Wilson Realty Group continues our weekly series on local market statistics. This week we focus on Prince George’s County in the Maryland suburbs. Prince George’s County includes Waldorf, Accokeek, Aquasco, Brandywine, Cheltenham, Indian Head, Beltsville, Lanham, Laurel, Bladensburg, Mount Rainier, Bowie, Brentwood, Clinton, Riverdale, College Park, Capital Heights, Fairmount Heights, Fort Washington, Oxon Hill, Suitland, District Heights, Temple Hills, Glenn Dale, Greenbelt, Upper Marlboro, Hyattsville, Silver Spring and Takoma Park.
1. Market Activity – Prince George’s County real estate activity remained virtually flat since March across all segments. While the rest of the Metro DC area has experienced some increase in activity over this time, Prince George’s County has not benefited as much as surrounding counties. However, most of the metrics in February represent a nice increase over the same period last year – Closed are up 12.7%, New LIstings are up 8.1%, New Pendings are up 15.6% and Active Listings are up 4.5%.
2. Median Sold Price – All Types decreased $20,000 from October to February signaling a large drop for the County while still reflecting a 4.1% increase over the same time last year. Single Family homes jumped 2.4% from the same time last year.
3. Average Days on Market – The ADOM for Prince George’s County rose 2 days across all segments last month. At just 53 days, the ADOM for PG is 12.8% higher than the same time last year.
4. Average Sold to Original List Price Ratio – The ASOLP Ratio is at 97.1%, very robust for Prince George’s County reflecting the DC Metro’s real estate relative strength.
Prince George’s County mimics the broader DC Metro Real Estate market in almost all categories. As we have seen the last couple of months, market volatility still exists and rising inventory and unstable rates continues to affect the real estate market. With these pressures, it is even more imperative to keep as much money in your pocket as possible with your next move. Call Wilson Realty Group today at 202-642-5478 and find out how you can keep as much as 5.5% of the sales price in your pocket. Thousands of clients know our secret – will you be next?