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225 Foreclosures For Sale in Prince George's County, Maryland

By
Industry Observer with Retired

225 Foreclosures For Sale in Prince George's County, Maryland

There are 3,012 homes for sale in Prince George's County, Maryland based on today's multiple listing service (MRIS) statistics. 225 (7.5%) of the active listings are lender owned foreclosures (REO).  1,297 (43%) are short sale pre-foreclosures. 

When over 50% of the available homes are distress sales, everybody knows that Prince George's County has a very troubled real estate market.  There are no easy solutions for this long term problem.  Home buyers and investors need to proceed with great caution.  There are many bargains to be found by smart buyers.  The best protection for most is to have a pre-approval letter in hand if mortgage financing is to be used and to have a buyer agent that really knows the local market.

Many of the available properties have deferred maintenance issues or repair requirements that could impact the cost and the financing.  We recommend the outstanding FHA 203(k) program for those that wish to have the fix-up costs included in their mortgage.  Every buyer should opt for a professional home inspection.

Available foreclosure listings, in Prince George's County, run from the highest price at $830,000 down to the lowest price at $17,200. 

79 Prince George's County Foreclosures Priced at $100,000 and Below

91 Prince George's County Foreclosures Priced from $100,000 to $200,000

55 Prince George's County Foreclosures Priced at $200,000 or Above

Prince George's County, MD   Prince George's County, Maryland, Real Estate Market Statistics:  

During January, 2012, there were 526 closed sales, down 2.95% from last year.   The average sold price was $179,834, down 2.82% from last year, with an average of 102 days on the market.  The median sold price was $162,006, down 1.81% from last year. Homes were selling for an average of 89.78% of the average original list price. 

Please contact us when you have questions about the residential real estate market in the Maryland suburbs of Washington, DC.

There is much to see and do in Maryland.  Be sure to have your camera in hand to capture the special moments that you will want to share. 

Longwood Gardens Orchid Extravaganza IMG_3920

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs 

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Show All Comments
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Hi Roy,  Won't it be wonderful when we can finally get past all of the distressed property sales.  I think the banks are finally helping folks who are having trouble meeting their mortgage obligations.  We are seeing less distressed properties on the market in the Denver area.

Feb 14, 2012 03:21 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Roy, Prince George's County Maryland does sound it offers great opportunity for those smart enough to hire Roy Kelley as their agnent. A good home inspector would be a must!

Feb 14, 2012 03:26 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for your comments.  Many real estate investors are building their rental portfolios in Prince George's County, Maryland as they take advantage of the big inventory of lender owned foreclosures.

Feb 14, 2012 03:36 AM
Vince Chinell
VICO Home Inspection - Branson, MO
CPI

Roy,  Great pics as usual.  Looks like one million is just a few days away!!!  Congratulations!!!

Feb 14, 2012 03:42 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks, Vince. Yes, if all goes well I should reach the million points level on ActiveRain this month.

Happy Valentine's Day to all!

Feb 14, 2012 03:57 AM
Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

Roy,

I'm with  Janice on this one- There's lots of homes for sale in Prince George  County MD for sale, Contact Roy Kelly for all your Prince George County Md Real Estate needs. 

Feb 14, 2012 05:12 AM
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Good evening, Roy. That sure seems like a lot of foreclosures. BTW, congrats on approaching the 1M milestone...

Feb 14, 2012 10:29 AM
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Roy, we need jobs and career stability to decrease the distress sales. Any buyers who qualified for loans or have cash for investment, now is the great time to buy, contact your local expert Roy ASAP.

Feb 14, 2012 10:38 AM
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Roy-extremely good advise for any buyers looking for homes in Prince George, some great buys but do yor homework.

Feb 14, 2012 11:10 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks so much for your comments.  Prince George's County has become the center of attention for foreclosures in Maryland.  

News reports say that the FBI is considering Prince George's County for the location of the planned new headquarters campus.

Have an outstanding week!

Feb 14, 2012 11:20 AM
Carl Winters
Canyon Lake, TX

I'm glad you mentioned to be aware of deferred maintenance that may be an issue.

Happy Valentine's Day!

C&C

 

Feb 14, 2012 11:48 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Roy, during these unsettled times if the buyers were to get preapproved if they need financing or have a proof of funds letter if they can pay cash, the process would go smoother. Let's encourae those able to take advantage of the current situation. Enjoy your day!

Feb 14, 2012 11:11 PM
Roy Kelley
Retired - Gaithersburg, MD

Good morning.  Smart home buyers are obtaining pre-approval for their mortgage financing as one of the initial steps in the home purchase process.  Those that want to purchase fix-up properties should be using the FHA 203(k) program or other renovation financing that is needed for many lender owned foreclosures and short sale transactions.

Feb 15, 2012 12:14 AM
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

 

Good Morning Roy! Your market is very similar to our market, however, the drop in the median selling price is not nearly as bad as some of our markets.

 

The picture of your flower looks a lot like our state flower, the lady slipper.

 

Have an AWESOME day!

 

Feb 15, 2012 12:58 AM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Another interesting flower!

We are up to 40 foreclosures in McClain County according to the latest reports.

Feb 15, 2012 01:55 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks so much for your comments.  There is no shortage of home purchase opportunities in Prince George's County, Maryland.

Have an outstanding day.  We have a beautiful sunny day in Maryland and perfect weather for looking at the housing inventory.

Feb 15, 2012 02:00 AM
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