Prince George's County, Maryland
Market Watch - May 2019
Prince George's County Real Estate Market Shows Substantial Rise in Closings
Average Prices Jump 8.4%
While Pending Sales and Inventory Fall in Line with Historical Trends
1,265 Pending Sales were recorded, as Average Sales Price increases by 8.4% to $325k from the Prior Year on over $343 million in sales. Over 1,640 homes are listed for sale in the County, Offering Ample Supply for Buyers in all price points. For the first time since 2017, home sellers, on average, received 100% of original list price.
The Prince George's County Association of REALTORS® (PGCAR), reports that the local area market continues with a positive trend. Closed Sales remain very strong, and based on the first 5 months of the year and projecting forward, this key marketplace measure of strong demand indicates that 2019 will turn in an impressive performance for residential sales.
May's 1,056 recorded sales resulted from much stronger than average Pending Sales, as reported in the first 5 months of the year. Pending Sales for the month (1,265 units), while strong, dropped very slightly along traditional seasonality lines. In all, an impressive $343 million in homes were sold by PGCAR members in May. The Average Sold Price grew by 8.4% from the same period in 2018 to $325,708, yet another positive indicator.
The chart above details May activity compared to the 5-year Average, an important longer-term measure of market trends. Note that Closed Sales grew by 14.4%, exceeding the 5-year average. Also note that there's a healthy supply of homes for sale at 2 months (representing 1,643 units) available for sale (versus a 1,725 historical measure), and this represents a 10% decrease from April. This important statistic means that if no new listings come on the market and with continued forecasted demand, the supply will go to zero.
President Veera Phillips, of the Prince George's County Association of REALTORS® and a professional REALTOR® at Keller Williams Preferred Properties, commented: "We were elated to learn the news today about the closings stats and, more importantly, the big jump in average sales prices, while still keeping Prince George's County's housing selections affordable and within the reach of so many young families, first time buyers and folks relocating to the Metro area for work."
Phillips continued: "It's also important to report that the typical seller received 100% of the original List Price for closed sales in May. This has not happened since 2017, and proves that 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 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.