Ocean City "Realty Reality"

What follows is the third in our series of insights into the OC real estate market. Here, Terri shares some news of a shift in market activity in the first part of 2012

The Beach Real Estate Market Is Heating Up
by: Terri Moran, Contributing Author

Terri Moran, REALTOR, Coldwell Banker Residential Brokerage

CBMove.com/Terri.Moran

The first quarter of 2012 saw more activity in condominium and single family home sales than the last several years and the second quarter is proving to be even more active. This may be attributed to the mild weather and some pent-up buying power.

According to our Multiple Listing Service, the Worcester County Housing Report for Condominiums listed and placed under contract for the month of April is up - and looks like it will continue moving upward this year. That is great news for owners who want to sell. Prices remain stable. From January through April, the number of contracts has increased each month and is up 12.2% this year with the number of listings down 19.4%. This means there is a definite - if small - movement in market activity. The reduction in inventory shifts a bit of the momentum back to sellers. The average sales price is $272,042 and the average days on the market are 245.

Single family homes in Worcester County have seen much of the same. Listings are down 18.4% and contracts are up 6.3%. The average sales price is $259,074 with an average of 157 days on the market.

This is the best time to sell or buy - especially prior to the rental season. Buyers want to get into their beach property before the summer gets into full swing.

Yes, Ocean City Real Estate activity is heating up - the market and weather are improving and interest rates remain at an all time low. Come to the beach and enjoy the heat.