Sales prices on homes sold in Prince Georges County, MD still continue to see significant year-over-year increases for the seventh straight month this year. With higher prices and the drop in mortgage interest rates since last month NOW is a good time start strongly considering purchasing a home if you have been on the waiting on the sidelines for the perfect time to buy. Inventory levels are lower than what they were a year ago; however, there are still some great deals on homes for sale in Prince George’s County and there are a good number of homes that you can own for less than what you’re currently paying in rent. Having a good agent to guide you through this process is essential to helping you find the best deal.
When hiring an agent to help you buy or sell a home you need to look for someone who knows and studies the current market trends, who is knowledgeable and has strong negotiation skills. There are many real estate agents who service Prince George’s County but not every agent is the same and choosing the wrong one could cost you thousands of dollars.
Prince George’s County, MD Real Estate Market Snapshot
In September 2013 the total sold dollar volume was $147,040,931, up 30.35% from this time last year. The number of closed sales in Prince George’s County has declined for the third straight month decreasing by 3.7% since August. Even though we have been experiencing recent declines, sales are still up 15% from September 2012 levels. Declines in sales in appear to have a direct correlation to the decline in inventory levels which according to Real Estate Business Intelligence (RBI) Prince George’s County continues to experience the sharpest decline in the DC Metro area.
There were a total of 683 residential properties sold in September and of those sold, 107 (15.7%) were foreclosures and 185 (27.1%) were short sales (pre-foreclosures). Although bank-mediated properties still represent a large portion of the sales (42.7%), foreclosure sales declined by 12% and short sales increased slightly by 6% since September 2012.
Although we have seen six straight months of small increases in inventory levels in Prince George’s County we are still down 15.1% when compared to this same month last year. There were 1776 active listings at the end September 2013. Of the properties listed for sale 187 (10.5%) are foreclosures and 383 (21.6%) are short sales.
Median Sold Price
After seeing six consecutive months of gains prices decreased by 3.8% since August. The median sales price was $201,000 which still represents an 18.2% increase since September 2012. According to RBI’s September market report, Prince George’s County had the highest growth rate in the DC Metro Region and this is the seventh consecutive double-digit year-over-year gain in prices. Median Days on Market The median number of days active listings were on the market was 19. This is a 5% decrease in days since August and a 36.6% decline since September 2012. When pricing your home for sale it’s important to set a price that’s close to market value to ensure you attract traffic from interested buyers. Pricing your home above market value can have an impact on the number of days your home is on the market and ultimately lead to a reduction in your bottom line.
Average List Price vs. Sold Price
Homes were sold on an average of 98.5% of the list price in September. This is up from 97.8% in August and up from 94.2% in September 2012.
Homes for Sale in Prince Georges County, MD
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Real Estate Market Report Data provided courtesy of Shanequa Jennings of Keller Willams Realty Consultants.