Prince George's County, Maryland
Market Watch - September 2019
Prince George's County Real Estate Market
Shows Significant Buyer Demand in September
Very Active Closing Activity Substantially Exceeds
Historical Trends While Inventory Drops to All-Time Lows
September's Average Prices Increase by 8% Over 2018
Pending sales of 1,089 were recorded as the average sales price increases eight percent from 2018, to $323,000 on more than $281 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® (PGCAR) reports that the local area market in September showed considerable strength, especially given seasonal trends.
877 Closed Sales were recorded for the month, which is 12.7 percent ahead of the comparable period in 2018 and 5.9 percent less than the very active month of August. In all, an impressive $281 million in homes were sold by PGCAR members in September. The Average Sold Price grew by 8 percent from the same period in 2018 to $323,512; yet another positive indicator that higher priced homes are in demand and that a lack of inventory boosts prices.
The chart above details September activity compared to the 5-year Average, an important longer-term measure of market trends. Note that Closed Sales advanced nicely from the 5-year average. Pending sales fell in line with historical and seasonal trends. Please note that the supply of homes for sale dropped considerably to 2.2 months (representing 1,800 units) available for sale (versus a 2,026 historical measure and 2.5 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.
Yolanda Muckle, PGCAR President and a professional REALTOR® with Long and Foster stated, "We were pleased to see very strong closing activity and consistent growth in average sale prices while maintaining the affordability of Prince George's County's housing stock, keeping the costs within the reach of so many young families, first-time buyers and folks relocating to the DC metro region. It is a great time for sellers to put homes on the market given the strong demand."
Muckle continued, "For the fifth month in a row, the typical seller received 100 percent of the original List Price for closed sales in September. This illustrates that sellers who engage the services of a REALTOR® are best equipped to compete in today's marketplace. We continue to believe that Prince George's County is one of the best locations to buy 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 3,500 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.
