Prices of homes in Prince Georges County have, once again, significantly declined from the previous year. The median sold price dropped by nearly 18% while the average sold price declined by over 14%. Prince Georges County has experienced one of the steepest declines in home values, in the area, over the past four years. In April 2007, the median and average sales prices were $331,000 and $349,000 respectively. This represents a 49% decline in average sales price and a 52% decline in median sales price. These drastic value declines have most likely never been seen before in the United States.
The number of homes sold decreased by nearly 19% and sellers in general are getting a lower sold price, percentage wise, compared to their original list price.
In terms of supply, in March, 2011 there were 730 homes sold. When you divide this into the number of active listings, this signifies an almost 7 month supply of houses. This has decreased by 2 months from March and is much closer to what is considered a “healthy market” as defined by a 5-6 month supply. Active listings have increased due to fewer pending sales – signifying that buyers have become less active. New listings have decreased a dramatic 20% in Prince Georges County. Contact us if you need to sell your house fast in Prince Georges County – we can help!
|Prince Georges County, MD||Apr-2011||Apr-2010||% Change|
|Avg Sold Price||$170,275||$199,179||-14.51%|
|Median Sold Price||$156,500||$190,000||-17.63%|
|Avg Days on Market||107||94||13.83%|
|Avg Sold Price to List Price||88.2%||91.3%||-3.37%|
If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.