Business & Tech

Ocean City Real Estate Sales Up 16.6 Percent in 2012

The Board of Realtors president provides a quarterly update on the market in Ocean City.

Here is what’s going on in the Ocean City real estate market:

Closed sales finished up again for the second quarter (April to June) of 2012 with 270 units closed compared to 244 for the second quarter of 2011 for a 10.66 percent increase.

The combined first and second quarter year-to-date (YTD) sales for 2012 ended with 457 units sold compared to 392 units for the same period in 2011 — for a YTD increase of 16.58 percent.

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The YTD average price for 2012 was $554,595 compared to $550,151 in 2011. 

More significantly: During the market downturn, the number of active listings had increased and the Ocean City real estate market was looking at two to two-and-a-half years of inventory. Today, there are 839 active listings on the market, down 3.23% from last month — and with 735 closed sales in 2011, the current listings represent a little over a year’s inventory.  

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The lower interest rates and lower prices are driving the market and helping to close the gap on the inventory levels.

— Maria Marinelli, president of the Ocean City Board of Realtors


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