Prince George's County, Maryland
Market Watch - June 2019
Prince George's County Real Estate Market Cools as Seasonality Kicks In
Average Prices Jump 5.1%
While Pending Sales and Inventory Fall in Line with Historical Trends
1,217 Pending Sales were recorded as Average Sales Price increases to $319k from the Prior Year on over $286 million in sales. Over 1,640 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 June has started cool from a very active and hot May. Since seasonality is expected and given the market's performance year-to-date, Prince George's County continues with a positive trend.
903 Closed Sales were recorded for the month, which is 10.1% less than the comparable period in 2018 and 14.5% less than the very active month of May. In all, an impressive $286 million in homes were sold by PGCAR members in June. The Average Sold Price grew by 5.1% from the same period in 2018 to $318,997, yet another positive indicator.
The chart above details June activity compared to the 5-year Average, an important longer-term measure of market trends. Note that Closed Sales declined by 4.6% below the 5-year average. Also note that there's a healthy supply of homes for sale at 2 months (representing 1,644 units) available for sale (versus a 1,797 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, observed, "We were pleased to see a consistent growth in average sales prices, while still keeping Prince Georges' County's housing selections affordable and within the reach of so many young families, first time buyers and folks relocating to the DC Metro area for work."
She continued: "It's also important to share that for the second month is a row, the typical seller received 100% of the original List Price for closed sales in June. Once again, this illustrates that sellers who wisely engage the services of a REALTOR® 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.
