June 2020 Luxury Market Report

Ocean City is again bustling with tourists and residents alike. The community is beginning to embrace the mostly typical experiences of summer. While restaurants and other businesses continue to practice social distancing and limit indoor capacity, outdoor facilities are open and catering to the season’s demand for fun in the sun.

The local real estate market has proven resilient to the negative effects initially anticipated as a result of the COVID-19 pandemic. Nonetheless, some individuals have been adversely affected dependent on personal circumstances.

The luxury market briefly paused in anticipation of the pandemic’s effects, but increased demand caused the market to resume. Previously, buyers searched for smaller homes with greater smart home amenities. As a result of the current climate, buyers are once again valuing larger properties.

Buyers are searching for the space to work from home. With the increased demand for remote work, buyers want to be able to enjoy their property for home and business needs, whether the property is a primary home, vacation property or potential rental.

A primary residence, secondary property or vacation home with technological capabilities and space for growth allows the buyer to relax at the beach and stay connected with work needs.

As a concierge level realtor, I continue to focus on the client’s need for safety. I have pivoted my marketing strategies to include virtual touring, focused digital marketing of properties and video conferencing. I understand the need to combine the client’s safety and the desire for investment opportunities outside of traditional stock market or finance focused investing.

To assist the client with buying or selling their home, I have compiled the following Worcester County luxury market report.

Worcester County Luxury Market In Review

Single-Family Luxury Market

• The Worcester County single-family luxury market is a Buyer’s Market with a 8%
• Sales Ratio.
• Homes sold for a median of 92.19% of list price in May 2020.
• The most active price band is $1,450,000-$1,649,999, where the sales ratio is 100%.
• The median luxury sales price for single-family homes has increased to $1,312,500.
• The median days on market for May 2020 was 45 days, down from 97 in April 2020.

Attached Home Luxury Market

• The Worcester County attached luxury market is a Buyer’s Market with a 6% Sales Ratio.
• Homes sold for a median of 96.49% of list price in May 2020.
• The most active price band is $700,000-$749,999, where the sales ratio is 67%.
• The median luxury sales price for attached homes has decreased to $695,000.
• The median days on market for May 2020 was 158 days, up from 74 in April 2020.

The full report can be found below. For more information about the June 2020 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.