Quarter 1 has shown significant incentives for any potential sellers to join the market. I compiled a market report including high-end & luxury homes over $500,000, including single family homes and condominium/townhouses.
2018 Quarter 1 Local Luxury Market Report
Condo/townhouses Q1 2018
- 116 active
- 9 pending
- 29 buyers with closed transactions
Highest sale direct ocean front (my listing 8407 Atlantic Ave A) closing at $1,231,500, 3700 sq. ft. $558.33 per sq. foot.
Single Family Homes Q1 2018
- 94 active
- 10 pending
- 16 buyers with closed transactions
Highest sale was located at the foot of the Rt. 50 Bridge in West OC at ”The Estates of Inlet Isles” $ $1,725,000, 6833 sq. feet. $374.56 per sq. foot.
Over all Q1 2018 has increased sales volume up 25% from Q1 2017. Price increased on single family homes 10% Condo/townhouses 6.12%.
For a full Local luxury Report for 2018 Q1, contact Mechelle Nichols, Luxury Collection Specialist, at 410.430.1575 (cell) or mnichols@LuxuryShoreLiving.com.
2017 Luxury Market Report
Here is a reminder of how the 2017 luxury market year ended.
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.
13461 Madison Avenue, Ocean City, MD 21842 | $1,140,000 USD
4 beds 3 full baths 1 half bath | 3,599 sq. ft. on 5,925 sq. ft. lot
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.
What does this all mean for you? The local OC market has changed as inventory is low, so if you’re considering selling now may be the best time in recent years. Time is your most valuable asset. I provide the knowledge, marketing capability, and experience to help you sell your luxury home at top price.
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.
My concierge service provides the assistance, organization and support you require to assist you locate the perfect beach retreat to relax and entertain family and friends this summer. Consider your preferred location and top priorities prior to scheduling showings. Be prepared to move quickly so you get the most value = lifestyle. My full services…working with a local expert who’s knowledgeable, with excellent negotiation skills…
I am a local business woman raising a family on the Eastern Shore. Through both my personal and professional life, I cultivated and developed a long list of friends, vendors and agencies ready and willing to fulfill any of your needs. I personally vetted each contact, ensuring an exceptional level of service. I developed meaningful, long-term relationships with quality professionals. You want to do business with people who you know and trust. I cultivated these relationships to further facilitate your process.
As your concierge real estate agent, I identify your specific requirements, locating the ultimate property in the ideal community that satisfies and exceeds your family’s needs. I promise to use all my resources to find your quintessential home.
Through all stages of buying or selling your property and beyond, I am dedicated to bringing you the best of Ocean City and the surrounding areas. I provide all-inclusive concierge services, assisting you with all your needs. I am steadfastly available to ensure your happiness and satisfaction.
Join me in this journey on the Eastern Shore and allow me to facilitate your best life!
Your Concierge Agent,