The Ocean City Condominium market is starting to heat up after the sluggish Fall/Winter.
The Coastal Association of REALTORS® most recent report shows 101 contracts in March ’07 up from 99 contracts in March ’06. There is still a lot of new inventory coming on the market with 232 new condos listed in March, with over 1700 units still on the market for sale. The average number of days on market is 204 days with a List/Sell Ratio of approximately 91.26%.
What does this mean to Buyers? Well the law of economics is Supply vs. Demand. There are a lot of properties to choose from and some sellers entering the market are now being educated to the change to the “Buyer’s Market” and are beginning to be more open to negotiating or pricing their properties to sell.
As the weather warms up, we are seeing more buyers in town getting ready for the summer season. Keep in mind, the baby boomers are expected to retire in large numbers, and a home at the beach has always been high on the list.
So don’t wait for the next market boom to make your move. With mortgage rates still low, “NOW IS THE TIME TO BUY”. Visit my website at www.sharoncurtiss.com to search for current listings in the Coastal Delmarva Region.
