Prince George's County, Maryland
Market Watch - August 2020
County Home Sales Volume Soars 23.1% Above 2019
While Sellers Experience Lowest Average Days on Market in 10 Years
Landover, MD - The Prince George's County Association of REALTORS® (PGCAR) reports continued health in the local real estate market. August total sales dollar volume grew 23.1 percent over August 2019, and 7.2 percent over July 2020. Growth in closed sales and average sold price both contributed to this increase. Closed sales were at 992, increasing 6.5 percent from the previous year and 4.5 percent from the previous month. Average Sold Price was $363,987; increasing 15.2 percent from August 2019 and 2.4 percent from July 2020.
In addition to closed sales growth, Prince George's experienced a second consecutive record-breaking number of new pending sales. There were 1,256 new pending sales recorded in August, a 6.2 percent increase from August 2019, just 0.4 percent under last month's 10-year July high of 1,261 new pending sales, and the highest number of August pending sales in 10 years.
Even with average home sale prices increasing, Prince George's also experienced the lowest days on market (DOM) in over 10 years, showing our County's attractiveness as a premier location in the greater Washington area. Median Days on Market (DOM) dropped to 9 days, a 50 percent decrease from August 2019. Average DOM was 24 days, down 27.3 percent from August 2019.
The chart above details August activity compared to August's five-year average, an important longer-term measure of market trends. While Active Listings are still low, New Listings, Median Sold Price and Average Sold to Original Listing Price all increased. The supply of homes for sale remains at a five-year low of 0.9 month (representing 776 units) available for sale (versus a 1,686 historical August measure and two month's supply.) This important statistic means that if no new listings come on the market and with current demand, the supply will be exhausted in less than one month.
|August 2020||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$359,382,113||+ 23.1%||+ 7.2%|
|Closed Sales||992||+ 6.4%||+ 4.5%|
|Median Sold Price||$355,000||+ 14.5%||+ 4%|
|Average Sold Price||$363,987||+ 15.2%||+ 2.4%|
|Median Days on Market||9 days||- 50%||- 25%|
|New Pending Sales||1,256||+ 6.2%||- 0.4%|
Yolanda Muckle, PGCAR President and a professional REALTOR® with Long & Foster Real Estate Inc., shared: "It's truly amazing to see how strong the demand is for Prince George's County home ownership. We are at historic lows for average days it takes a home to sell, and the number of homes for sale. This shows the high demand coupled with critical supply. In spite of this low supply, we are still increasing the number of homes sold. We are finding ways to efficiently connect buyers with available homes that they want to buy and in their affordability range. For potential sellers currently debating whether to sell, we must spread the word that a Seller's market during low mortgage interest rates makes it a great time to sell (and buy). Also, you can seek the services of a REALTOR® for guidance in pricing and other aspects of selling your home to be best equipped. There are qualified buyers seeking homeownership in Prince George's, a county becoming increasingly well-known for our ample employment, community, education and entertainment opportunities and other factors in a high quality of life."
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.