Here is a breakdown of the overall activity:
| Jan 2009 | Dec 2008 | |
| Number of Active | 6916 | 7292 |
| Number of Sold | 306 | 385 |
| Days on Market | 158 | 136 |
| Average Sales Price | $252,315 | $261,422 |
| Median Sales Price | $233,000 | $245,000 |
| Average Sale $/ List $ | 84.76% | 91.95% |
In January 2009 there were 306 homes that sold in Prince George’s County, MD, as compared to 385 homes in December 2008 (a 3.5% decrease in sales).
The number of sales was almost 21% less than in December, largely due to the holiday season, when sales activity is expected to decline.
It's important to note that a large portion of these sales were REOs (bank owned properties) and short sales or homes in the foreclosure process. In many cases these homes are lowering the average sales price of home in many neighborhoods. In the coming months Prince George’s County will be announcing it’s Neighborhood Stabilization Program (NSP) that will help with down payment and closing cost to homebuyers purchasing a foreclosed home (More information in my next blog…stay tuned!).
At the end of January 2009 there were 6,916 Prince George’s County homes for sale (with close to 50% of the inventory priced from $200K up to $300K). This was also a decrease of 5% in total inventory from December which is a positive sign of a slight increase in demand.
In January 1,364 new homes came on the market. During this time 515 homes went pending as compared to 528 going pending in December.
This overview of the Prince George’s County real estate market is based on information provided by the Multiple Listing Service (MLS) for homes that went under contract and closed in December. More details can be provided if needed with regard to current activity as well as within the specific zip codes of Maryland.
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If I can provide more information about Prince George’s County, Maryland and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at 301-560-1108 or email me at reesehomes@gmail.com.
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