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Prince George's County Association of REALTORS real estate news, events, education and legislation
Members Only  |  Forms  |  Education  |  Calendar
November 2020

On Friday, October 30th, PGCAR's Voting Squad voted early at the Wayne K. Curry Sports & Learning Center in support of candidates who understand the issues important to the industry and issues that promote homeownership. Thank you so much to all that participated!

Check out the CTV press coverage of President Price and our fellow REALTOR® voters.

PGCAR Voting Squad Media Coverage

We appreciate all REALTORS®, Affiliates and friends who were part of this election's record turnout.

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and REALTOR® Store purchase pickup!

Appointment and curbside pickup hours:

MONDAY, WEDNESDAY, and FRIDAY | 9:30 am - 3:30 pm

Call 301-306-7900 or email appropriate staff person
to schedule your appointment!

Details at pgcar.com/COVID-19 >

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Message from PGCAR President Shameeka Price

Message from PGCAR President Shameeka Price
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Growing Green with Community Pride:
Community Clean-Up

PGCAR's Growing Green with Pride Community Clean-up Initiative on October 24, 2020 included cleaning up litter and illegally dumped materials on both sides of Central Avenue (including the median), starting at Capitol Heights Metro Station and ending at Addison Road near the Addison Road Metro Station.

Twenty 42-gallon contractor bags of trash were collected from the mile-long stretch of roadway. Thank you PGCAR members and volunteers for your hard work helping keep Prince George's County clean and beautiful!

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Go GREEN! Renew in 3 easy steps using our secure, online payment system at pgcar.com/dues:

  1. Log in >
  2. View and pay your dues invoice.
  3. Receive an immediate online and emailed receipt and payment verification.
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Is it Time to Renew or Add Insurance?
Health Insurance Open Enrollment Ends December 15

REALTORS® Insurance Place allows NAR members to shop, compare, and enroll for insurance online. Health insurance options include major medical, Medicare insurance options, short term medical, telemedicine, and supplementary insurance plans and products.

Curious how the Insurance Place works?
Check out the video!

To get started, visit the REALTORS® Insurance Place and click on the type of insurance you're interested in or click on a button below, then click the "Get Quote >" button; or give them a call at 877.267.3752.


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COVID-19 Business & Health Resources

Visit pgcar.com/COVID-19-Resources often, as we continue to revise The COVID-19 Resource Guide with new business, health and wealth resources and assistance services; at the local, state and federal level.

COVID-19 Resource Guide

Maryland REALTORS guidance on best practices during COVID-19
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Prince George's Maryland Monthly Market Watch


Prince George's County Home Sales Continue 2020 Rally

PGCAR reports another strong month for the local real estate market. Prince George's broke another record for lowest number of days on market (DOM) in over 10 years, for the third consecutive month and fourth time this year, showing our County's attractiveness as a premier location. Median Days on Market (DOM) dropped to 7 days, decreasing 61.1 percent from October 2019 and 12.5 percent from September 2020. Average DOM was 16 days, decreasing 48.4 percent from October 2019 and 23.8 percent from September.

More homes were also being sold during those shorter days on market (DOM). October total sales increased 14.1 percent and total dollar volume grew 27.4 percent over October 2019, in spite of continuing record low inventory. Closed sales and average sold price both continued their year-over-year growth streaks, fueling the explosive total volume increase. Closed sales were at 1,025; increasing 14.1 percent from the previous year and just 3.9 percent under September 2019. Average Sold Price was $364,610; increasing 12.1 percent from October 2019 and 1.4 percent under September 2019. These monthly decreases are much lower and later than the usual seasonal shift from summer to fall.

Prince George's Maryland home sales October 2020 and 5-year October averages
© 2020 Market Stats by ShowingTime and Bright MLS

The above Five-Year October Averages chart illustrates the high growth, low inventory market trend well. Closed and New Pending Sales and Average Sales Price continue to increase; available home inventory (measured by Active Listings and Months of Supply) remains low. The supply of homes for sale remains at a five-year low of 0.9 month (representing 861 units) available for sale (versus a 1,757 historical October measure and 2.0 month's supply.) This important statistic means that if no new listings come on the market and with current demand, the supply will be exhausted in less than one month.

October 2020 Year Over Year (YoY) Month Over Month (MoM)
Total Sold Dollar Volume $370,315,824 + 27.4% - 5.6%
Closed Sales 1,025 + 14.1% - 3.9%
Median Sold Price $355,000 + 12.7% + 1.4%
Average Sold Price $364,610 + 12.1% - 1.4%
Median Days on Market 7 days - 61.1% - 12.5%
New Pending Sales 1,181 + 7.4% - 1.2%
© 2020 Market Stats by ShowingTime and Bright MLS

Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, shared: "We are pleased to report another record-breaking month for Prince George's County home sales. Prince George's homes have been selling quickly. Half of the county's listed homes are selling in 7 days or less."

"Our mix of suburban and rural areas with cultural diversity and outdoors amenities so close to Washington, DC has brought even more attention during the pandemic. Employers continue to invest and move into our county. A $1.2 billion public-private partnership has been approved to build six new county schools. The collaborative hard work and innovation of our county leaders and citizens will continue to pay off, through this pandemic and when we emerge from the COVID-19 pandemic. Prince George's County is a great place to live and to work!"

Price continued: "Now is a great time to sell or to buy. Especially with historically low mortgage interest rates, Prince George's remains an affordable premiere place to buy. While we are at historic lows for the average number of days it takes to sell a home and the number of homes for sale, market knowledge and great service to your specific needs matter even more. During this time of often-competing and quick offers, the guidance of a professional REALTOR® is even more valuable and may be critical to a successful outcome."


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Earn Your Maryland and DC CEU
with PGCAR LIVE Virtual CE Classes!

 
Tuesday
Nov 17
1 - 4 pm
3 MD Required Legislative Update CEU (Topic A)
3 DC Elective CEU
Register >
 
Monday
Nov 30
10 am - 1 pm
3 MD Elective CEU (Category F)
Register >
 
Wednesday
Dec 2
9:30 am - 12:30 pm
3 DC Required Legislative Update CEU
Register >
 
Wednesday
Dec 2
1:30 - 4:30 pm
3 DC Required Ethics Update CEU
Register >
 
Monday
Dec 7
10 am - 1 pm
3 DC Required Fair Housing CEU
Register >
 
Monday
Dec 7
2 - 5 pm
Prepare for the law portion of the DC Real Estate Commission test
Non-CEU
$10 Members / $15 Non-Members Early Bird
Register >
 
Tuesday
Dec 8
9:30 am - 12:30 pm
3 MD Required Supervision CEU (Category I) for Brokers/Team Leads; 3 MD Elective CEU for Salespersons
Register >
 
Tuesday
Dec 8
1:30 - 4:30 pm
3 MD Required Agency CEU (Topic H)
Register >
 

Virtual offerings have been selling quickly.
Check pgcar.com/classes regularly for new classes >

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Maryland REALTORS® Leadership Academy
Rescheduled: Applications Due December 1

Due to COVID-19, start of the Leadership Academy program has been delayed until March 2021, and the application deadline extended.

Take this opportunity to lean into and advance your leadership, public communications, organizational planning, advocacy and governance skills.

2020 / 2021 Maryland Leadership Academy
Apply for this prestigious program >
Program details >
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Thank You, PGCAR REALTOR® and Affiliate Members!

Thank you to all our members who support the real estate industry, homebuyers and sellers, each other and our community, by holding membership in PGCAR. Please use the Member Directories to utilize and refer the services of PGCAR members.

THANKS AGAIN to our members!
Find a REALTOR®   |   Find an Affiliate

Any non-renewed member can still renew for 2021 at pgcar.com/dues.
Find membership applications at pgcar.com/join.



CONSUMER'S CORNER
Great reasons to stay in touch! Share these with your customers.


PGCAR Red Cross Blood Drive December 1 at New Carrollton Municipal Building - click to register

Schedule an appointment online or by calling 1-800-RED-CROSS.

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Downpayment and Closing Costs Assistance
for Homebuyers with Disabilities

HomeAbility Assistance for Homebuyers with Disabilities

​HomeAbility is a newly updated program that helps Maryland homebuyers with disabilities finance their home purchase. It provides up to 25% of the contract price as a 0% interest second lien, to assist with down payment and closing costs. No mortgage insurance is required. Payment on the second lien is deferred for the life of the first mortgage, that becomes payable upon sale, refinance, or transfer of the home.​​​​​​

Program Information >


BROKER'S CORNER


Mortgage Rates Rise on Positive News
Expected to Stay Near Historic Lows a While Longer

The 30-year fixed rate mortgage average is rising, after reaching a 50-year record low of 2.81% during the week ending October 15.

"Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine," said Sam Khater, Freddie Mac's Chief Economist. "Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand. Heading into late fall, the housing market continues to grow and buttress the economy."

Freddie Mac reports the following averages as of November 12
and their change from last month (October 15) and last year:

  • The 30-year fixed-rate mortgage averaged 2.84%
    Up from 2.81% last month ~ Down from 3.69% last year
  • The 15-year fixed-rate mortgage averaged 2.34%
    Down from 2.35% last month ~ Down from 3.15% last year
  • The 5-year Treasury-indexed hybrid ARM averaged 3.11%
    Up from 2.9% last month ~ Down from 3.35% last year

Also see:

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The Top 3 Things

Your Association offers you a lot, and it's important to us that we deliver what best supports you, your business and life in all circumstances.

Here are 3 great opportunities to remind your agents about this week:

  1. 2021 Membership Renewals at pgcar.com/dues

    You can help your agents save money and time in 3 ways:

    • Remind everyone - Please renew at pgcar.com/dues today. A $75 late fee gets added to non-paid dues after midnight Monday, November 30. Save the money and time involved reinstating SentriLock and other benefits.
    • Log in to your Broker Portal to see who in your office hasn't paid dues yet. Note: This report can take a few minutes to display, depending on your office size.
    • Also check agent emails in your Broker Portal. Is everyone's email correct?

  2. New Agents?
  3. Benefits. Knowledge. Growth.

    Please remind agents to take advantage of free and low-cost membership benefits and education. Especially now, when higher numbers are moving during the challenges of a pandemic and work / study at home changes, consumers are seeking professional guidance. Utilize the training resources and REALTOR® tools available to help meet buyer and seller needs.

Follow us on facebook.com/pgcar, and of course, bookmark pgcar.com to stay in the know >

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- - - NEWS AND TRENDS - - -
Reminders, trends and other news you should know.


National News & Market / Industry Surveys

Tips & Trends

Regional News

8300 Corporate Drive, Suite 100  |  Landover, MD 20785  |  Phone 301.306.7900  |  Fax 301.306.8273
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