Express Homebuyers president Brad Chandler outlines the October 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 – almost 18 percent since last October, falling to $171,631. Over the past four years, Prince Georges County has experienced one of the steepest declines in home values in the area, with some areas seeing values drop by over 60 percent. Home sales in October (626 homes) were up almost 8 percent from the previous October. These homes remained on the market for 100 days – an increase of over 20 percent as sellers are only getting 89.6 percent of what they list their house for. This means that the seller will end up selling it for $89,000, after listing their home for $100,000. In terms of supply, in September, 2011 there were 634 homes sold. When you divide this into the number of active listings, this signifies a 6-month supply of houses. This means that the supply of houses for sale would run out in 6 months, assuming that buyers continued to buy at the same pace as they did in September each month going forward and there were no new homes placed on the market for sale. From a year ago, the number of homes for sale has decreased over 20 percent to 3,918 while the number of homes that came on the market decreased over 18 percent to 1,071 homes. Most likely, this is a result of the halt in foreclosure process in late 2010. If this changes, as expected, the banks will get back to processing foreclosures. The most dramatic percentage change in the numbers I track was the number of new contracts that buyers placed on homes for sale – they increased from 50 percent from a year ago from 752 to 1,128. 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. Please contact us at the number above if you have any questions about this information or obtaining a quick sale on your Prince Georges house.
|Prince Georges County, MD||October 2011||October 2010||% Change|
|Avg Sold Price||$171,631||$208,857||-17.82%|
|Median Sold Price||$150,000||$190,000||-21.05%|
|Avg Days on Market||100||83||20.48%|
|Avg Sold Price to List Price||89.6%||91.4%||-2.01%|