June 2019 Luxury Market Report

Ocean City continues to be one of the most sought-after locations. Located close to major metropolises of Washington, DC, Philadelphia and Baltimore, Ocean City is an easily accessible paradise from our busy lives.  10 miles of pristine beaches, fun-filled entertainment and luxury homes await you.

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, the market has remained steady and there are surprises in the fact that the number of listings is up as are the number of sales – its peak season. This report explores 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. Recognizing that the affluent are forgoing materialistic goods and investing more in comfortable environments that create a sense of wellness. Downsizing is a key change in the purchasing of homes and luxury turn-key condos are very much in demand in all sectors of the demographic. To gain a perspective of the luxury market from the ground up the report studied local insights on the trends and expectations of this transitioning market.

Worcester County Luxury Market Report Summary

Single-Family Luxury Market

• The Worcester County single-family luxury market is a Buyer’s Market with a 10% Sales Ratio.
• Homes sold for a median of 96.12% of list price in May 2019.
• The most active price band is $750,000-$799,999, where the sales ratio is 43%.
• The median luxury sales price for single-family homes has decreased to $800,500.
• The median days on market for May 2019 was 9 days, up from 152 in April 2019.

Attached Luxury Market

• The Worcester County attached luxury market is a Buyer’s Market with an 21% Sales Ratio.
• Homes sold for a median of 93.34% of list price in May 2019.
• The most active price band is $900,000-$949,999, where the sales ratio is 50%.
• The median luxury sales price for attached homes has increased to $755,000.
• The median days on market for May 2019 was 225 days, up from 110 in April 2019.

The full report can be found below. For more information about the June 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.