Prince George's County, Maryland
Market Watch - December 2019
Prince George's County Residential Real Estate Market Closes 2019 and the Decade Strongly Representing One of the Best Years on Record for Closings and Price Appreciation
More than $3.6 billion in real estate sales closed in 2019, representing 11,401 units for a 4.51 percent increase from 2018. Average sold price increased to $321,322 for a 7.23 percent appreciation over the prior year. Further, the growth of the average sold price during the past decade has increased more than $100,000.
The Prince George's County Association of REALTORS® reports that the local area market continued to reflect considerable strength in December. In closing 2019, the local real estate market showed positive price appreciation for sellers and, for buyers, reinforcing Prince George's County as one of the region's most attractive real estate markets.
Nine hundred and thirty Closed Sales were recorded for the month, which is 43.7 percent ahead of the comparable period in 2018. In all, an impressive $302 million in homes were sold by PGCAR members in December. The Average Sold Price grew by five percent from the same period in 2018 to $314,950, yet another indicator that higher priced homes are in demand and that a lack of inventory boosts prices.
Nine hundred and thirty Closed Sales were recorded for the month, which is 43.7 percent ahead of the comparable period in 2018. In all, an impressive $302 million in homes were sold by PGCAR members in December. The Average Sold Price grew by five percent from the same period in 2018 to $314,950, yet another indicator that higher priced homes are in demand and that a lack of inventory boosts prices.
© 2019 Market Stats by ShowingTime and Bright MLS
The chart above details December activity compared to the five-year average, an important longer-term measure of market trends. Note that Closed Sales advanced well above the five-year average. Pending sales fell well below historical and seasonal trends indicating a softer start for 2020 in terms of closings. Please note that the supply of homes for sale dropped considerably at 1.5 months (representing 1,402 units) available for sale (versus a 1,716 historical measure and 2.1 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 should contact their local REALTOR® for a competitive market analysis at no cost.
Of primary concern, however, is declining inventory of homes available for sale at the end of 2019. Note below the drop in available inventory since the start of the decade in 2010
Yolanda Muckle, President of the Prince George's County Association of REALTORS® and a professional REALTOR® with Long and Foster Real Estate shared: "We're grateful that 2019 was indeed a banner year for the County real estate market, capped off by December's very strong closings over 40 percent ahead of 2018. The pace of the 2020 market will likely depend on the availability of homes for sale. However, we continue to believe 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 3,500 real estate professionals in the national capital area, PGCAR is an affiliate of the Maryland and National Association of REALTORS®. We are proud to serve our members and our community, and work to ensure professionalism in the industry. Our volunteers and staff work to offer services to real estate professionals and to provide avenues for our members to become more successful. We proudly work to promote and protect home ownership and private property rights.
