Prince George's County, Maryland
Market Watch - June 2020
Prince George's County Residential Real Estate Market
As Economists Predicted, Housing Market is a Bright Spot, Showing Strong Signs of Early Comeback
Landover, MD - The Prince George's County Association of REALTORS® (PGCAR) reports the June local real estate market reflected great opportunity for home sellers. Quicker sales, limited supply and increasing sales price demonstrated strong demand existed for County homes even during a pandemic. There were 920 closed sales recorded, an increase of 1.9 percent from June 2019 (June 2020 total sales volume was $324.6 million). The Average Sold Price increased 2.9 percent from June 2019 to $352,848, indicating the County's limited inventory of existing homes.
Even with average home sale prices increasing, Prince George's continues to be a highly sought after location in metropolitan Washington. There were 1,199 new pending sales recorded in June, a 10.6 percent increase from June 2019 and a 2.9 percent increase from May 2020. As further indication that consumers are interested in buying homes, the Median Days on Market (DOM) was only 12 days, a decrease of 14.3 percent from June 2019. Average DOM was 29 days, down 12.1 percent from June 2019. In short, the pandemic and third month of "stay-at-home" or "safer-at-home" orders for Prince George's does not appear to be discouraging buyers from entering the market. However, low sales inventory (detailed below) is evidence of seller apprehension.
The chart above details June activity compared to June's five-year average, an important longer-term measure of market trends. While New and Active Listings remain substantially lower, Median Sold Price and Average Sold to Original Listing Price both increased. The supply of homes for sale dipped further to a new five-year low of 1.0 months (representing 931 units) available for sale (versus a 1,597 historical June measure and 1.9 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 1 month.
| June 2020 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $324,642,840 | + 13.5% | + 35% |
| Closed Sales | 920 | + 1.9% | + 30.9% |
| Median Sold Price | $340,450 | + 9.8% | + 1% |
| Average Sold Price | $352,848 | + 10.6% | + 2.9% |
| Median Days on Market | 12 days | - 14.3% | - 7.7% |
| New Pending Sales | 1,199 | - 1.5% | + 7.7% |
Yolanda Muckle, PGCAR President and a professional REALTOR® with Long & Foster Real Estate Inc., shared, "We're pleased to report the improved June housing market shows that consumer housing needs were met in spite of the home shopping challenges created by the pandemic."
"Thankfully, REALTORS® are using tools such as virtual home tours and electronic signing services with greater frequency, perfecting our ability to operate as an essential service," continued Muckle. "Our challenge continues to be gaining the confidence of potential home sellers that we can market their property effectively and sell their home in a timely and minimally intrusive fashion. Hopefully, we will see more homeowners being motivated to sell now as they learn we are currently in a sellers' market."
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.
