You nailed it Cynthia! 30 to 50k off is just about right.
Prices went up too fast and too high. This is a natural and HEALTHY "pullback." Ocean Pines remains a super strong investment because it is unique and it is in a great location relative to the beach.
Simple supply & demand has driven prices down. Buyers have been taking a wait-and-see approach (low demand) and so as people have decided to sell over time (for their own varied reasons) has driven up supply. Sellers have to price their homes aggressively to nab the limited supply of buyers. But, buyer activity is definitely picking up.
No one can predict exactly where the "bottom" is, but I think if you want something for summer of 2009 you will probably not regret buying it now. If you want to wait, then August-September-October could turn out to be a "post summer sale" or it could be that even waiting that long will "miss the bottom."
I recommend e-mail alerts to notify you the same day of price changes, new listing, settlements (so you can see what they sold for), etc.
If you e-mail me at todd@SellingBeachToBay.com I would be happy to set up your e-mail address in our automated system to send you such alerts. It is a lot of fun watching the market evolve that way and whether you buy now or later you WILL BE in touch with the market by following events this way.
Atlantix Real Estate
Serving: Ocean City, Ocean Pines, Berlin, and Salisbury