington – sold

While most home buyers are more interested in location than history of sales, investors generally examine sales information before considering a real estate purchase.

In an effort to understand the current real estate market in Worcester County we look to statistics.  However, we need to look beyond current numbers.  By comparing the sales from 2019 to the sales that occurred in 2018, we can get a clear glimpse of the overall condition of our sales market.

On the surface, working only with current sales from September 1, 2019 – November 6, 2019 there were 460 total sales in Worcester County.   Coincidentally enough, there were also 460 sales  during the same dates in 2018!  This indicates the sales market is holding strong in total sales.

Maryland Housing Statistics August 2019

Here are some interesting facts for your review:

STATISTICS FROM JAN 1, 2019 – NOV 6, 2019

796 Single family homes were sold

Lowest sale price:  1548 Grand Rd, Stockton.   Listed at $5,000 and sold for $1,500 after 57 days on the market (DOM)

Highest sale price:  17 Seaside Mews, Ocean City.  Listed for $2,575,000 and sold for $2,295,000 after 83 DOM

MEDIAN LIST PRICE WAS $272,450. AVERAGE: $334,524

MEDIAN SOLD PRICE WAS $264.950. AVERAGE: $321,532

 

792 Condominiums exchanged hands

Lowest sale price: 7 45th Street, Ocean Wave, Ocean City.  Listed for $85,000 and sold for $80,000 with 3 DOM

Highest sale price:  14200 Wight St Beach House, Ocean City.  Listed for $1,100,000 and sold for $975,000 after 145 DOM

MEDIAN LIST PRICE WAS $269,900. AVERAGE: $303,769

MEDIAN SALE PRICE WAS $260,000.  AVERAGE: $291,807

 

For comparison:

STATISTICS FROM JAN 1,2018 – NOV 6, 2018

794 Single family homes sold

Lowest sale price: 501 Bonneville Ave,  Pocomoke City.  Listed for $17,900 and sold for $8,500 with 235 DOM

Highest sale price: 5 Pier Walk Mews, Ocean City.  Listed for $2,380,000 and  sold for $2,000,000. After 187 DOM

MEDIAN LIST PRICE WAS $269,860.  AVERAGE: $319,636

MEDIAN SALE PRICE WAS $260,000.  AVERAGE: $305,800.

 

1012 Condominiums were sold

Lowest sale price:  11000 Blockade Lane, Berlin.  Listed for $278,000 and sold for $1,800 with 160 DOM

Highest sale price: 2 48th Street Gateway Grande, Ocean City.  Listed for $1,499,900 and sold for $1,425,000 after 239 DOM

MEDIAN LIST PRICE WAS $255,000.  AVERAGE:  $292,561

MEDIAN SALE PRICE WAS $245,250.  AVERAGE: $280,643

While sales are stable overall, it would appear property values have changed so slightly that whether you look at the average numbers or the median figures, you can view it either way.  If you are shopping, you would want to compare your buildings sales prices to other similar buildings.

In an attempt to further scrutinize the current market, we selected a few random buildings in order to view the market more closely.  For the purposes of this study we looked exclusively at 2 bedroom condos.

2019

CENTURY I:

12 Units sold.  Prices ranged between $285,000-365,000

GOLDEN SANDS:

23 Units sold.  Prices fell between $272,000-385,000

PLAZA:

2 Units sold.  Prices ranged between $367,500-500,000

2018

CENTURY I

11 Units sold.  The prices ranged between $250,000-367,500

GOLDEN SANDS:

26 Units sold.  Prices ranged between $287,000-389,900

PLAZA:

2 units sold.  One unit sold for $382,500 and the other sold for $415,000

While many condo sales have not gained in value, the sales prices are still hovering in the vicinity of the sales prices for 2018.  In fact,  a few units have recognized a modest increase.  You can see the average values of buildings differ from the overall sales average sales prices for the county.

For the current value of your home, condo or property, your local REALTOR would be happy to assist you.

 

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