July 2019 Luxury Market Report

The summer is in full swing in Ocean City. And the real estate luxury market is heating up with the July temperatures. The sweet siren call of salty breezes and crashing waves lures those suffering in the oppressive heat of the surrounding cities. Now is the perfect time to find your perfect vacation oasis in a secondary home.

To further assist you with planning your strategy and to effectively positioning your home, I compiled a summary luxury market report of Worcester County’s current market for single family and attached homes.

In this month’s review we look at the 6-month mark of the year to see if forecasts from the end of 2018 has come into effect. Also, we explore the demand by luxury buyers and sellers to share the ‘experience of living in the location and how this has become a dominant factor in the decision-making process. For luxury homebuyers, the desire to purchase a home requiring renovation is becoming a thing of the past. Today’s affluent real estate purchasers are looking for turnkey, move in ready properties with all of the amenities and none of the extra work. These homeowners still want plenty of space, privacy and protection, but with today’s clever technology, this can be achieved in homes half the size. Instead features such as smart home automation, unique designs, and custom spaces are achieving the extraordinary price tags.

Worcester County Luxury Market Report Summary

Single-Family Luxury Market

• The Worcester County single-family luxury market is a Buyer’s Market with a 6% Sales Ratio.
• Homes sold for a median of 93.00% of list price in June 2019.
• The most active price band is $950,000-$1,049,999, where the sales ratio is 25%.
• The median luxury sales price for single-family homes has increased to $1,037,500.
• The median days on market for June 2019 was 86 days, up from 9 in May 2019.

Attached Luxury Market

• The Worcester County attached luxury market is a Buyer’s Market with a 4% Sales Ratio.
• Homes sold for a median of 95.20% in June 2019.
• The most active price band is $550,000-$599,999, where the sales ratio is 12%.
• The median luxury sales price for attached homes has decreased to $579,000.
• The median days on market for June 2019 was 51 days, down from 225 in May 2019.

The full report can be found below. For more information about the July 2019 Luxury Market report and the services I can offer you and your luxury property, please give me a call at 410.430.1575 or email me at mnichols@LuxuryShoreLiving.com.