Prince George's County, Maryland
Market Watch - October 2020
Prince George's County Home Sales Continue 2020 Rally
Landover, MD, November 13, 2020 - The Prince George's County Association of REALTORS® (PGCAR) reports another strong month for the local real estate market. Prince George's broke another record for lowest number of days on market (DOM) in over 10 years, for the third consecutive month and fourth time this year, showing our County's attractiveness as a premier location. Median Days on Market (DOM) dropped to 7 days, decreasing 61.1 percent from October 2019 and 12.5 percent from September 2020. Average DOM was 16 days, decreasing 48.4 percent from October 2019 and 23.8 percent from September.
More homes were also being sold during those shorter days on market (DOM). October total sales increased 14.1 percent and total dollar volume grew 27.4 percent over October 2019, in spite of continuing record low inventory. Closed sales and average sold price both continued their year-over-year growth streaks, fueling the explosive total volume increase. Closed sales were at 1,025; increasing 14.1 percent from the previous year and just 3.9 percent under September 2019. Average Sold Price was $364,610; increasing 12.1 percent from October 2019 and 1.4 percent under September 2019. These monthly decreases are much lower and later than the usual seasonal shift from summer to fall.
The above Five-Year October Averages chart illustrates the high growth, low inventory market trend well. 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 remains at a five-year low of 0.9 month (representing 861 units) available for sale (versus a 1,757 historical October measure and 2.0 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.
|October 2020||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$370,315,824||+ 27.4%||- 5.6%|
|Closed Sales||1,025||+ 14.1%||- 3.9%|
|Median Sold Price||$355,000||+ 12.7%||+ 1.4%|
|Average Sold Price||$364,610||+ 12.1%||- 1.4%|
|Median Days on Market||7 days||- 61.1%||- 12.5%|
|New Pending Sales||1,181||+ 7.4%||- 1.2%|
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, shared: "We are pleased to report another record-breaking month for Prince George's County home sales. Prince George's homes have been selling quickly. Half of the county's listed homes are selling in 7 days or less."
"Our mix of suburban and rural areas with cultural diversity and outdoors amenities so close to Washington, DC has brought even more attention during the pandemic. Employers continue to invest and move into our county. A $1.2 billion public-private partnership has been approved to build six new county schools. The collaborative hard work and innovation of our county leaders and citizens will continue to pay off, through this pandemic and when we emerge from the COVID-19 pandemic. Prince George's County is a great place to live and to work!"
Price continued: "Now is a great time to sell or to buy. Especially with historically low mortgage interest rates, Prince George's remains an affordable premiere place to buy. While we are at historic lows for the average number of days it takes to sell a home and the number of homes for sale, market knowledge and great service to your specific needs matter even more. During this time of often-competing and quick offers, the guidance of a professional REALTOR® is even more valuable and may be critical to a successful outcome."
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.