Prince George's County, Maryland
Market Watch - October 2019
Prince George's County Real Estate Market
Sets Record for Closings in October
Activity Substantially Exceeds Historical Trends
While Inventory Drops to All-Time Lows
October's Average Prices Increase by 10.7% Over 2018
1,100 Pending Sales and 898 closings were recorded for the month as Average Sales Price increases 10.7% to $325,267k from the Prior Year on over $290 million in sales. Over 1,800 homes are listed for sale in the County in all price points.
The Prince George's County Association of REALTORS® reports that the local area market in October continues to show considerable strength and sets records for sales price growth and closings. Yolanda Muckle, PGCAR President and professional REALTOR® at Long and Foster Real Estate, stated that "2019 will go on record as one of the best years ever in Prince George's County's real estate market." One ominous sign is the low inventory, which peaked in 2009 at nearly 5,000 units for sale.
898 Closed Sales were recorded for the month, which is 4.9 percent ahead of the comparable period in 2018. In all, an impressive $290 million in homes were sold by PGCAR members in October. The Average Sold Price grew by a very impressive 10.7 percent from the same period in 2018 to $325,267, yet another positive indicator that higher priced homes are in demand and that the consistent lack of inventory boosts prices.
The chart above details October activity compared to the five-year Average, an important longer-term measure of market trends. Note that Closed Sales advancing substantially (7.7 percent) from the five-year average. Pending sales fell in line with historical and seasonal trends. (Please note that the supply of homes for sale dropped considerably at 2.0 months - representing 1,846 units - available for sale versus a 2,017 historical measure and 2.5 month's supply.)
According to PGCAR, 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.
Muckle added, "From the start of 2019, we've seen strong closing activity and consistent growth in average sale prices, while still keeping Prince George's County's housing selections affordable and within the reach of many homebuyers. It is important to note that it is a great time for sellers to put homes on the market given the strong demand.
"For the sixth month in a row, the typical seller received more than 100 percent of the original Median List Price for closed sales in October," she continued. This illustrates that sellers who wisely engage the services of a REALTOR® are best equipped to compete in today's marketplace. We continue to believe that Prince George's County continues to offer one of the best buying opportunities in the Washington 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 3,500 real estate professionals in the national capital area, PGCAR is an affiliate of the Maryland and National Association of REALTORS®. We are proud to serve our members and our community, and work to ensure professionalism in the industry. Our volunteers and staff work to offer services to real estate professionals and to provide avenues for our members to become more successful. We proudly work to promote and protect home ownership and private property rights.