Prince George's County, Maryland
Market Watch - August 2019
Prince George's County Real Estate Market Stays Steady in August
While Closings and Pending Sales Fall in Line with Historical Trends.
August's Average Prices Increase by 3.7% Over 2018
1,183 Pending Sales were recorded, as Average Sales Price increases to $316k from the Prior Year on over $292 million in sales. Over 1,730 homes are listed for sale in the County, offering Ample Supply for Buyers in all price points.
The Prince George's County Association of REALTORS® (PGCAR), reports that the local area market in August showed steady progress in what will likely be a banner year for the area.
932 Closed Sales were recorded for the month, which is 4.5% less than the comparable period in 2018 and 2.5% less than the very active month of July. In all, an impressive $292 million in homes were sold by PGCAR members in August. The Average Sold Price grew by 3.7% from the same period in 2018 to $316,035, yet another positive indicator.
The chart above details August activity compared to the 5-year Average, an important longer-term measure of market trends. Note that Closed Sales syncing in line with the 5-year average. Also note that there's a healthy supply of homes for sale at 2.5 months (representing 1,739 units) available for sale (versus a 1,957 historical measure and 2.5 month's supply.) This important statistic means that if no new listings come on the market and with continued forecasted demand, the supply will go to zero. It also means it's a great time for sellers to jump in the market to sell as demand remains high. Sellers can contact their local REALTOR® for a competitive market analysis at no cost.
Ms. Veera Phillips, President of the Prince George's County Association of REALTORS® and a professional REALTOR® at Keller Williams Preferred Properties, shared: "We were pleased to see a consistent growth in average sales prices, while still keeping Prince George's County's housing selections affordable and within the reach of so many young families, first time buyers and folks relocating to DC for work."
She continued: "It's also important to report that for the fourth month in a row, the typical seller received 100% of the original List Price for closed sales in August. Once again, this illustrates that sellers who wisely engage the services of a real estate professional are best equipped to compete in today's marketplace. There is an ample supply of starter and move-up homes for buyers in every price point. We continue to believe that Prince George's County continues to offer one of the best buying opportunities in the DC metro region in 2019."
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.