In case you are track the Real Estate Statistics for Prince Georges County, Maryland each month, here is Brad Chandler’s snapshot summary of Sept. 2011.
Here is some cause for pause. The prices of homes in Prince Georges County have, once again, declined from the previous year – almost 11 percent since last September, falling to $177,909. 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. These homes remained on the market for 108 days – an increase of nearly 19 percent and sellers are only getting 87.3 percent 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 $87,000.
Six Months Worth of Homes Available
634 homes were sold in September – this is essentially unchanged from the previous September. In terms of supply, in August, 2011 there were 719 homes sold. When you divide this into the number of active listings, this signifies a 6-month supply of houses. If no new homes are placed on the market for sale and buyers continued to buy at the same pace as they did in August each month going forward, then the supply of houses for sale would run out in 6 months.
More Buyers in the Prince Georges Market
The number of homes for sale has decreased 16 percent from a year ago to 4,167 while the number of homes that came on the market decreased over 24 percent to 1,047 homes. 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 48 percent from a year ago from 717 to 1,059. 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||September 2011||September 2010||% Change|
|Avg Sold Price||$177,909||$199,628||-10.88%|
|Median Sold Price||$160,000||$180,000||-11.11%|
|Avg Days on Market||108||91||18.68%|
|Avg Sold Price to List Price||87.3%||90.7%||-3.65%|