The prices of homes in Prince Georges County MD continue to fall. Mocre recently home prices in September 2008 are off over 10% from September 2005. Unlike a short time ago where we had multiple offers on homes and homes sold for higher than list price that is no linger the case. Now homes in Prince Georges county Maryland are staying on the market longer and when they are selling the buyers are in a good position to negotiate the prices of the home lower than what the Prince Georges homes sellers are asking. That difference in price is called the "List Price / Sales Price Ratio" Simply put it is the difference in price of what the Prince Georges Home Seller is asking, and what they are receiving in price.
This ratio does not include concessions that sellers offer to buyer for repairs, updates, or concessions from the seller to the buyer to assist in the buyers closing costs. In September of 2005 the LP/SP ratio for homes in Prince Georges County MD was 99.53% Vs 89.98% September 2008.
I've prepared a simple List Price / Sales Price Ratio Chart of home sales in Prince Georges County.
*MRIS - Metropolitan Regional Information Systems, Inc. Real Estate Trend Indicator - <$100K to >$5M Format
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