The owner of Express Homebuyers Brad Chandler, summarizes the real estate market each month for Prince William County. This month he reviews August 2011 and includes a few highlights.
Unfortunately, home prices in Prince Georges County declined again from last year. The decline is about 11 percent, falling to $179,654. Prince Georges County has experienced one of the steepest declines in home values, in the area, over the past four years, with some areas seeing values nearly cut in half.
It is not all bad news however. A total of 719 homes were sold in August, more than a 6 percent increase from the previous August. These homes remained on the market for 105 days – an increase of 22 percent and sellers are only getting 90 percent of what they list their house for. Essentially, this means that if the seller lists his or her home for $100,000 it will sell for $90,000.
In terms of supply, in July, 2011 there were 739 homes sold. When you divide this into the number of active listings, this signifies a 4.5-month supply of houses. So what exactly does “supply of houses” mean? Well, if buyers continued their trend and go on buying at the July pace going forward and no new homes entered the sales market, the supply of houses for sale would run out in 4.5 months.
The inventory of homes for sale decreased 12 percent August of last year to 3,247. The number of homes entering the market decreased over 21 percent to 985 homes. On a positive note, the number of new contracts buyers placed on homes increased 4 percent from a year ago. Overall, the good news here favors homebuyers looking in Prince Georges County. Sellers on the other hand should wait longer and expect less from the sale of their home.
To discuss any of these statistics in more detail, feel free to call Brad Chandler at Express Homebuyers. They can also help you sell your Prince Georges house quickly.
|Prince Georges County, MD||August-2011||August-2010||% Change|
|Avg Sold Price||$179,654||$201,277||-10.72%|
|Median Sold Price||$160,000||$186,575||-14.24%|
|Avg Days on Market||105||86||22.09%|
|Avg Sold Price to List Price||90.4%||89.2%||0.22%|