Meaningful price reductions are concentrated among older, resale homes in Ocean City’s luxury tier, while new construction has largely held the line on original asking prices.
An Ironside review of 47 active Ocean City properties listed above $3 million found just three new-construction listings with any reduction from their original asking price.
Two of those were nominal adjustments (a $1,000 reduction and a $50,000 cut), leaving a single, newly built home with a substantial price reduction.
The larger reductions were concentrated among resale properties, several of which have lowered their asking prices by hundreds of thousands of dollars.
The biggest reduction now exceeds $700,000, with several others topping $500,000.
The differing strategies become notable when marketing time is considered.
New construction in Ironside’s review carried a median 115.5 days on the market, compared with 82 days for resale homes.
Builders are largely showing greater pricing conviction than existing homeowners in holding to their initial ask.
Roughly half of Ocean City’s $3 million-plus active inventory, stretching from the beach to the bay, is new construction.
Leave a Reply