The increase in the number of new listings coming into the Ocean City market has been incredible, pegged at 194% over last year. What does this increase mean for you as a buyer or seller?
Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, talks about how this increase is affecting inventory.
The increase in inventory is very interesting because despite the surge in the number of new listings, inventory remains low in the Ocean City real estate market.
We have more listings coming into the market this year than last year, up by 194%, from 209 new listings this year, compared to 71 new listings last year. Real estate agents have done a good job of bringing in new listings to market and informing the public about the benefits of selling their property today.
Despite the increase in new listings, however, the number of Active listings has dropped from last year. The number of active listings is down by 73%. What is making the big difference is the number of listings under contract. Listings under contract increased to 198 in 2021 as opposed to 66 in the same period in April in 2020. This represents a 200% increase in the number of contracts and listings pending sale.
In short, we are seeing fewer properties for sale, more properties coming on the market, but at the same time, the rate at which they are selling has accelerated drastically, pushing down inventory.
If you have questions about anything about the real estate market in Ocean City, in Maryland, and Delaware, please give us a call 410.524.0919.