Prince George’s County, MD Real Estate Market Statistics, July, 2013
There are 1,790 active listings of homes for sale in Prince George’s County, Maryland. 138 (8.02%) of the available properties are lender owned foreclosures. 346 (20.13%) of the active home listings are short sale pre-foreclosures. Short sale transactions require the approval of the secured mortgage lenders since the anticipated proceeds of a sale will not fully satisfy the outstanding mortgage obligations.
When over 28% of the available homes are either lender owned foreclosures or short sale offerings, home owners and prospective home buyers know that this is still a troubled market. Let’s take a look at the July statistics to compare them with the current inventory.
During July, 2013, the total sold dollars volume of residential properties in Prince George’s County, MD was $167,454,502, up 23.59% from the same month last year. There were 748 closed sales, up 5.06%, at a median sold price of $206,750, up 19.51%. The average sold price was $223,870, up 17.64% with an average of 51 days on the market. The average sold to original list price ratio was 98.34%.
Home buyers need to be prepared for this very active market. Prices are rising and even though there are too many distressed properties, there is not a surplus inventory of available properties. A second wave of foreclosures is now taking place and investors are quickly taking advantage of the bargains as they build their rental portfolios and acquire homes to fix up and flip
Please contact us for information on current market conditions in specific communities that are of interest. Home buyers and real estate investors that plan to use mortgage financing are advised to have a pre-approval letter in hand. We are always willing to suggest names of loan officers that provide outstanding service.
Rose, Lewis Ginter Botanical Garden IMG_8844
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
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