Prince George's County, Maryland
Market Watch - January 2019
Prince George's County Real Estate Market Commences 2019 With a Jump in Pending Sales
Leading the Way for a Strong Year for Residential Sales
1,012 Pending Sales in January represent a 6.7% increase from the 5-Year Average. Average Sales Price increases by 7.2% from the Prior Year on over $171 million in sales. Nearly 1,800 homes are listed for sale in the County Offering Ample Supply for Buyers in all price points.
Ms. Veera Phillips, President of the Prince George's County Association of Realtors® (PGCAR) and a professional REALTOR® at Keller Williams Preferred Properties, reports that the local area market began the year with a positive start. Pending Sales rose by 6.7% over 2018, and this key marketplace measure of strong demand indicates that 2019 should be a strong year for residential sales.
January's 575 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 $171 million in homes were sold by PGCAR members in January. The Average Sold Price jumped by 7.2% from the same period in 2018.
The chart above details January activity compared to the 5-year Average, an important longer-term measure of market trends. Note that Closed Sales have slowed slightly (4.3%) below the 5-year average. Also note that there's a healthy supply of homes for sale at 2.2 months (representing 1,782 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: Oxen Hill (17.7%), Upper Marlboro (21.3%) and Mount Rainier (150%).
Phillips added: "Many markets around the country experienced drops in pending sales as consumer confidence took a hit from the weak stock market performance in November and December of 2018. So, it's encouraging to see PGCAR's pending sales show an increased demand for home ownership."
She continued: "It's also important to report that the typical seller received 98.1% of the original List Price for closed sales in January. 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 believe that Prince George's County continues to offer the best buying opportunity 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.