Prince George's County, Maryland
Market Watch - February 2019
Prince George's County Real Estate Market Shows 9.6% Growth over 2018
in Pending Sales, Foretelling a Strong Year for Residential Sales
1,070 Pending Sales were recorded in February, compared to 976 in 2018. Average Sales Price increased by 2.6% to $291k from the Prior Year, on over $176 million in total sales. Over 1,600 homes are listed for sale in the County, Offering Ample Supply for Buyers in all price points.
Veera Phillips, President of the Prince George's County Association of REALTORS® and a professional REALTOR® at Keller Williams Preferred Properties, reports that the local area market continues with a positive trend. Pending Sales rose by 9.6% over the same period in 2018, and this key marketplace measure of strong demand indicates that 2019 should be a strong year for residential sales.
February's 611 sales recorded resulted from lackluster activity in the last two months of the year, consistent with many other markets in the DC metro region. In all, over $176 million in homes were sold by PGCAR members in February. The Average Sold Price jumped by 2.6% from the same period in 2018.
The chart above details February activity compared to the 5-year Average, an important longer-term measure of market trends. Note that Closed Sales have slowed slightly (2.7%) below the 5-year average. Also note that there's a healthy supply of homes for sale at 2 months (representing 1,635 units) available for sale. This statistic means that if no new listings come on the market and with continued forecasted demand, the supply will go to zero.
Areas exhibiting double digit pending sales growth over 2018 include: Hyattsville (38.1%), Oxen Hill (77.1%), Takoma Park (91.7%) and Mount Rainier (175%).
Phillips added: "We were expecting February closings to reflect a drop and it's encouraging to see PGCAR's pending sales show an increased demand for home ownership in February, and also a boost in average sales prices."
"It's also important to report that the typical seller received 97% of the original List Price for closed sales in February. 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 continue to believe that PG 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.