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Unsold condo inventory shrinks in Ocean City

Sunday - 12/30/2012, 2:34pm  ET

OCEAN CITY, Md. (AP) - Real estate in Ocean City is moving off the market at a brisk pace.

Data from the Coastal Association of Realtors shows a 25-percent reduction in the inventory of unsold condominiums in Ocean City, including multi-million-dollar properties.

The data from CAR also shows that contracts are up 14 percent year to date, with settlements up 5.6 percent.

Inventory decreased sharply from March through November after being flat, at about 1,150 units, from last December to last March.

Pam Wadler, the president of the association, tells The Daily Times of Salisbury that it's been a "remarkable" period for real estate and that "people are still coming to town." She says while the market is unusually busy for this time of year, there's no single cause for what's happening.

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Information from: The Daily Times of Salisbury, Md., http://www.delmarvanow.com/


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)