Prince George's County, Maryland
Market Watch - July 2019
Prince George's County Real Estate Market Picks Up Positive Momentum
With Strong Closing Activity Exceeding Historical Trends.
July's Average Prices Jump by 12.3% Over 2018
1,175 Pending Sales were recorded, as Average Sales Price increases to $328k from the Prior Year on over $313 million in sales. Over 1,665 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 July showed substantial strength well ahead of seasonal trends.
956 Closed Sales were recorded for the month's showings, with 1,175 Pending Sales for closing in the next several months. In all, an impressive $313 million in homes were closed for sale by PGCAR members in July. The Average Sold Price grew by 12.3% from the same period in 2018 to $328,103, yet another positive indicator for consumers seeking homes in the County at the higher end of the price range.
The chart above details July activity compared to the 5-year Average, an important longer-term measure of market trends. Note that Closed Sales increased by 7% of the 5-year average, reflecting remarkable strength in the market. Also note that there's a healthy supply of homes for sale at 2.1 months (representing 1,665 units) available for sale (versus the 1,853 historical measure and 2.3 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.
Veera Phillips, PGCAR President and a professional REALTOR® at Keller Williams Preferred Properties, added, "We had heard reports from our members that the phones were ringing and that a healthy number of closings were scheduled, so it did not come as a total surprise that the month turned in a strong performance. However, since this time of year is typically slower, we were exceptionally pleased to see the actual figures."
"Seeing a consistent growth in average sales prices is also a major highlight and a continuation of a trend we've seen forming all year. Compared to adjoining markets, Prince George's County's housing selections are still very affordable and within the reach of many young families, first--time buyers and people relocating to the DC Metro area for work."
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.