Prince George's County, Maryland
Market Watch - April 2019
Prince George's County Real Estate Market Sets 5-Year Record for Growth in Residential Sales
1,361 Pending Sales and 868 Sales were recorded in April, as Average Sales Price increases by 5.4% to $307k from 2018 on over $265 million in sales. More than 1,500 homes are listed for sale in the County, offering ample supply for buyers in all price points. On average, sellers received 99.6% of median asking price to the final sale price.
The Prince George's County Association of REALTORS® (PGCAR) reports that the local area market continues with a positive trend, based on April statistics provided by Market Stats by ShowingTime and Rockville-based Bright MLS. Pending Sales rose by 5.3% over the same period in 2018. This key marketplace measure of strong demand indicates that 2019 continues to deliver a very strong performance for residential sales in Prince George's County
The 868 sales recorded in April results from the strong showing we saw in the first quarter in pending sales, as the markets settled down from a tumultuous final quarter of 2018. In all, over $265 million in homes were sold by PGCAR members in April. The Average Sold Price jumped by 4.8% to more than $307,000 from the same period in 2018. This indicates that higher priced homes were sold in the first quarter, which overall has an upward pull on prices per square foot, which in turn benefits the entire marketplace.
The chart above details April activity compared to the 5-year Average, an important longer-term measure of market trends. Note that Closed Sales are up 6.25% from the 5-year average. Also note that with the increase in demand, the inventory of homes for sale has dipped to a 1.8-month supply (representing 1,502 units) available for sale, and is also substantially lower than the 5-year trend. This statistic means that if no new listings come on the market and with continued forecasted demand, the supply will go to zero.
Veera Phillips, PGCAR President and a professional REALTOR® at Keller Williams Preferred Properties, said: "The positive up-trend of PGCAR's pending sales tells us there's an increased demand for home ownership in April. We are particularly pleased to see a boost in both average and median sales prices, which signals that it's a great time to sell your home with many anxious and qualified buyers out there looking."
Phillips continued: "It's also important to report that the typical seller received 99.6% of the original List Price for closed sales in April. This tells us that homes priced well, sell for close to asking price. Sellers who engage the service of a REALTOR® are best equipped to compete in today's marketplace. Combined with the ample supply of starter and move-up homes for buyers in every price point, we are seeing 2019 shape up very nicely, and continue to assert that Prince George's County continues to offer one of the best buying opportunities in the DC metro region."
The Voice for Real Estate in Prince George's County
PGCAR is the voice for REALTORS® in Prince George's County, Maryland. Representing more than 3,000 real estate professionals in the national capital area, PGCAR provides numerous services vital to its members' daily business needs. It also works with lawmakers to ensure public policy that encourages homeownership, promotes an environment conducive to business growth and works to improve the communities in which its members live and work.