Prices of homes in Prince Georges County declined from the previous year¾ almost 18 percent since last May.Prince Georges County experienced one of the steepest area declines in home valuesover the past four years. In May 2007, the average sales price was $333,000. This represents a 48 percent decline. These drastic value declines have most likely never been seen before in the United States.
There is some good news! 738 homes sold in May, a14 percent increase from the previous May. These homes remained on the market for 104 days ¾ an increase of over 15 percent¾and sellers are only getting 88% 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 $88,000.
In terms of supply, in April, 2011 there were 702 homes sold. When you divide this into the number of active listings, this signifies an almost 7-month supply of houses. In theory, if buyers buy at the same pace as they did in April each month going forward, and no new homes got placed on the market for sale, the supply of houses for sale would run out in 7 months.
The number of homes for sale is about the same as a year ago while the number of homes that came on the market decreased slightly.
The number of new contracts that buyers placed on homes for sale increased 37 percent from a year ago. This indicates a surge in buyer activity. It 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. Additionally, lots of this activity is from investors who are now getting good cash flow returns from rental properties. When values drop nearly 50 percent and rents stay stable or increase, you can imagine how return on investment would skyrocket.
If you have any questions about this information or selling your house fast please contact us at the number above.
|Prince Georges County, MD||May-2011||May-2010||% Change|
|Avg Sold Price||$172,594||$209,740||-17.71%|
|Median Sold Price||$158,500||$196,000||-19.13%|
|Avg Days on Market||104||90||15.56%|
|Avg Sold Price to List Price||88.1%||92.7%||-4.97%|
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.