Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A.

Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com

www.oceancitypro.com

Active Listing Volume

Ocean City There are currently 1426 properties for sale in Ocean City. This represents a 10% decrease from where we were this time last year. This value has been flat the last couple of months as we are in the slower part of our season for sales, yet in the busier time of year for new listings that are getting ready for the upcoming season. Look for the descent of this value to continue as activity is picking up considerably. View Ocean City Active Listings Ocean City Active Listing Volume
2029 2071 2072 2024 1979 1952 1916 1913

2500 2000 1500 1000 500 0

2105

1886

1863

1836

1850

1885

1825

1834

1820

1825

1775

1770

1731

1717

1658

1606

1574

1590

1604

1604 1565

1545

1521

1508

1493

1451

1420 189 374 327

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Ocean Pines There are 188 homes, condos and town homes currently listed for sale in Ocean Pines. This is a 16% decrease in inventory from where we were in February of 2011. You can see the trend here as inventory will likely go up in the coming months with the season approaching. This is good for Buyers as it will present some new options with the existing inventory having been picked over. View Ocean Pines Active Listings

Ocean Pines Active Listing Volume

329 337 328 327 319 328 329

400 350 300 250 200 150 100 50 0

304

314

299

280

286

295

277

273

278

269

265

264

259

258

268

252

251

252

254

256

238

240

246

225

224

232

214

1393 366 321 172

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Active Listing Prices

Ocean City The current average and median active listing prices are $364,000 and $290,000 respectively. From the February 2011 active listing prices this represents a 5% decrease from the $386,000 average listing price and a 3% decrease from the $300,000 median listing price. Ocean City Active Listing Prices
482
Avg. Price Med. Price

550 500 450 400 350 300 250

465

460

461

460

460

456

453

447

436

431

426

422

401

398

395

395

395

397

392

388

392

386

385

383

382

386

382

378

377

377

380

381

373

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Ocean Pines The average listing price in the Pines is currently at $310,000 with the median coming in at $242,000. This is a 5% decrease from the 2011 average price in February of $326,000 and a 9% decrease from the median price of $266,000. Part of this decrease is attributed to the lack of new waterfront properties coming on the market, which causes this value to decrease.

Ocean Pines Active Listing Prices

357 362 355 353 354 352 355 352 351 350 348 343 348 349 352

Avg. Price

Med. Price

400
339

366

340

337

340

337

342

334

332

334

326

326

325

324

328

300 250 200 150 F 09 M A M J J A S O N D J F10 M A M J J A S O N D J F 11 M A M J J A S O N D J F 12

310

350

322

330

335

336

364

188

1426

Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A. Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com

www.oceancitypro.com

Sold Listing Volume

Ocean City 60 Ocean City properties sold in February, which is up slightly from the 57 that sold in February of last year. This brings the year to date total to 96 sold properties, which is up by 5.5% over last years totals at this point. Certainly a good sign as we approach the season. View Ocean Citys February Sold Listings Ocean City Sold Listing Volume
120
83 82 83 81 81 82 80 103 109 81 76 106 77 72 70 72 70 70 75 77 70 93

100
59

65

65

59

51

53

57

39

60 40 20 0

37

49

60

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Ocean Pines 12 properties sold in February, which is a 100% increase over the 6 that sold in February of last year. This brings the year to date total sales for Ocean Pines to 28, representing a 47% increase over the 19 that had sold by this point in 2011. This is a trend that will continue with the large amount of properties currently under contract in Ocean Pines. View Ocean Pines February Sold Listings

Ocean Pines Sold Listing Volume

35
25 25 35

40 30
19 18

28

34

27

26

28

25

25

22

22

23

22

24

20

19

14

13

13

15

20
12

17

18

25 15 10 5 0
9

22

26

16
Avg. Price

16

16

16
Med. Price

36 6 347 337 360 309 301 292 268 280 265 283 304 234 294 229 197 214 260
Med. Price Avg. Price

12

12

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Sold Listing Prices

Ocean City

Ocean City Sold Listing Prices

500
386 384 373 368 378 364 364 361 360 363 356 353 355 379

The average and median sold prices in Ocean City during February were $318,000 and $325,000 respectively. This brings the YTD average sold price to $296,000 and the median price to $272,000. This is off by 5% from 2011 average and median pricing. Considering the variety of property types that sell in any given month this is a typical variance.

450 400 350 300 250 200 150 100

401

341

329

334

326

322

345

306

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Ocean Pines The average sold price in Ocean Pines for February was $214,000 and the median came in at $167,000. There was an abnormal spike in January, which is making this look worse than it is. The February median sold price of $203,000 represents a 11% decrease from the February 2011 median value of $230,000.

400
306

301

301

350 300 250 200 150

317

277

292

374

Ocean Pines Sold Listing Prices

288

305

276

271

267

254

265

254

249

250

252

245

246

253

242

225

231

224

220

237

213

215

211

213

243

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

208

277

318

12

60

80

70

Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A. Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com

www.oceancitypro.com

Sold Price/Sq. Ft.

Ocean City The average sold price per square foot in February was $231. This an increase over last month and keeps us on pace with the February 2011 value of $228. YTD this represents a 6% decrease over 2011. Again this is a typical variance based on the large variety of property types and price ranges that make up the Ocean City MD real estate market. Ocean City Sold Price/Sq. Ft.
329

350 300 250 200 150 100

324

312

305

304

301

303

300

301

314

288

292

281

283

276

268

268

288

266

263

267

263

261

241 258

248

248

248

241

263 236 139 142 8 9 8

233

228

225

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

125

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Absorption Rates
Ocean City

The current absorption rate in Ocean City is 18 months, where it has been for sometime now. This is not a bad thing in that the sales pace is keeping up with the amount of new listings that are coming on the market. I anticipate that this will hit either 17 or 16 next month based on the amount of properties already under contract and the high level of Buyer activity that the market is currently seeing.

Ocean City Absorption Rates

50 45 40 35 30 25 20 15 10 F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12
32 32 33 33 32 31

29 28 28

26 26

24 24 24 24 24 23 23 22 23 22 22 22

20 20 20 20 20 19 18 18 18 18 18 18 18 18

Ocean Pines The absorption rate in Ocean Pines is currently at 9 months, which is up from last month and down by 3 months from where we were in February of 2011. A bump up is typical this time of year as a lot of Sellers hold off to list their properties until Spring in anticipation of the upcoming season.

Ocean Pines Absorption Rates

30 25 20 15 10 5 0 F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12
23 21 21 24 24 22 23 20 20 17 16 15 15 16 17 18 18 19 18 17 15 15 14 13 12 13 13 13 13 13 12.5 12 11

122

Ocean Pines The average sold price per square foot was $139 for sold property during February in Ocean Pines. This is exactly where we were in February of last year. YTD for 2012 is at $151 per square foot, which is on base with the 2011 YTD value of $152 per square foot.

Ocean Pines Sold Price/Sq. Ft.

250 230 210 190 170 150 130 110 90 70 50

171

184

168

168

164

162

165

167

218

162

160

161

158

156

156

152

146

145

145

146

155

141

140

141

142

139

139

143

162 139

138

128

134

138

10

224

231

Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A. Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com

www.oceancitypro.com

Sold to List Price Ratios

Ocean City Property in Ocean City is currently selling at 93% of the asking price at the time of contract. Most of the properties that are selling are the ones that are priced properly based on recent comparable sales. If the property is priced right then you are essentially buying the property 7% below market value, which will insulate you from any future adjustments. Remember that this is an average as all Sellers are different. Ocean City Property in Ocean Pines is currently selling at 91% of the listing price. It is typical to see a decrease in this value coming out of the Winter months. Due to the decreased activity that we see over the Winter, Sellers typically need to move more on their prices in order to get a deal done. I anticipate that this value will return back to the 93%-95% range as activity continues to increase.
1 0.98 0.96
0.94 0.92 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.93 0.95 136 247 0.91 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.91 0.91 0.91 0.91 0.91 0.91 0.93

Ocean City Sold to List Price Ratio

0.94 0.92
0.89 0.87 0.87 0.89

0.94

0.9 0.88 0.86 0.84 0.82 0.8

0.86

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

1 0.98 0.96

Ocean Pines Sold to List Price Ratio

0.96 0.95 0.95

0.9

0.94

0.94

0.94

0.93

0.93

0.93 242

0.91

0.91

0.9

0.91

0.92 0.9
0.88

0.92

0.89

0.89

0.89

0.87

0.86

0.86

0.85

0.85

0.84

0.84

0.84 0.82 0.8

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Average Days on Market

Ocean City Ocean City properties that sold in February averaged 247 days on the market, which is on pace with last month and down considerably from where we are in February of last year. Ocean City Avg. Days on Market
500 450 400 350 300 250 200 150 100 50 0
401 394 344 381 393 326 328 308

0.84

301

0.85

0.86

297

0.86

0.87

0.88

0.88

0.88

0.9

283

296

280

269

262

268

242

250

251

282 305

240

236

219

224

213

211

205

178

184

206

219

225

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Ocean Pines Average days on market for Ocean Pines properties that sold in February was 136, which is down considerably from last month and this time last year. The properties that are in good condition with realistic Sellers that price them competitively will sell in relatively short order.

Ocean Pines Avg. Days on Market

277 236

226

228

213

213

215

203

202

221

166

163

178

186

160

250 200 150 100 50 0

148

144

158

138

190

127

136

126

137

126

73

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

47

113

121

126

138

223

300

242

245

269

350

177

225

241

0.93

0.94

0.935

0.94

0.92

Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A. Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com

www.oceancitypro.com

Under Contract Listing Volume

Ocean City 103 properties went under contract in Ocean City during February, which is a 26% increase over February of 2011. This is the equivalent of summer time activity in February and certainly a positive sign of things to come. Ocean City Under Contract Listing Volume
109 111 103 94 95 94 92 92 92 101 103 71 71 77 57 35 31 30 34 23 27 22 30 20 19 334 237 14 379 330 339 351 380 326 310 312 282 281 264 266 310 262 242 232 242 207 243 249 264 324 47 28 27 29 21 22 23 17 17 12 9 15 16 406 418 395 381 382 377 396 350 363 340 375 327 9 345 307 291 266 257 276 323 369 252 252 249 233 253 314 17 18 69

120
86 79

88

86

83

84

79

73

79

72

80 60 40 20

69

67

55

View Ocean City February Pending Listings Ocean Pines 18 Ocean Pines properties went under contract in February, which is up from last month and on pace with February of 2011. December, January and February have combined to be good months for the Ocean Pines market compared to previous years and are yet another sign of things to come. View Ocean Pines February Pending Listings

0 F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

50 45 40 35 30 25 20 15 10 5 0

26

25

19

22

24

18

13

12

19

11

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Under Contract Listing Prices

The average and median prices of properties that went under contract in February were $324,000 and $265,000 respectively.
600 550 500 450 400 350 300 250 200 150 100
557

Ocean City

Ocean City Under Contract Listing Prices

494 472 454 459 421 440 404 413

373

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

239

250 200 150 100

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

234

Ocean Pines The average price of properties that went under contract in Ocean Pines during February was $264,000 and the median came in at $215,000.

357

400
315 306 298

402

Ocean Pines Under Contract Listing Prices

350 300
306 312 316

266

249

255

279

11

44

Ocean Pines Under Contract Listing Volume

57

69

82

100

88

104

Ocean City MD and Ocean Pines MD Real Estate Market Report Nicholas A. Bobenko, Realtor Direct: 443-614-9179 Email: ocnick55@gmail.com

www.oceancitypro.com

New Listing Volume

Ocean City 158 new properties came on the market in Ocean City during February, which is down slightly from last year. As you can see from previous years this is typical as the season is approaching. It represents a good time for Buyers as there will be the most options available with less competition than you will see during the late Spring and Summer months. View Ocean Citys February New Listings Ocean City New Listing Volume
300
227 221 267 215 235 208

195

185

183

182

174

171

178

166

156

151

160 156

151

147

146

137

136

150 100 50 0

121

126

142

75

94

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

36

36

37

37

37

40

Ocean Pines 34 new properties hit the Ocean Pines market in February. As with Ocean City this is typical as Sellers are gearing up for the upcoming season. View Ocean Pines February New Listings

Ocean Pines New Listing Volume

80
59 57

70
48 49

49

44

43

50 40 30 20 10 0

43

42

42

46

46

60

53

55

52

35

35

67 33 21 22 18 388 381 387 388 374 372 377 13 26 341 305 288 218 335 291 283 273 325 354 341 350 319 291 314 355 264 264 358 370 354 34

29

33

28

23

24

24

F M A J J J A S O N D J F M A J J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

New Listing Prices

Ocean City The average and median new listing prices in Ocean City for February were $354,000 and $279,000 respectively. We are continuing to regain some of the ground we lost over the Winter. Ocean City New Listing Prices
600 550 500 450 400 350 300 250 200 150 100
453 442 468 441 501 423 410 413

392

398

400

383

387

379

362

365

362

369

356

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

Ocean Pines The average and median new listing prices in Ocean Pines during February were $273,000 and $246,000. This chart is always all over the place and largely is a function of what price points and property types are listed in any given month.

375

365

352

329

332

333

319

315

315

307

324

400 350 300 250 200 150 100 50

344

345

369

450

397

Ocean Pines New Listing Prices

304 305 303 288 293

277

337

267

345

349

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 09 10 11 12

229

359

16

151

158

200

163

165

170

188

193

250