Prince George's County, Maryland
Market Watch - December 2020
Prince George's County December Home Sales
Heat Up 23.1 Percent from 2019 and 12.8 Percent from November
Landover, MD, January 18, 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports that 2020 ended with the highest December home sales in over 10 years, more than 400 above the 10-year December closed sales average. December saw 1,145 Closed Sales at $369,745 Average Sold Price; increasing 23.1 percent and 13.6 percent respectively over December 2019. Closed Sales increased 12.8 percent and Average Sold Price increased 0.2 percent over November 2020. This sales surge is especially remarkable given the record low inventory, and the fact that winter months typically see lower sales.
For the tenth consecutive month, Prince George's has recorded the lowest Days on Market (DOM) for that month in over 10 years. December Median Days on Market (DOM) was 8 days, a 63.6 percent decrease from December 2019. Average DOM dropped to 15 days, a 58.3 percent decrease from December 2019. More homes sold and at higher prices during these shorter days on market (DOM) culminating in another month of double-digit growth for the local real estate market.
Most importantly, the steady growth of both closed sales and average sold price, continues fueling an explosive total volume increase. Total Sales Volume was $418,518,815, increasing 38.3 percent from December 2019 and 13.1 percent over November 2020.
The above Five-Year December Averages chart illustrates the extraordinarily high growth, low inventory market trend. Closed and New Pending Sales and Average Sales Price continue to increase; available home inventory (measured by Active Listings and Months of Supply) remains low. The supply of homes for sale decreased again, now down to 0.7 month (representing 663 units) available for sale (versus a 1,475 historical December measure and 1.7 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 (in approximately three weeks).
| December 2020 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $418,518,815 | + 38.3% | + 13.1% |
| Closed Sales | 1,145 | + 23.1% | + 12.8% |
| Median Sold Price | $355,000 | + 12.7% | - 1.4% |
| Average Sold Price | $369,745 | + 13.6% | + 0.2% |
| Median Days on Market | 8 days | - 63.6% | + 14.3% |
| Average Days on Market | 15 days | - 58.3% | - 6.3% |
| New Pending Sales | 901 | + 12.6% | - 16.7% |
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, is elated: "We are thrilled Prince George's County home sales continue to break records. Through the pandemic, and even into winter when sales traditionally slow, our home sales keep heating up. We ended 2020 with half of the county's listed homes sold in 8 days or less."
Price added: "Escalating prices, often competing offers, and motivated buyers have created an exceptional time to sell. Prince George's County homes are selling quickly in all price ranges. Meanwhile, our County home values continue to increase across all spectrums. One interesting fact: Prince George's County homes sold at an average $208 per square foot during December. This steadily increasing number indicates, if selling, now is the time to jump in. Buyers are eager to find homes, especially while mortgage rates remain under 3 percent."
"Whether selling or buying, please seek the guidance of a professional REALTOR®. A REALTOR®'s experience and immediate access to other real estate services (from home staging and repair, to inspectors and lenders) is even more valuable during this time."
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.
CONTACTS:
Shameeka Price, 2021 PGCAR President - 301-440-7224, SPrice@csre.info
Mike Graziano, Executive Vice President - 301-306-7900, mikeg@pgcar.com
