Prince George's County MD Real Estate Trend Indicator

Industry Observer with Retired

February 10, 2010 02:48 AM

Prince George's County MD Real Estate Trend Indicator

Please let us know if you need to purchase by the end of April to qualify for the tax credit of $8,000 for first time home buyers or $6,500 for current home owners that are purchasing another primary residence. Prospective home sellers should consider the tax credit expiration date April 30 when listing their home for sale. It might pay to list earlier than the usual Spring market.

Save on FHA financing. For case numbers assigned beginning April 5, 2010, the front end mortgage insurance premium will increase from 1.75% to 2.25% of the loan amount. Buyers under contract before April can avoid this increase.

If you are planning to purchase or sell a home in Prince George's County, you will want to know what is going on in the market. The following report is for the past month and the statistics are compared with the same month last year. There were 1,305 new listings and 928 new pending contracts. The sold dollar volume was up 45.00% from last year. The median sold price was $185,000. The number of homes sold was 559 as compared with 306 last year. The average days on the market was 101 days as compared to 158 days last year. The average sale price was 91.32% of the average list price. The market still favors buyers. Foreclosures and short sales listings still influence the area market. Buyers are finding it more difficult to qualify for mortgage financing and the trend is to the use of FHA financing which has a minimum cash requirement of 3.5% of the purchase price. FHA Streamlined 203(k) financing allows buyers to include up to $35,000 of the costs of home improvements in the mortgage loan.

The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php

LENDER OWNED FORECLOSURES: The hot segment of the current market is the inventory of lender owned homes (REO). The reason is that the lenders have a excess inventory of owned properties and there is a high level of motivation to reduce the inventory. Contact us for client reports on available homes. We represent buyers as their exclusive agents.

MORTGAGE FINANCING: It is an ideal time to obtain funds to purchase a residence or investment property. Pre-approval for financing is the first step in the home purchase process. Buyers need to have a lender letter in hand when they submit an offer on a property. Buyers should be prepared to fully document their income and obligations. Ask us for a referral if you do not have an existing relationship with a mortgage lender.

FHA LOAN LIMIT IN PRINCE GEORGE'S COUNTY: $729,750. FHA has a minimum cash requirement of 3.5%.

Metropolitan Regional Information Systems, Inc. Real Estate Trend Indicator - <$100K to >$5M Format

Prince Georges County, MD
From: 01/01/2010 to 01/31/2010 Statistics generated on: 02/09/2010

	Residential Unit Sales Number of Bedrooms	Active Listings		Time on Market
Price Class	2 Or Less	3	4 or More	Condo Coop	Ground Rent	Residential	Condo Coop	Ground Rent	of Units Sold (No. of Units)
Under $100,000	15	41	21	21	1	336	221	8	1 -30 Days	217
$100,000 - 149,999	11	39	34	12	0	619	199	6	31-60 Days	94
$150,000 - 199,999	7	57	49	8	1	958	177	3	61 - 90 Days	47
$200,000 - 249,999	4	43	45	5	0	791	85	3	91-120 Days	54
$250,000 - 299,999	0	20	37	1	0	663	16	0	Over 120 Days	147
$300,000 - 349,999	0	5	23	1	0	340	2	0	Total	559
$350,000 - 399,999	0	1	22	1	1	316	0	0
$400,000 - 449,999	0	0	15	0	0	163	0	0	Type of Financing of Units Sold (No. of Units)
$450,000 - 499,999	0	0	6	0	0	126	2	1
$500,000 - 599,999	0	0	8	1	0	111	1	0	Conventional	85
$600,000 - 699,999	0	0	2	0	0	91	0	0	FHA	303
$700,000 - 799,999	0	0	1	0	0	31	0	0	VA	32
$800,000 - 899,999	0	0	0	0	0	18	0	0	Assumption	17
$900,000 - 999,999	0	0	0	0	0	4	0	0	Cash	113
$1,000,000 - 2,499,999	0	0	0	0	0	29	1	0	Owner Finance	0
$2,500,000 - 4,999,999	0	0	0	0	0	18	0	0	All Other	9
$5,000,000 & Over	0	0	0	0	0	0	0	0	Unreported	0
Totals	37	206	263	50	3	4614	704	21	Total	559
Grand Totals	559	5339

	2010	2009	% Change
Total Sold Dollar Volume:	$ 111,951,531	$ 77,208,485	45.00 %
Average Sold Price:	$ 200,271	$ 252,315	- 20.63 %
Median Sold Price:	$ 185,000	$ 233,000	- 20.60 %
Total Units Sold:	559	306	82.68 %
Average Days on Market:	101	158	- 36.08 %
Average List Price for Solds:	$ 219,302	$ 297,666	- 26.33 %
Avg Sale Price as a percentage of Avg List Price:	91.32 %	84.76 %

Total Number of NEW listings
taken for the month:	1305
Total Number of Properties
marked Contract for the month:	612
Total Number of Properties
marked Contingent for the month:	316
Total Number of NEW pendings
(CONTRACTS + CONTINGENTS):	928