Ocean City Real Estate

2008-01-22T07:04:00.000-08:00

Listings are Down in December!

New listings of Ocean City, Maryland Condominiums are down from 174 in December 2006 to 75 in Decemeber 2007. Overall the Condominium inventory in Ocean City has drastically decreased from over 2000 listings in January 2007 to our current inventory of 1550! Visit the beach today to find a deal!

2008-01-03T06:52:00.000-08:00

Happy New Year! Sales are up here at the beach and there is a buzz brewing about the market beginning to turn around. Potential buyers are entering open houses singing a different tune than they were this time last year. "Did we miss the bottom?" "Are there still deals?" I am here to tell you there are still deals on homes in Ocean City, Maryland, but there is a sense of urgency that is becoming obvious in the marketplace. In January 2007 we had close to 2,000 condos for sale in Ocean City. As of yesterday we have dipped into the 1500's! Come visit the beach today and find your perfect vacation getaway for summer 2008.

2007-12-15T09:26:00.000-08:00

Worcester home sales increase for second consecutive month

By Stewart Dobson Editor/Publisher

As some would-be buyers of real estate continue to wait until the Worcester County second-home market “hits bottom,” there is an increasing possibility that the “bottom” has come and gone.

For the second straight month, figures posted by the Maryland Associa-tion of Realtors show a strong gain in sales against the same time last year.

The MAR reported this week a 76-percent increase in residential sales in the county for November, climbing from just 60 units in 2006 to 106 units last month.

Meanwhile, the total dollar volume of sales for the month came in at $55.5 million for a $33 million gain over November sales last year.

The surge in home sales came as interest rates continued at near record lows and the price of residential units dropped by an average of $63,000. The average selling price at settlement the past month was $371,800 as compared to $435,430 last year.

This renewed sales activity, however long it might last, has to be heartening to more than just the local real estate industry, as restaurants, retail shops and other businesses have felt the pinch of what has been one of the worst real estate sales droughts in more than two decades.
The decline began late in 2005 and deepened throughout 2006 and most of 2007. The first glimmer that the market might be leveling out was in October, when the MAR reported a 21 percent increase in units sold.

Although two months of improved sales hardly constitute a recovery, it is the first time since the summer of 2005 that it has occurred.

2007-11-29T07:08:00.000-08:00

Major turnaround in sales arrives as prices moderate

By Stewart Dobson Editor

(Nov. 16, 2007) The Worcester County real estate industry had something to celebrate in October, as overall unit sales beat last year’s total by 21.4 percent, according to statistics compiled by the Maryland Association of Realtors. Total settlements on residential units for the month was 102 as compared to 84 units sold and settled in October 2006. Meanwhile, the average price of these units dropped significantly, from $434,000 last October to $396,000, giving buyers more incentive to buy while interest rates remain well below 7 percent.

Even with the drop in average price, which is good for buyers, the industry itself saw an increase in dollar volume, with total sales topping $40 million for the month, up almost $4 million from the year before.

More significant for the resort area market is that this jump in sales defied conditions elsewhere in the state, with most counties experiencing a drop in total units settled.

Nevertheless, this contrary statistic fits in with the report from the Maryland Association of Realtors analysis, which says a rebound in sales will likely be led by more expensive properties. “Ironically, the high end of the residential market may get a bit of a jump-start from proposed increases in Maryland income taxes, which if enacted would presumably make the mortgage interest deduction all the more valuable,” the association’s “Maryland Realtor” magazine reported.

The analysis by Sage Policy Group also took note of the easing of credit that will likely result from the Federal Reserve’s decision in September to cut its rate on money loaned to commercial banks. The other factor in this October resurgence is price.

“Finally, sellers are undoubtedly getting the message that they must price their properties competitively,” the analysis concluded. “Those sellers who price their properties reasonably will find buyers,” and that, the MAR’s advisors feel, “will eventually stimulate sales as buyers begin to perceive greater value.”

2007-10-08T08:08:00.000-07:00

Come to the Beach! It is absolutely beautiful outside! 80 degrees in October?! Do not forget your bathing suit because the water is still warm. We still have a wide selection of real estate on the market here in Ocean City. If one looked at our current inventory and compared it to last year at this time they might think Real Estate agents have not been working much because our inventory has changed only .5% from August 2006 to August 2007. Fortunately, we have sold 721 Condos in the last year here in Ocean City!!! Be the next to own a beautiful second home here at the beach. Call us today to buy or sell! 1-800-400-MARK

2007-09-26T12:13:00.000-07:00

Pent-up demand. The country has added nearly 4 million jobs since home sales started cooling in mid-2005, and the typical worker's wages have risen 7-percent, leading to a $1.35 trillion rise in aggregate national income. At the same time, wealth has grown significantly, with the Dow Jones Industrial Average hovering at record highs. Indeed, accumulated household wealth as of the first quarter was at a record $56.2 trillion. So, if you're wondering if people have the means to purchase, they do.

2007-09-21T06:53:00.000-07:00

Rising Rents. With renters Hesitating to buy, landloads are raising rents. Average rents rose 8 percent in the past two years. As renters start feeling squeezed, ownership will look increaseingly good!

If you are an Ocean City Local looking to buy now is the time!

2007-09-19T07:40:00.000-07:00

Dollar weakness. The falling dollar has dangled a big "For Sale" sign in front of property attractive to foreign buyers. Europeans can now buy a vacation home at essentially a 15% discount. That's good for sales. And despite the weak dollar, which ussually leads to higher interest rates, mortgage rates remain attractive. In fact they became even more attractive after the Fed dropped their prime rate 50 basis points yesterday, September 18, 2o07.

2007-09-18T08:22:00.001-07:00

2008 RATE CUT. Inflation looks to slide as the year proceeds. If it does, the Federal Reserve could lower interest rates possibly as soon as early 2008. So keep you eyes on the horizon. There are forces at play that will turn the market around, and buyers who make the commitment now could be smiling next year!

2007-09-17T07:19:00.000-07:00

http://www.coastalassociationofrealtors.com/statistics/2007/caroccc0807.pdf

Just released today! The newest Ocean City Condominium Statistics. Good news, 42% fewer listings came on the market this August compared with August of 2006. Also, settlements in August 2007 increased from August of 2006! The market is starting to turn, now is truly the TIME TO BUY!

2007-08-06T06:30:00.000-07:00

Good morning! The White Marlin Open is off to a great start here in Ocean City, Maryland. Seas are somewhat calm and are not supposed to be much larger than 2-3 feet all week. Come visit our sales booth at the White Marlin Open and pick up a free Gateway Grand Frisbee! Also, every Thursday night we have a party at the Gateway Grand Sales Center on 49th street. If your interested in the project and would like to be provided with additional information it is a great time to do so. We have complementary food and beverage, along with live music from 4pm - 6pm every Thursday evening.

2007-07-19T09:13:00.000-07:00

SALES FAR AHEAD OF LAST YEAR IN OCEAN CITY, MD. For example, at this time last year there were only 14 condominiums sold above $1,000,000. In 2007, there have been 22 condominiums sold above $1,000,000. That is a 34% increase in high-end products moving in Ocean City. This simple example shows how strong the Ocean City real estate market really is right now!

2007-07-03T06:47:00.000-07:00

91 properties sold on the Island of Ocean City in June 2007! Sales are up! Are you still thinking about buying in Ocean City, MD? What are you waiting for? Our inventory is diminishing, come find the house or condo you want while we still have several to choose from!

2007-06-26T12:48:00.000-07:00

Summer is in full swing here in Ocean City, Maryland. Check out how our real estate market is fairing by clicking this link: http://coastalassociationofrealtors.com/statistics/2007/caroccc0507.pdf

2007-06-18T07:16:00.000-07:00

Hot and Sunny! Ocean City, Maryland is the place to be this week with high temperatures and sunshine galore. Check out our featured properties at www.markf.com. It is still a great time to buy real estate here at the beach. We have a large selection of properties, which allows buyers to find exactly what they want at fair prices. Come visit us today!

2007-06-05T07:10:00.000-07:00

Summer has finally arrived here in Ocean City, Maryland. The air tempertures are high, the water is warming up, and real estate is changing hands. Inventory has dropped dramatically with the sharp increase in demand for property on the island. There were 60 2 bedroom 2 bathroom ocean block units for sale 2 months ago priced under $350,000. Now there are only 10! Visit Ocean City, Maryland today and look at real estate because now is the time to buy!

2007-05-31T07:05:00.000-07:00

88 units sold in Ocean City, Maryland this month with an additional 68 going pending on the Island! We are busy here in town and the weather is beautiful. Come visit Ocean City today and take a look at what we have to offer. Buy now, rent the unit out to summer vacationers, and retire there in 5 to 10 years.

2007-05-24T07:03:00.000-07:00

The countdown to memorial day weekend is almost over. If you are going to be at the beach this weekend now is the time to consider buying property. The market is flattening out as inventory is slowly shrinking. Visit an open house this weekend and see what our town has to offer.

2007-05-17T06:28:00.000-07:00

Good morning! Inventory here in Ocean City, Maryland is dropping. We seem to be entering a flat period in the market. These next two months might be the best time to buy. You will already be coming to the beach for vacation, so why not take a look at a great investment while you are in town. Whether you want to see the sun rise over the ocean of the sun set over the bay all from your bedroom window we make the arrangements for you. There are some really great deals right now, so take a look around our site and come visit us in Ocean City, MD soon!

2007-05-07T07:44:00.000-07:00

Springfest was a success! It was a beautiful weekend with tens of thousands of tourists visiting Ocean City, Maryland in just 4 days! There are have been 11 sales in 6 days here in on the Island. More impressively 18 additional units have gone under-contract in 6 days!

2007-05-03T09:35:00.000-07:00

Come one! Come all to Ocean City, Maryland for Springfest 2007 this weekend! "Enjoy four fun-filled days of fabulous entertainment, a wonderful assortment of food favorites, an exciting array of arts & crafts, and lots of family fun! Bring your appetite so you can enjoy delicious food including crab cakes, oyster fritters, barbecue, hamburgers, hot dogs and much, much more. Thirty food vendors will serve a variety of delicious food during Springfest 2007. Springfest also serves up a variety of live entertainment on two stages for four enjoyable days. All entertainment is free with the exception of this year's headline acts."

While you are here visit a few open houses and see the properties we have available for sale. Maybe next year you can come for Springfest and stay in your own beach dream home. The market is HOT with 77 sales in April and more to come as the temperature rises here in Ocean City, Maryland! See you this weekend!

2007-04-30T12:43:00.000-07:00

79 properties on the Island have gone pending this month!! With this beautiful weather has come new owners! Come to the beach and grab the deals while they last. Inventory is dropping and the market is beginning to turn around a bit. Call any with questions you have about property in Ocean City, Md! 1-800-400-MARK

2007-04-17T06:34:00.000-07:00

What is going on with this weather?! Hopefully the winds will cease and the sun will come out soon! Even with two bad weather weekends we still had 29 transactions occur on the island of Ocean City, Maryland so far in April. Real Estate agents are busy and offers are coming in everyday on homes for sale. We will keep you posted as the month continues. Have a great day!

2007-04-12T06:25:00.000-07:00

Good morning! I hope everyone is ready for spring because it is here and the temperatures are rising at the beach. Sales rose by 50% in March; rising from 50 sales in February to 75 in March. One can only imagine what will happen here in the next couple of months. Come visit us at the beach and look at real estate. Who knows maybe you could be the next to own here At The Beach.

Our website will help you get started with your search. Check out our virtual tours button. Every property we have listed has a virtual tour right here online.

2007-03-29T10:15:00.000-07:00

Welcome home buyers! It has been quite a month here in Ocean City, Maryland. We are now up to 64 transactions on the Island of Ocean City in March 2007! We are gearing up for a very strong spring. So, come to the BEACH, visit OPEN HOUSES, find a great agent for GUIDANCE, and become a LOCAL. In the mean time read this very important article:

http://www.realtor.org/press_room/news_releases/2007/ehs_feb07_existing_home_sales_rise_again.html