Well the numbers are in and the books are closed on 2008! All in all 2008 was not the best year for Real Estate. In most locals inventory is up and sales are way down. Ocean City is no exception to the rule, but there are some positive signs that the market may be changing and a possible stabilization could be in our cards for the very near future!
For the year, the total number of condo sales for the Ocean City Maryland market decreased by 17.9%. On the other hand, contrary to the national Real Estate Market, the total number of active condo listings has also decreased by 9.6%. There are presently 1,409 condos for sale which is the lowest level in 3 years.
We have all heard the news today that the National Association of Realtors has reported that for the month of November, Pending sales of existing homes has falling to its lowest level in 7 years. Well if Ocean City mirrors the rest of the U.S., then we may be in for a huge surprise for the month of December! Here at the beach the number of new contracts written in December (pending sales) jumped 41%! This is the first increase in contracts since February of 2008 and the largest increase since October of 2007! 50 year lows in interest rates combined with 2003 prices and pent up buyer demand have led to this major jump! Real Estate is, and always has been a local market. I am not saying that we are in the clear but there is light at the end of the tunnel!
P.S. Settlements for the month of December for Ocean City condos were also up 2.2%!
It is a great time to buy! Follow me and I will show you why!
Ryan Haley
Realtor - Associate Broker
443-614-4370
Compass Resort Real Estate
Ryan@RyanHaley.com
http://www.RyanHaley.com
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Hi Ryan. Having lived in Maryland for 35 years, I can certainly vouch for Ocean City being a wonderful destination. With overflow crowds in the Summer months, having your own place that you can reserve is a big plus. I can't imagine the market there staying down for too long.
Aloha & best wishes for a great 2009.