PGCAR: Landover, MD, September 2022 – The Prince George’s County Association of REALTORS® (PGCAR) reports Pending Sales of County homes increased an amazing 7.1% in August, from 876 to 938, a strong leading indicator of future sales. Home values also continue to advance. Average Sold Price was $415,765, increasing 3.5% over August 2021. Median Sold Price was $400,000, 2.6% over August 2021.
While the market has cooled from the frenzied Seller’s Market of the pandemic, Prince George’s County homes remain in strong demand. The August Contract Ratio of 1.01 Pendings per Active Listing indicates we are returning to a more sustainable, balanced market.
Home prices are still appreciating, inventories are gently increasing, and buyers are still quickly buying. While Active Listings averaged 1,268 homes through the month, August saw 828 Closed Sales and 938 New Pending Sales. Median Days on Market (DOM) was 11 days, 3 days more than August 2021 and 2 days over last month. Average DOM was 18 days, 3 days more than last month and 28% below the 5-year August average of 25 days. As a pre-pandemic comparison, Median DOM was 15 days and Average DOM was 29 days in August 2019.
The inventory of listed homes for sale averaged a 1.3-month supply in August, meaning that if no new listings are added, current listings would sell out in 1.3 months. This represents a 30.3% increase from August 2021 when we were in the midst of extremely tight supply, yet 19.8% below the 5-year August average of 1.6-month supply. We are encouraged that the supply of homes for sale is increasing to more normal levels, with 1,115 new “for sale” listings coming onto the Prince George’s County market during August.
© 2022 Market Stats by ShowingTime and Bright MLS
| August 2022 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $344,027,195 | – 19.1% | – 3.3% |
| Closed Sales | 828 | – 23.1% | – 3.2% |
| Median Sold Price | $400,000 | + 2.6% | – 1.2% |
| Average Sold Price | $415,765 | + 3.5% | – 1% |
| Median Days on Market | 11 days | + 37.5% | + 22.2% |
| Average Days on Market | 18 days | + 28.6% | + 20% |
| New Pending Sales | 938 | – 26.3% | + 7.1% |
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, proudly reports on the continued strength of the Prince George’s County home market. She states: “As the Prince George’s market normalizes to a more sustainable pace, it remains well above normal and regional market trends with a year-over-year 3.5% average price appreciation. Our homes also continue to sell quickly, with a median 15 days on market. That’s about half the August 2019 pre-pandemic median of 29 days.
Gamble added: “Now is still a great time to buy in Prince George’s County! Even with average 30-year interest rates now above 6%, the highest level since 2008, homeownership remains one of the best tools for fighting inflation and building wealth.
It’s also a great time to sell! Prince George’s County saw 938 pending home sales during August, a 7.1% increase from July, a key indicator of future sales and the fact that more homebuyers are returning to the search.
Whether buying or selling a home, contacting a REALTOR® is a wise move. A REALTOR®‘s experience can save invaluable time and stress. Let a REALTOR® guide you through the myriad of steps in home buying or selling, from setting the price or budget, to managing the details from appointment setting to contract creation and closing,” said Gamble.
The Voice for Real Estate in Prince George’s County
PGCAR is the voice for REALTORS® in Prince George’s County, Maryland. Representing more than 4,000 real estate professionals in the national capital area, PGCAR is an affiliate of the Maryland and National Association of REALTORS®. We are proud to serve our members and our community, and work to ensure professionalism in the industry. Our volunteers and staff work to offer services to real estate professionals and to provide avenues for our members to become more successful. We proudly work to promote and protect homeownership and private property rights.
CONTACTS:
Melanie Gamble, 2022 PGCAR President – 301-343-8538, [email protected]
Mike Graziano, Executive Vice President – 301-306-7900, [email protected]
This article was written by the PG County Association of Relators, read more stories like this here.
