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The Dispatch/Maryland Coast Dispatch
By SHAWN J. SOPER
2013 Real Estate Data Confirms Improving Market
January 10, 2014
NEWS EDITOR
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OCEAN CITY – With the calendar flipping from 2013 to 2014 last week, the real estate market in Ocean City and across the Lower Shore continues to show marked signs of improvement and the promise of a return to stability after a decade of sharp peaks and deep valleys. The final real estate numbers for December 2013 and the year-to-date were released last week for the Lower Shore and while last month was certainly not one for the record books, the market in Ocean City, Worcester County and across the Lower Shore showed gains in practically every significant indicator during 2013. The amount of available inventory in most categories and in most geographical areas continued to drop, while the number of properties under contract and settlements continued to increase, suggesting a solid trend upward after years of malaise as the recession dragged on. The level of inventory available is always a good barometer of the health of the real estate market and the figures for 2013 across the Lower Shore suggest that indicator continues to trend in the right direction. In Ocean City, for example, there are currently 1,024 properties for sale, including condominiums and single-family homes, representing about a 12-percent decrease in inventory from the end of 2012. Over a three-year period, the level of inventory in Ocean City is down by about 41 percent. Although there is a wide variety of factors, real estate, like most businesses, boils down to supply and demand and the numbers for 2013 suggest the latter is starting to exceed the former. “Seeing the inventory go down is obviously a great indicator of the health of the market,” said Ocean City Realtor Nick Bobenko of the Mark Fritschle Group-Condominium Realty LTD, this week. “Barring any type of major catastrophe, there is no reason to believe it won’t continue. It’s definitely not 2005 again by any means, but the market is doing very well.” Coastal Association of Realtors President Susan Megargee, a broker with Re/Max Crossroads, agreed the steady decline in inventory is a solid indicator of the restored health of the market in 2013 and a promising 2014. “In general, we saw a much lower volume of inventory, so the demand is definitely there,” she said. “Absolutely we’re excited about the market in 2014.” After a boon in the local real estate market for several years from roughly 2004 to 2007, the bottom fell out in 2008 with the arrival of the recession that is only now starting to SEE PAGE 6
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