2010 Year End Ocean City MD Real Estate Market Report - Ryan Haley Realtor

The books are closed on 2010 and many are asking, How was the year in real estate at the Beach? With the help of a strong end of year rush to buy, the sales numbers came in pretty strong!

Ocean City Condos sales jumped up 17.1 percent from the 2009 numbers with a total of 884 condos sold for the year. At the same time inventory decreased 15.2 percent from the end of 2009 with 1,226 condos presently for sale.

For The Greater Ocean City area Single Family Homes, sales were up 23.6 percent with 570 homes sold in 2010, compared to 461 in 2009. Inventory also decreased but at a lower rate of 7.9 percent with 663 single family homes currently for sale.

How does this compare to other years? Surprisingly 2010 was the second best year in the last 5 years! 2005 was the peak year in terms of number of sales, here is a look at the last 5 years.

2005 Condos Sold 1,456 – Active Condos at End of year 1,290
2006 Condos Sold 813 – Active Condos at End of year 1,546
2007 Condos Sold 767 – Active Condos at End of year 1,559
2008 Condos Sold 638 – Active Condos at End of year 1,409
2009 Condos Sold 787 – Active Condos at End of year 1,376
2010 Condos Sold 884 – Active Condos at End of year 1,226

Why the big upswing in sales? Price, Price, Price! The sales are extremely price driven. Buyers are buying because they know they are getting great deals. Prices are down anywhere from 30-50 Percent from the peak values depending on the area of the beach, with the biggest decreases in the newly constructed properties. Cash Investors and first time vacation home buyers are driving the market. I have also seen a reemergence of the 1031 Tax deferred exchange, where a seller with equity in their investment property, can sell their present property and roll the proceeds into a move up purchase of equal or greater value and defer the capitol gains.

Click Here to View Ryan's Youtube Video 2010 Market Recap



Give us a call today to see how easy it easy it may be to start making your dreams a reality! Atlantic Shores Realty 410-524-0919 or visit www.AtlanticShoresOC.com Today!

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Ryan T. Haley
Broker, SFR
Atlantic Shores Realty
7510 B. Coastal Hwy
Ocean City, MD 21842
410-524-0919
info@ryanhaley.com
RyanHaley.com