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Monica McNamara

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Average Sales Price - Which "Average" Do You Want?

11-17-09
Monica McNamara

Oceanside Avalon Condo

During my daily travels, I am asked quite frequently what is the "average price" for a property in Ocean City. Well, first we need to qualify the word average.

The average single family home. The average condominium. The average townhouse or multi family building.... Now we need to qualify where is this property situated? Is it directly on the oceanfront or just steps to the beach, but with no view? Is it on the bay with a boat dock right at your back door, or is it a little beach cottage that doesn't share any common amenities like a pool or tennis court?

Oh...how about how big is the property? Does it have one, two, three, four or more bedrooms? See what I mean? Not such an easy question to answer. I can respond to these many different questions, but with just as many different answers.

Townhome Design Property

Bayside Condomnium

Going to share a little secret. Here is probably the question I am asked the most. What is the average price for a 2 bedroom, 2 bath condominium that is directly on the oceanfront in Ocean City, Maryland?

Here is that answer. Year to date as published through our Multiple Listing Service (MLS) that wonderful gem of a property is on average, $374,305.

See how easy that was! Question asked and answered!

If you have a more specific question that you would like to ask me, feel free. Drop me an email or pick up the phone.

My best from the Beach!

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Great News For Property Buyers

11-10-09
Monica McNamara

Many new incentives to purchase property have been added into law with the legislation passed by President Obama on November 6th, 2009.

If you have been fence sitting. Jump off now! Don't miss the boat. There are too many incredible property values out there.

View all the details. WHAT ARE YOU WAITING FOR?

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Demand for New Loans Are Up!

10-10-09
Monica McNamara

Demand for New Loans Up as Rates Hold Below 5%
Oct 8th, 2009

Mortgage rates held below 5 percent for the third consecutive week helping refinance and purchase loan demand increase, according to a weekly report released by the Mortgage Bankers Association yesterday morning. The MBA said, in the week ending October 2, 2009, the average mortgage rate for 30-year fixed rate loan fell to 4.89 percent from 4.94 percent (avg points of .70) in the previous week. That in combination with the soon to expire $8,000 tax credit for first time home buyers helped mortgage application volume increase by 16.4 percent.

The refinance index increased 18.2 percent from the previous week to the highest level seen since May while the purchase index rose 13.2 percent from one week earlier, putting the index at its highest level since January.

Of particular note, the government purchase index is at a record level after a 14.4 percent increase from the week before.

Last week the FHFA (Federal Housing Finance Agency) reported on the delinquencies in Fannie Mae and Freddie Mac's portfolios. In that report they stated the following regarding their portfolios:

"The number of delinquent first-lien residential mortgages with credit score at origination of 660 or higher increased, while mortgages with less than 660 credit score at origination decreased. The increase in the number of loans with 660 or higher credit score and decrease in loans with less than 660 credit score at origination reflect actions taken by both Enterprises to increase the credit quality of new business and continues a trend seen over the past year."

This further illustrates that borrowers with higher risk credit profiles are more likely to utilize government lending programs instead of conventional loan programs. Given the state of the labor market and tight credit conditions, it is expected that many borrowers will continue to rely on the FHA for home financing needs

Mortgage Rates Down Slightly

NATIONAL RATE SURVEY RESULTS (10/08/2009 Results)

 
30-year Conv:          5.22% -- w/ avg. points: 0.34 pts
 
15-year Conv:          4.60% -- w/ avg. points: 0.34 pts 
 
30-year FHA:           5.13% -- w/ avg. points: 0.12 pts
 
5-year ARM:            4.66% -- w/ avg. points: 0.34 pts

PHH DAILY RATE CHANGES – LAST 10 BUSINESS DAYS

Date                       Conventional                                        FHA                                                                                             
10/08                     Slightly Lower                        Slightly Lower                        
10 Year Treasury Yield opens at 3.18
10/07                     Relatively Unchanged             Relatively Unchanged
10 Year Treasury Yield opens at 3.25 and closes at 3.18
10/06                     Relatively Unchanged             Relatively Unchanged
10 Year Treasury Yield opens at 3.20 and closes at 3.25
10/05                     Slightly Higher                        Slightly Higher                                          
10 Year Treasury Yield opens at 3.20 and closes at 3.22
10/02                     Slightly Lower                         Relatively Unchanged
10 Year Treasury Yield opens at 3.16 and closes at 3.11
10/01                     Slightly Lower                         Relatively Unchanged
10 Year Treasury Yield opens at 3.29 and closes at 3.17
10/01 (2)                Lower                                      Lower
- Stocks continues to slide lower and bonds gain strength
9/30                       Relatively Unchanged             Relatively Unchanged
10 Year Treasury Yield opens at 3.30 and closes at 3.30
9/29                       Slightly Higher                        Relatively Unchanged
10 Year Treasury Yield opens at 3.30 and closes at 3.29
9/28                       Relatively Unchanged              Relatively Unchanged
10 Year Treasury Yield opens at 3.33 and closes at 3.30
9/28 (2)                 Slightly Lower                          Lower
- Stocks end up mixed and bonds benefit
9/25                       Relatively Unchanged              Relatively Unchanged
10 Year Treasury Yield opens at 3.39 and closes at 3.33

RATE FORECAST

Will rates rise or remain relatively unchanged?
Industry experts and analysts provide their insights.
  • 14% of respondents expect rates to fall in the coming weeks

  • 29% predict a further increase in mortgage rates while the remaining

  • 57% forecast that mortgage rates will remain more or less unchanged


Once again, many thanks to Paul Soule of Coldwell Banker Home Loans for this information. If you have any questions for Paul, he is always happy to assist. he can reached at 800-517-6687.

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October Calendar of Events - Ocean City, Md.

10-06-09
Monica McNamara

There is so much happening at the beach this fall. Instead of writing it all down. I thought I'd take it a month at a time and just tell you about it!!!

Check it out!

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Ocean City Market Trends - September 2009

09-02-09
Monica McNamara
The median sales price for homes in Ocean City MD for May 09 to Jul 09 was $285,000. This represents a decline of 14.2%, or $47,000, compared to the prior quarter and a decrease of 16.4% compared to the prior year. Sales prices have depreciated 5% over the last 5 years in Ocean City.

The average listing price for Ocean City homes for sale on Trulia was $463,538 for the week ending Aug 26, which represents an increase of 0%, or $114, compared to the prior week and a decline of 1.2%, or $5,476, compared to the week ending Aug 05. Average price per square foot for Ocean City MD was $209, a decrease of 33.7% compared to the same period last year.

View the graphs below:
Average List Price
Median Sales Price
Number of Listings
Number of Sales
Avg Price per Sq Ft
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