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.
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
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.
12 Units sold. Prices ranged between $285,000-365,000
23 Units sold. Prices fell between $272,000-385,000
2 Units sold. Prices ranged between $367,500-500,000
11 Units sold. The prices ranged between $250,000-367,500
26 Units sold. Prices ranged between $287,000-389,900
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.