Ocean City, Maryland continues to excel within the luxury market. With an emphasis on amenities and experiences, the trend continues to move in a forward direction. Ocean City Maryland is one of the most sought-after locations and home prices have started to rise.
Interestingly a first glance at the statistics shows that in last 18 months, the luxury market has been pretty static. But rather than this illustrating that the market is ‘status quo’ in terms of demand, these figures really show that there is still a strong confidence in the luxury market in terms of financial investment. Digging a little deeper into the data reveals that the money has been shifting gradually into the new demand pockets mentioned above.
This is why it’s so important to analyze the statistics. When there is little movement, the real changes can be going on behind the scenes in emerging trends; making it even more critical to pay attention.
The dramatic increases in the levels of property ownership over the last 50 years was greatly influenced by a changing economy from blue-collar to white-collar as well as women entering the workforce. However, while some predict that real estate will remain a long-term investment, others foresee a downward shift as the millennial population seek co-living and rental opportunities.
In the high-end market, the growing number of affluent will certainly mitigate a downward shift and its unlikely the millennial millionaire population will be seeking co-living or rentals, but they are shifting their preferences. Their attention is directed to finding opportunities in new markets, diversifying their portfolio, choosing locations that offer experiences, and discreetly spending on intangibles such as health and wellness.
But let’s not to be too hasty in dismissing the co-habitation amongst the wealthy, quite the opposite there is an increasing interest experiencing ‘community’, mutual activities and even sharing concepts. Overcoming isolation has become increasingly important, look only to luxury condominium and townhome complexes are integrating an array of amenities into large spaces designated for common use including stunning roof top gardens, dog areas, demonstration kitchens, wine bars and coffee lounges, pool decks and quiet restorative areas for gardening, yoga, reading, and relaxing.
This report looks in more depth about community living, sharing communal areas, live, work and play suburbs, and the impact of baby boomer demands. Finally, it reviews some of 2019’s landmark sales that clearly reaffirm the growing demand for owning a home that affords them lifestyle experiences and amenities focused on wellness.
Worcester County Luxury Market Report Summary
Single-Family Luxury Market
- The Worcester County single-family luxury market is a Balanced Market with a 16% Sales Ratio.
- Homes sold for a median of 96.25% of list price in September 2019.
- The most active price band is $750,000-$799,999, where the sales ratio is 75%.
- The median luxury sales price for single-family homes has decreased to $795,000.
- The median days on market for September 2019 was 46 days, down from 172 in August 2019.
Attached Home Luxury Market
- The Worcester County attached luxury market is a Buyer’s Market with a 4% Sales Ratio.
- Homes sold for a median of 97.98% of list price in September 2019.
- The most active price bands are $650,000-$699,999 and $750,000-$799,999, where the sales ratio is 13%.
- The median luxury sales price for attached homes has decreased to $572,000.
- The median days on market for September 2019 was 39 days, down from 136 in August 2019.
The full report can be found below. For more information about the October 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.