Prince George’s County Market Report
Located in close proximity to Washington DC, Prince George’s County consists of the communities of Bowie, District Heights, Hyattsville, Laurel, Berwyn Heights, Capitol Heights, and Upper Marlboro.
PG County is home to numerous US Government facilities (and the employees who staff them), the University of Maryland’s main campus at College Park, the Washington Redskins Fedex Field, and military facilities such as Joint Base Andrews.
This proximity also plays a role in the local economy, with numerous Prince George’s County residents working for federal and state agencies, as well as construction firms that work on federal contracts within the confines of Washington DC. In addition to public sector employment, PG county residents are featured heavily in the areas of management, finance, transportation and healthcare.
Although the real estate market has recently improved somewhat, many PG County homeowners remain underwater on their property.
For homeowners in distress, a short sale may often offer a way to avoid foreclosure and improve their financial standing.
Our Short Sale Specialists know the Real Estate Market in Prince George’s County
We have helped many PG County homeowners – just like you – take advantage of the short sale process.
We can help you as well.
Contact us Today – and get started on the road to financial recovery.
On this page you will find the most recent Market Reports for Prince George’s County – compiled for your benefit by our Short Sale Experts. Our Short Sale Team will answer any short sale questions you may have.
Latest PG County Real Estate Market News
PG County Market Reports From Previous Years
Prince George’s County Real Estate Market Report – May 2013
Recently released statistics for May’s real estate market reveal steady growth which includes a year-to-date high for closed sales. Over 15% of all sales in the DC Metro area closed in Prince George’s County alone last month. While the 747 closed sales were a nominal improvement from April’s numbers, there haven’t been this many closed sales in the county since June 2011. As usual, sales of detached units more than doubled their attached unit counterparts, with attached units reporting a 5% loss. Upper Marlboro had the highest number of closed sales last month, at 85 between it’s two zip codes.
Although they accounted for almost half (42%) of all closed sales, distressed properties reported token losses less than 5% last month. Still almost doubling sales of foreclosures, short sales continue to be the more popular bank-mediated property type. The 206 short sales last month were just 26 sales short of the 5 year high recorded last summer. In contrast, foreclosures have not been this scarce of a sell since the Spring 2009. In spite of the poor sales performance, there was a 25% increase for foreclosures among active listings.
Although posting the lowest median sold price for the DC Metro area, Prince George’s County reported an almost 10% month-over-month growth for May. The almost 19% increase to $202,000 represents a growth of $32,000 over the MSP from the same time last year. It’s also the highest it’s been in three and a half years. 26 of the 38 zip codes in the county reported a median SP over the county average, with Takoma Park, Silver Spring, Bowie, and Aquasco reporting MSPs over $350K. Bank-mediated properties had a year-to-date high MSP that equalled the greatest MoM gains since last Summer. Bettering April’s numbers by more than $11,000, median SPs for short sales haven’t been this high since Fall 2011. The ASP was almost 8% higher at $217,385.
Still the slowest selling county in the area, the average days on market remained relatively stable at a little over two months. Just under a third of all sales closed in 10 days or less, with more than two-thirds of all zip codes in the county reporting less DoM than the county average. The Riverdale area was the only zip code to report a DoM longer than 6 months. Apartments, townhouses, condos and co-ops averaged two weeks less to sell in May, while detached units averaged a week longer on the market than they did in April. Short sales remained at 79 DoM, while foreclosures dropped by a week and a half to 38 days, just shy of the 5 year low.
The county claimed almost 15% of all new listing activity in the DC Metro area last month, and just shy of 40% of all new listing activity in the Maryland Suburbs despite dropping by about 4% from April. Of the 1078 new listings, more than 40% were in the areas of Capitol Heights, Fairmount Heights, Clinton, District Heights, Hyattsville, Fort Washington, and Upper Marlboro. New listings of non-bank-mediated properties dropped last month, while more bank-mediated properties appeared to account for over 40% of all new listings. New short sale listings continued the steady decline that began in March, as new listings of foreclosures reached a 9 month high.
Just over 18% of all new pending activity in the DC Metro area was in Prince George’s County last month. Apartments, townhouses, and condos surged to a YtD high and 7 month high of 361 new pending sales, with detached units dropping by 10%. Although it’s individual figures dropped slightly from April, the Fort Washington area reported the greatest promise with the most number of new pending sales for the month. New pending activity for distressed properties dropped minimally with short sales continuing the decline they began in Spring, while foreclosures enjoyed an opposite growth trend.
We hope that you have found this March 2013 PG County Market Report useful.
For more information and answers to any questions you may have contact us today – and let our Short Sale Realtor Team help you navigate the short sale process.
Prince George’s County Real Estate Market Report – April 2013
April’s numbers reveal promising growth in Prince George County. With an almost 15% growth in sales totaling just under 147 million dollars worth of real estate sold in the county, the figures represent a more than 20% year-over-year growth. Closed sales also bettered, growing by almost 10% to 725 properties. The year-to-date high is equivalent to Summer 2012’s highs, and represents a gain of almost 12% from this time last year. The areas of Capitol Heights, Fairmount Heights, Clinton, Fort Washington, and Upper Marlboro accounted for a little over a quarter of all closed sales.
Bank-mediated sales continue to make up a large portion of the county’s market. Dropping slightly to 335, distressed properties accounted for almost half of all sales last month. Short sales remain the more popular option, bettering March’s numbers, and accounting for almost two-thirds of all bank-mediated sales. Despite March’s growth, distressed properties remained constant within active listings.
Average Sold Price and Average Median Price continue to improve as well with both categories bettering the previous month’s figures. With an ASP of over $202,000, the year-to-date high is at almost the three year high, and represents a growth of almost $20,000 from the previous year. The average SP to original SP dropped to just under 96% last month, due largely to a huge drop in the same category for bank-mediated sales. The areas of Silver Spring and Tacoma Park reported the highest AMP for April.
Properties averaged a week longer on the market in April, jumping to 67 days from the previous month. The year-to-date high was due to bank-mediated sales. Distressed properties contributed to the delay with short sales averaging over two weeks longer, and foreclosures averaging one week longer than March. Properties that were not bank-mediated remained steady at 66 DoM. Attached and detached units averaged the same- 66 and 67 days respectively, on par with the month’s average. Just under thirty percent of all listings sold in less than 10 days, while just under 54 % of all listings were on the market 30 days or less
New listings rose by almost 12% to a year-to-date high of 1120. The areas of Capitol Heights, Fairmount Heights, Fort Washington, and Upper Marlboro added the most number of new listings last month. Distressed properties continued a steady growth track, accounting for just over 38% of all new listings. New listings of foreclosures jumped more than 50% from March to 108 in April. While new listings of short sales did drop slightly, they remain the most popular distressed property listed, accounting for for almost 3/4s of all new, bank-mediated activity.
New pending sales also grew, nearing summer 2012 levels. Bank mediated sales accounted for almost half all pending sales in the county last month, with Upper Marlboro having the most number of pending listings.
We hope that you have found this April 2013 PG County Market Report useful.
For more information and answers to any questions you may have contact us today – and let our Short Sale Realtor Team help you navigate the short sale process.
Prince George’s County Real Estate Market Report – March 2013
All signs point to promising growth for the month of March in Prince George’s County. According to just-released statistics, almost $128 million worth of real estate sold, making amazing gains of over 25% from February. Closed sales also made impressive gains from February to March, growing almost 23% to 665, greater than the 5 year average.
The average sold price and average median price also continue to improve, with growths of over 10% in both categories. Nearing 2012′s end-of-year highs, it appears prices are finally on the rise again. The Avg SP of $192,375.00 is up about $20,000 from the previous year. An average SP to original LP ratio of over 96% indicates that buyers are also paying more for what they want.
Following the current market trend, listings continue to be snatched up at every turn. At about a week and a half less than the previous month, the “Average Days on Market” metric dropped to 61 days, with 185 properties sold in a mere 10 days or less, and just under 44% of all properties sold in less than 3 weeks. Attached units and foreclosures sold quickest with all bank-mediated sales averaging 56 DOM. Cash buyers represented almost 30% of all sales.
New listings rose significantly by 11.6% to 1001- levels not seen since Fall of 2012. Upper Marlboro added the most new listings with detached units accounting for over 75% of the added inventory. Detached units accounted for over 71% of all new listings in Prince George’s County for the month of March. Growing inventory, absorption rates, and buyer incentives are favorable for continued growth.
Making considerable strides from February, new pending sales soared to a 6 month high of 1113. The areas of Upper Marlboro, Capitol Heights/Fairmount Heights, and Fort Washington earned new pending top honors with impressive improvements. Detached units accounted for the majority of new pending sales with Fort Washington boasting a 45% growth from February’s numbers.
Almost 1/3 of all new pending sales in Fort Washington listed in the $200,00 to $299,999, with over 50% ranging within $100,000 of that price point.
Distressed property inventory continues to be a large portion of the market with March’s sales bettering February’s by over 20% to 342 bank-mediated sales in Prince George’s County. Bank-mediated sales accounted for over 51% of all sales last month, with short sales almost doubling foreclosures. Inventory continues to drop despite additions, with a reduction of over 50% from the same time last year.
We hope that you have found this March 2013 PG County Market Report useful.
For more information and answers to any questions you may have contact us today – and let our Short Sale Realtor Team help you navigate the short sale process.