Prince George's County, Maryland
Market Watch - February 2021
Prince George's County Home Sales
Surge 26.5% over 2020
at Record Low 7 Days on Market
Landover, MD, March 22, 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports that 2021 continues its strong growth over 2020, with a 33% higher total sales dollar volume and 4.2% higher median sold price than February 2020. February saw 846 Closed Sales at a $336,196 Average Sold Price; increasing 26.5% and 6.1% respectively over February 2020. Sales volume also increased from January 2021, a special note, given that inventory of listed homes for sale remains at its lowest point in over 10 years.
For an entire year (12 consecutive months), Prince George's has now recorded the lowest Days on Market (DOM) for that month in over 10 years. February Median Days on Market (DOM) was 7 days, a 75% decrease from February 2020. Average DOM was 17 days, a 57.5% decrease from February 2020. More homes sold and at higher prices during these shorter days on market (DOM), culminating in another month of robust sales and heightened demand amidst tight inventory levels.
Most importantly, the steady growth of closed sales continues fueling an explosive volume increase. Total Sales Volume was $282,195,941, increasing 33% over February 2020 and 7.1% over January 2021.
The above Five-Year February Averages chart illustrates the extraordinarily high growth, low inventory market trend. Closed Sales continue to increase, showing an especially high number for winter months, during which sales generally slow. Available home inventory (measured by Active Listings and Months of Supply) remains low. The supply of homes for sale decreased yet again, reaching another historic low of 0.6 month (representing 570 units) available for sale (versus a 1,303 historical February measure and 1.5 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 18 days).
|February 2021||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$282,195,941||+ 33%||+ 7.1%|
|Closed Sales||846||+ 26.5%||+ 15.9%|
|Median Sold Price||$325,000||+ 4.2%||- 7.1%|
|Average Sold Price||$336,196||+ 6.1%||- 7.3%|
|Median Days on Market||7 days||- 75%||- 22.2%|
|Average Days on Market||17 days||- 57.5%||0%|
|New Pending Sales||921||- 13.4%||+ 2.1%|
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, is ecstatic: "We are thrilled to charge through this winter and begin 2021 with strong sales growth. Prince George's County home sales continue to exude growth and optimism as an economic driver through any circumstance. Previously, it would have seemed unthinkable that half of any county's listed homes would sell in 7 days or less, at a 33% total volume increase over the prior year. To put this in perspective, half of Prince George's County homes listed in February 2020 sold within 28 days, at a 6.1% lower average sold price."
Price added: "Now is a great time to sell! The demand to buy homes in Prince George's is high, supply is at a historic low, and mortgage rates are predicted to remain under or close to 3.5% throughout most of 2021. Economists are predicting 2021 home sales will increase 10% over 2020. We can place even more confidence in this and other positive economic indicators in Prince George's, where our home sales continued to post impressive gains even during the worst months of the COVID-19 pandemic and where our home sales outperformed the pace of national home sales through most of 2020. Prince George's County is a premier location to live, work, raise a family, and build a business. Our home values and sales prices have steadily increased for over 10 years, while we remain an affordable option within the greater Washington DC region."
"Whether selling or buying, please seek the guidance of a professional REALTOR®. A REALTOR®'s experience in everything from setting the right price, to marketing your home for a successful contract signing and settlement, 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 homeownership and private property rights.