What a wonderful place to be - Ocean City, Maryland! Ten miles of clean white sand capturing the waves of the Atlantic Ocean, a three-mile boardwalk, fun, food, entertainment and good times for all. No wonder OCMD is known as America's Favorite Family Resort.
Ocean City, looking north from the OC Inlet to Fenwick Island, Delaware, 10 miles away.
So, what's better than vacationing in Ocean City? Why, living here, of course! This is certainly a good time to invest in a second home at the beach - or to own your own vacation condo for that perfect get-a-way - whenever you want.
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Seasonal Market Update
contributed by Terri Moran, REALTOR®, Coldwell Banker Residential Brokerage
CHANGES IN THE REAL ESTATE MARKET -- WHAT'S HAPPENING?
Local Real Estate -- Condominiums in Ocean City, MD
For many years, we have had more properties for sale than prospective buyers. That is changing. The number of new condominium listings in January, 2018 was 119 compared to 134 in 2017, which is down 11%. Signed buyer contracts in January was up 3.8% with 81 compared to 78 last year. The closed number of condominiums in January 2018 was 60 compared to 66 in 2017, down just over 9%. What does this mean? It has been a buyer's market for quite some time. Listing prices are going up ever so slightly no one wants that to happen too fast and result in another downward spiral. The market feels good for everyone, even though the interest rates are increasing and will do so in 2018. At the end of December the average days on the market were 119 with an average listing price of $291,455 and an average sales price just over $280,000. Our best selling months were February March and April with the next five months a close second. At 25% each the average price ranges people stay within are from $200-299,000 and $300-399,000. Overall 2018 will be a very good year for sellers because the inventory is lower than it has been in quite some time. And, with the knowledge that interest rates are going up, prospective buyers feel the urge to go forward with the purchase of an investment or second home at or near the beach.
According to Paul Soule, VP of Mortgage Lending at Affinity Guaranteed Rate Mortgage located in Ocean City, MD...
"Since the beginning of 2018 residential Mortgage rates have risen about ½% across the board. As many have seen, the volatility in the equities markets has kept stocks and bonds on a roller coaster ride. The Federal Government, by way of the Federal Reserve System, has issued statements saying they expect to raise internal rates 2-3 times this year. The reasoning -- as the economy heats up, which it has been doing for over a year now, there is a real fear that inflation will creep into the economy. The Fed likes a small amount of inflation but does not like it when there is a higher trend as they are starting to see now. So to overcome the inflation, due to overheating, the Fed raises rates to slow the economy a little. With this comes a rise in mortgage rates as they tend to keep pace with the general economic patterns.
For 2018 most mortgage economists are looking at average 30 year rates to exceed 5% by the end of the year. As of February 15th the national average was 4.38% with an average of .6 points so the 0 point average was around 4.5% last week. In late December the same rate was around 4% with 0 points. Historically these rates are still very low and with current real estate trends we don’t see these rates going much beyond the 5% range."
All in all this is a great time buy. Why not begin the search now before warmer weather sets in and more people begin to visit? Let's get together to discuss your opportunities.
Contributed by, Terri Moran, REALTOR at Coldwell Banker Residential Brokerage located in Ocean City, MD. She can be reached by cell at 443-235-5467 or her main office at 1-800-638-1880. (Visit Terri Moran online to learn more.)
Real Estate on our ten-mile-long island can be intimidating. This site is designed to help our readers "find their way around" the Ocean City, Maryland, real estate market. Looking through the local newspapers will introduce you to many, many individual real estate agents and expose you to hundreds of properties for sale. Driving along Coastal Highway will expose you to dozens of Real Estate offices. You will see countless condominium buildings - both large and small - containing anywhere from hundreds of condominium units to as few as four.
There are 20,000 condo units, many homes, townhouses and commercial properties in the OC beach area; and over 700 agents to help you rent, buy or sell. Where do you begin? Right here, of course. We'll try to help you learn how to shop in the Ocean City, Maryland, market area. You DO want an agent who will work hard for you. We'll try to provide some tips to help you separate the workers from the slackers.
Location-Location-Location - "Just what are these location descriptions I keep hearing about, OceanFront, Bayside, Ocean Block, View, Water, etc?" (Click here for an explanation.)
We have begun populating our directory pages with vacation rental offices, sales offices and individual Realtors® that are members of the Ocean City Chamber of Commerce. (However, we have not included the entire list.) Other agents and/or agencies/offices are welcome to be included - there is no charge. There is a contact page provided to allow you to comment about this site or to ask a question. OceanCityRealEstate.com is a part of the OCtheBeach.com network of Ocean City Websites, visited by hundreds of thousands of internet visitors each year.
Visit our Condo Buildings Pages. This section is being "built" with photographs and information for dozens of popular condominiums throughout the resort area.
If you need a place to stay while you are in town browsing properties, be sure to check out the selection and pricing of hotel rooms at Booking.com.
Advertising? You won't find glitzy banner ads or pop-ups cluttering up our pages. But we do need some revenue to help pay the bills. Therefore, we have chosen to use in-line contextual ads provided by a variety of sources, such as Google® and Bing®. We do not choose the ads that are shown. We do not directly accept advertising from any local office or agent. Therefore you can be assured we are not promoting "favorites" because of advertising dollars. And, for a little fun on the beach, try flying a kite.
June 16, 2019
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