Prince George's County, Maryland
Market Watch - November 2020
Prince George's County November
Home Sales Surge 31.3 Percent Above 2019
Landover, MD, December 17, 2020 - The Prince George's County Association of REALTORS® (PGCAR) reports that November saw 1,015 Closed Sales at $368,853 Average Sold Price; increasing 31.3 percent and 14.9 percent respectively over November 2019. Closed Sales decreased only 1 percent and Average Sold Price increased 1.2 percent from October 2020. This sales surge is especially remarkable given the record low inventory, and the fact that seasonal changes typically show lower sales activity heading into winter.
Days on Market (DOM) for Prince George's homes remains at a record-breaking low for the second month. Median Days on Market (DOM) stayed at 7 days, a 66.7 percent decrease from November 2019. Average DOM stayed at 16 days, a 50 percent decrease from November 2019. More homes sold and at higher prices during these shorter days on market (DOM) culminating in another month of growth for the local real estate market.
Most importantly, the continued growth of both closed sales and average sold price, is fueling an explosive total volume increase. Total Sales Volume was $370,061,880, increasing 49.5 percent from November 2019 and just 0.1 percent under October 2020.
The above Five-Year November 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 0.8 month (representing 740 units) available for sale (versus a 1,664 historical November 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 less than one month.
|November 2020||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$370,061,880||+ 49.5%||- 0.1%|
|Closed Sales||1,015||+ 31.3%||- 1%|
|Median Sold Price||$360,000||+ 16.1%||+ 1.4%|
|Average Sold Price||$368,853||+ 14.9%||+ 1.2%|
|Median Days on Market||7 days||- 66.7%||0%|
|Average Days on Market||16 days||- 50%||0%|
|New Pending Sales||1,082||+ 11.8%||- 8.4%|
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, is elated: "Prince George's County home sales continue to break records. Instead of slowing down as we head into colder weather, our home sales keep heating up. For the second consecutive month, half of the county's listed homes sold in 7 days or less."
"The diversity and breadth of Prince George's suburban and rural lands, culture, education, outdoors amenities, and employment opportunities so close to Washington, DC has brought even more attention to our wonderful County during the pandemic as Prince George's continues to innovate. Prince George's is a great place to live, to work and to grow a business!"
Price continued: "The quick turn around and escalating prices translate into a great time to sell. If interested in selling, now is the time to jump in. Buyers are eager to find homes, especially while mortgage rates are under 3 percent. During this time of often competing and quick offers now is the time to sell. Please seek the guidance of a professional REALTOR®. Those who use a REALTOR® overwhelmingly state they would do so again for any future needs. 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.