Real Estate Update – Ocean City MD
October 28th, 2007Through Sept of 2007, the Ocean City MD real estate market for Condominiums has continued to be very soft! Compared to statistics through Sept of 2006, average days on the market has increased from 180 days to 268 days. Average list price has decreased from $459,591 to $425,132. Inventory of on the market “for sale” condos has remained fairly constant now at 1650 units. Condos on the market in mid 2005 were about 800 units. These statistics do not include many NEW Condos still under construction or those new condos completed but not yet sold out. Actual settlements for Sept 2007 were 46 condos compared to 59 in 2006. Ocean City MD Real Estate source data can be found at the Coastal Association of REALTORS web site. Certainly the bursting of the sub prime mortgage financial market has had a continued dampening affect on 2nd home sales of condos in Ocean City Md as well as other 2nd vacation condo markets around the USA. If you are planning to purchase or sell a condo in Ocean City MD .. We suggest enlisting the aid of an experienced REALTOR. You may find just that type of real estate professionalism and experience in the At The Beach Real Estate Center.
An article in the Baltimore Sun Newspaper dated Aug 25, 2007 titled “Tide is ebbing for Ocean City condo market” may be of interest.
Ocean City MD vacation condo rental activity has likely remained constant over the past years, however, due to the many new condos now available for vacation rent, one may see a decreases in condo vacation rental rates due to the increased competition. Each rental unit now has a smaller slice of the pie and decreases in rates charged, increases in amenities, comfort, etc. play a factor in successfully renting a condo throughout the summer months. There are many more requests for Condo Rentals of a shorter duration than the historically 7 day stay also, suggesting consumer changes in desires, affordability, and other options available for vacationing tourists. Certainly the internet plays a huge part now with increased easy access to vacation options, deals and vacation destinations one would not have considered in years past. You will find quick access to various Ocean City MD Condos for rent here.
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Most likely, the real estate market will recover in the coming years. The question is really not “if” but “when”. Historical indicators suggest this may be years away, but certainly doesn’t suggest that real estate investments are not good investments. Real estate is a LONG TERM investment. An interesting article discusses the long term prospects of real estate authored by the Vice President of the National Association of REALTORS.
So .. stay informed and get a professional real estate agent who is best able to serve your buying or selling needs for Ocean City MD – Coastal Delaware Real Estate