Hi! I’m Brad Chandler of Express Homebuyers and the Following is your December 2011 Real Estate Statistics for Prince Georges County, Maryland
I know like I sound like a broken record… but – prices of homes in Prince Georges County have, once again, declined from the previous year – over 4% since last December, falling to $185,903. 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. 710 homes were sold in December – this is up 1% from the previous December. These homes remained on the market for 114 days – an increase of 28% and sellers are only getting 89% of what they list their house for. This means that if the seller lists his or her home for $100,000 they will end up selling it for about $89,000. In terms of supply, in November, 2011 there were 626 homes sold. When you divide this into the number of active listings, this signifies a 5-month supply of houses. This means that if buyers continued to buy at the same pace as they did in November each month going forward and there were no new homes placed on the market for sale the supply of houses for sale would run out in 5 months. The number of homes for sale has decreased over 31.5% from a year ago to 3,368 while the number of homes that came on the market decreased 37% to 720 homes. These are significant drops from a year earlier. Speculation is that banks will begin to process more foreclosures, thus pushing up these new and active listings. The number of new contracts that buyers placed on homes for sale increased nearly 24% from a year ago from 797 to 987. This is an indication that buyer activity has increased significantly from a year ago. This could be a combination of lower interest rates coupled with buyer’s perception that we are at the bottom of the pricing cycle and prices will likely increase. Even with this surge in activity, if you are a buyer in Prince Georges County you will find the market is in your favor. Sellers will need to wait longer and expect less from the sale of their home. If you have any questions about this information or selling your Prince Georges house fast please contact us at the number above.
|Prince Georges County, MD||December 2011||December 2010||% Change|
|Avg Sold Price||$185,903||$193,911||-4.13%|
|Median Sold Price||$160,000||$174,000||-8.05%|
|Avg Days on Market||114||89||28.09%|
|Avg Sold Price to List Price||88.8%||90.7%||-2.05%|