jasonez1, Home Buyer in Ocean City, MD

Do you think that values will go up in 2013. What level of condo units for sale would indicate a sellers market again? 6 months of inventory?

Asked by jasonez1, Ocean City, MD Thu Nov 8, 2012

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Yes i think so. I predict a 5% increase no matter the size of inventory.
0 votes Thank Flag Link Thu Nov 8, 2012
Thanks for your inquiry.

There is no across the board answer right now. While some units have shown slight increases in value, most in OC are stagnant or even showing modest decreases still. We will need much more than 6 months before we transition from a buyers market to a sellers. There is typically a stagnation period in between. I would anticipate this to be the short term forecast for at least the next year.

Dave
0 votes Thank Flag Link Thu Nov 8, 2012
Hi Jason,

I think we will continue to see a very gradual increase in pricing. On level with what we've seen for the past couple of years. The second home market won't make a rapid comeback unless the economy improves substantially.
0 votes Thank Flag Link Thu Nov 8, 2012
We have began to see inventory levels drop in Ocean City. Year to date we have seen about a 30% drop in inventory. Our absorption rate is a little over a year right now on average. The largest variable in that absorption rate is the price point of the property. The lower price points will have a shorter days on market then a property at a higher price point. If interest rates remain low, and we expect those rates to remain very affordable, there are encouraging signs for a definite up tick in our market.

Having said that, internationally our economies are so very linked. If they sneeze in Europe, we catch a cold in the US. We can't know what will happen globally. As always we remain optimistic!
0 votes Thank Flag Link Thu Nov 8, 2012
I do not think that anywhere in the market we will hit a solid Sellers market, which means way more buyers on the market looking for properties than there are available properties, and there are always more than one buyer interested in a property.... In most areas no matter what the market we are
still in a buyers market, although may be not enough inventory, but also not enough spread out in
size and price range buyers...

Prices may go up a little and we may have more interest and some of the really well priced properties
or low priced properties will get a lot of interest, but the entire market turning into a Sellers market
I cannot see it at this time. But may be agents from Ocean City will have a much better and more area specific insight.

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0 votes Thank Flag Link Thu Nov 8, 2012
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