Here is what's been happening in the Ocean Pines, MD real estate market since the beginning of the year.
OCEAN PINES MARKET TRENDS
SFH Units
Active 270
Sold 58
Pending 35
New 165
Withdrawn 101
Expired 22
Avg List Price $261,359
Avg Sale Price $242,472
Avg DOM 163
List to Sell Ratio 92.77%
Based upon a review of the information as reported in the local multiple listing service, you can see that the inventory is starting to level off to about 24 months of inventory on the market. In the Ocean Pines area, we do have a seasonal increase in the number of new listings coming on the market as well as the number of sales increasing during the summer months since that is when we have more visitors coming into the area.
Most of the sales are in the under $250,000 price range and prices are becoming more affordable for the first-time home buyers as well as those wanting to purchase a 2nd home. There are definitely some good buys to be had and we are encouraged that those buyers who have been waiting on the side lines have good reason to purchase now before the interest rates begin to rise.
Did you know that according to a recent article for the mortgage lenders, a 1% increase in mortgage rates will offset any savings you might get be getting a home at a 10% discount? So waiting to purchase could back fire on you.
Why not work with an Accredited Buyer's Agent and negotiate based on how much you feel the market may continue to decline. Keep in mind, each home is priced differently and the seller's motivation to sell will play an important role on how much you can expect to get off the list price.
When you hire me to represent you, I will do a complete market evaluation to ensure that know all the facts before making the decision to purchase. Visit my website www.sharoncurtiss.com for FREE Buyer Service reports and search for local property for sale.
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