For homeowners in Prince Georges County, Maryland, it’s getting harder to sell a home and walk away with a profit. In addition, selling a house fast becomes more difficult in light of March’s real estate statistics.
Prices of homes in Prince Georges County have, once again, significantly declined from the previous year. The median sold price dropped by nearly 19% while the average sold price declined by over 13%. While doing a recent search I came across a property in District Heights that sold for $315,000 in August of 2007 and resold, as a foreclosure, in September of 2009 for $55,000.
Prince Georges County has experienced one of the steepest declines in home values, in the area, over the past four years. In March 2007, the median and average sales prices were $331,000 and $349,000 respectively. This represents a 50% decline in average sales price and a 53% 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 10% and sellers in general are getting a lower sold price, percentage wise, compared to their original list price.
In terms of supply, in February 2011 there were 550 homes sold. When divided into the number of active listings, this signifies an almost 9-month supply of houses, which is far worse than a typical healthy market (defined by a 5-6 month supply).
The dramatic increase in new pendings (contracts written on listed homes) signifies that buyers are becoming very active. This is most likely a result of the extremely low prices attracting buyers.
|Prince Georges County, MD||Mar-2011||Mar-2010||% Change|
|Avg Sold Price||$174,456||$200,976||-13.20%|
|Median Sold Price||$155,000||$190,450||-18.61%|
|Avg Days on Market||99||99||0.00%|
|Avg Sold Price to List Price||88.6%||92.4%||-4.08%|
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.