The Million Dollar Market Report is focused exclusively on THE TOP OF THE LOCAL RESIDENTIAL MARKET and includes single family homes, condominiums and town homes in Ocean City, Maryland and surrounding area.
Throughout 2017, 24 properties sold – 12 Single Family Homes & 12 Condominiums.
The average Single-Family Home listing price was $1,466,492, with average sold price of $1,266,833.
The average Condominium listing price was $1,299,733, with average sold price of $1,217,908.
The luxury average listing price square foot is currently $345.72, and the average sold price per square foot is $300.99 for Single Family Homes. Condos currently listed at $584.36, sold at $548.51.
The highest closed Condominium was $1,550,000. The highest Single-Family Home was $2,300,000.
Trends show an increase in sales and price. The Luxury Market is experiencing new growth, but inventory remains low. Greater demand with less selection creates the optimal time to sell. If you are contemplating selling, now is the time.
Location, age, condition as well as state-of-art designs (upgrades) add value. Contact me to find out what your property is worth in this current market by scheduling an appointment for a complimentary market analysis at mnichols@LuxuryShoreLiving.com.
The Million Dollar Market Report was prepared for Ocean City, Maryland and surrounding areas. For more information on selling or seeking luxury properties contact me directly at 410.430.1575 or mnichols@LuxuryShoreLiving.com.
Luxury Collection Specialist