Worcester County Sales Market Watch 2018 – Ocean City Real Estate

The following study compares 2017 and 2018 between the dates of January 1 and June 19, for each of those years.

In Worcester County,  the number of single family home sales declined by 20.19% between 2017 and 2018.  In contrast, however, the price of the average home sold increased by 10.6%!  That trend was extended to condominiums and townhouses as well.  The number of condos sold in 2018 decreased by 13.9% in 2018.   However the sold price was 3.7% higher than in 2017.

That being said there was only a 1.66% difference in unimproved lots and land, with 60 sales in 2017 and 59 in 2018.  Conversely, one more farm sold in 2018 compared to 2017.

The following are some interesting statistics for our county with more specificity than previous reports (by popular request);

Single Family Homes

Jan 1-June 19, 2017

416 single family homes were sold.

List price

The lowest list price of these homes was $23,900 (215 Laurel St. Pocomoke)

Average list was $292,400

Highest list price was $2,600,000 (9 Beach Walk Mews Ocean City).

Sold price

The lowest sold price was $12,500 (348 Winter Quarters Dr. Pocomoke)

Average sold price was $279,681

Highest sold price was $2,300,000 (9 Beach Walk Mews Ocean City)

The days on the market (DOM) for these properties:

Low 0 days  – there were 8 units that sold in 0 days:

1. 12506 Sea Buoy Ct, Ocean City
2. 11836 Man O War, Berlin
3. 179 Sandy Hook Lane, Ocean Pines
4. 102 Seafarer Lane, Ocean Pines
5. 90 Matinique Circle, Ocean Pines
6. 13 Junniper Ct, Ocean Pines
7. 118 Austin Circle, Berlin
8. 92 White Sail Circle, Ocean Pines

Average 129 days

Highest DOM was 2,136  (369 Walnut Hill in Berlin)

Compare these sales to the same time period in 2018:

332 singles family homes settled in 2018.

List price 

Low was $14,900 (700 Clarke Ave, Pocomoke)

average was $309,337

highest was $1,699,000. (12972 Inlet Isle Lane)

Sold price

lowest sold price was $10,500  (700 Clarke Ave., Pocomoke)

Average sold price was $295,936

Highest sold price was $1,725,000.  This property (12972 Inlet Isle Lane in Ocean City) sold for $26,000 more than the asking price after 634 DOM!!

The days on the market (DOM)for the single family homes sold in the first half of 2018:

Low was 0 days.  There were 6 properties that sold in 0 days:

1. 7 Bimini Lane, Berlin
2. 1 Avon Ct, Ocean Pines
3. 275 Woodhaven Ct, Berlin
4. 7628 Downs Rd, Newark
5. 10 Juneway Lane, Ocean Pines
6. 9 Watergreen Lane, Berlin

Average DOM was 124 days

Highest number of DOM was 1,946 (12240 Swan Lane in Bishopville)

Condos and townhouses

January 1 – June 19, 2017

638 condominium or townhomes were sold

List price

Low $79,900 (719 142^nd Street, Ocean City)

Average $289,059

High  $1,700,000 (#2  48^th Street  unit 1701, Ocean City)

Sold prices:

Low $70,000  (719 142^nd Street, Ocean City)

Average  $276,794

High  $1,400,000  (#2   48^th Street Unit 1701, Ocean City)

DOM

Low  0  – There were two units that sold in “0” days:

1. 13201 Wight St #304, Ocean City
2. 5801 Atlantic Ave #501, Ocean City

Average  183

High  1,903  (Sunset Bay Phase II unit 407 54^th Street Ocean City)

January 1 – June 19, 2018

549 units were sold

List price

Low  $74,900 –  (206  8^th Street #32, Ocean City)

Average  $299,941

High  $1,499,900  –  (2  48^th Street #1706, Ocean City)

Sold price

Low $70,000  –   (206  8^th Street #32, Ocean City)

Average $287,150

High  $1,425,000 –   (2  48^th Street # 1706, Ocean City)

DOM

Low  0  – there were 6 properties that sold in “0” days

1. 14500 Wight Street #302, Ocean City
2. 107 Convention Center Dr #48B, Ocean City
3. 11 36^th Street #302, Ocean City
4. 5101 Atlantic Ave #301, Ocean City
5. 705 Edgewater Ave #705, Ocean City
6. 11431 Manklin Creek Rd, Ocean Pines

Average  147

High  4,027   (106  16^th Street 2 Ocean City,)

Lots/unimproved land

The first half of 2017 showed 60 parcels of land that changed hands.

List price

Low  $5,000 (Lambertson Rd Pocomoke)

Average  $162,989

High  $ 1,500,000  (N Baltimore Ave Ocean City)

Sold price

Low  $5,000 (Lambertson Rd., Pocomoke)

Average  $142,867

High   $ 1,500,000  (N Baltimore Ave, Ocean City)

DOM

Low  4  (132 Pine Forest Dr Ocean Pines)

Average  523

Highest # od days   3152  (323 Walnut Hill Dr, Berlin)

2018 There were 59 land parcels sold

List price

Low  $4,999 (507 Bonneville Ave Pocomoke)

Average  $117,545

High  $440,000 (Lot 3 Saddle Creek Dr Berlin)

Sold price

Low  $3,000 (507 Bonneville Ave Pocomoke)

Average  $98,222

High  $425,000  (Lot 3 Saddle Creek Dr Berlin)

DOM

Low  0   (704 Edgewater Ave Ocean City)

Average  518

High  3,854  (lot 11 Croppers Island Rd Berlin)

Farms

Two farms were sold in 2017:

1. Lot 3, Backcreek (36.35 acres) Rd Bishopville was listed for $200,000 and sold after 2,107 DOM for $175,000
2. 6641 Whitesburg Rd (28.22 acres) Snow Hill was listed for $450,000 and sold for $400,000 after 66 DOM.

Three farms sold in 2018:

1. 4723 Stockton Rd (8.76 acres) in Pocomoke was listed for $529,000 and sold for $455,000 after 48 DOM
2. 10442 Katelyn Lane (33.76 acres) in Berlin was listed for $799,000 and sold for $700,000 after 921 DOM
3. 6033 Tyson Lane (245 acres) in Snow Hill was listed for $1,100,000 and sold for $925,000 after 13 DOM

In review: While fewer properties were sold, overall, the properties showed a slight increase in price.

For further information, please feel free to reach out to me:

(joanna@oceancitybeachproperties.com), or call your local REALTOR for assistance.