Prince George's County, Maryland
Market Watch - March 2019
Prince George's County Real Estate Market Points Towards a Strong Year for Residential Sales
1,293 Pending Sales were recorded in March, as Median Sales Price increases by 11.1% to $300k from the prior year on over $231 million in sales. More than 1,500 homes are listed for sale in the County, offering ample supply for buyers in all price points.
Ms. Veera Phillips, President of the 3200-member 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 based on March statistics provided by Market Stats by ShowingTime and Rockville-based Bright MLS. Pending Sales rose by 20.8% over the same period in 2018, and this key marketplace measure of strong demand indicates that 2019 is indeed shaping up to be a strong year for residential sales.
The 772 sales recorded in March is the final result from lackluster activity in the last two months of the year and into January, consistent with many other markets in the DC metro region. In all, over $231 million in homes were sold by PGCAR members in March. The Average Sold Price jumped by 4.8% from the same period in 2018, and the Median showed a strong rise to an 11.1% increase from the same period.
The chart above details March activity compared to the 5-year Average, an important longer-term measure of market trends. Note that Closed Sales are closely tracking the 5-year average. Also note that with the increase in demand, the supply of homes for sale has dipped below 2 months (representing 1,536 units) available for sale, and is also lower than the 5-year trend. This statistic means that if no new listings come on the market and with continued forecasted demand, the supply will go to zero.
Phillips added: "We are encouraged to see a several-month trend with PGCAR's pending sales increases, which tells us there's an increased demand for home ownership in March. We are particularly pleased to see a boost in both average and median sales prices, which signals that it's a great time to sell your home with many anxious and qualified buyers out there looking."
"It's also important to report that the typical seller received 97.5% of the original List Price for closed sales in March. 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 are seeing the first quarter of 2019 shape up very nicely and continue to assert 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 3,000 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.
