Real Estate Sales Data provided by the Coastal Association of REALTORS in Maryland (source) (Serving Ocean City MD and nearby Inland communities) reports a continuing decline in Condominium Real Estate Sales in Ocean City Maryland for the month of Sept 2006 compared to Sept 2005. New Ocean City Maryland Condo Sales Contracts executed in Sept of 2006 dropped 45 percent from the previous Sept in 2005 and Actual property settlements declined 61 percent comparing Sept 2005 to Sept 2006. Coupled with a historically high inventory of “for sale” condominiums (1,701 units) as of Sept 30th, 2006, it suggests that it is and shall be a “buyers market” for condominiums for some time to come. Real Estate has traditionally been and remains an excellent long term investment and the existing deep decline in sales activity may be more of a return to normality for condo sales trends over the coming months to years. Other vacation destination oriented properties around the USA are also experiencing this return to normalization, including the Coastal Delaware seashore regions of Bethany Beach, Dewey Beach, and Rehoboth Beach. An interesting article in the Time.com web site (Time Magazine) provides additional thoughts and information relating to this bursting of the bubble the real estate market is now experiencing.
With the real estate speculators and short term investors long since departed from the scene, vacation destination 2nd home and rental investment properties for sale now compete with many more comparable units to be sold. Those sellers who price more aggressively compared to other comparable units will ultimately find a willing buyer who desires a great 2nd home (condo) at the beach. Serious buyers now experience some negotiating power in making offers on condos for sale so that their goal to have a 2nd home or rental investment on or near the Atlantic Ocean may now be realized. If you desire to seek out an experienced Real Estate agent for coastal Maryland or Delaware, you will find the At The Beach Real Estate Center a good starting point.
