Prince George’s County Real Estate Market Report - August 2013

Sales prices on homes sold in Prince Georges County, MD still continue to see slight increases each month. With prices and mortgage interest rates on the rise NOW is a good time start strongly considering purchasing a home if you have been on the fence.  There are still some great deals on homes for Sale in Prince George’s County and there are a good number of homes that you can own for less than what you’re currently paying in rent. Having a good agent to guide you through this process is essential to helping you find the best deal. 
When hiring an agent to help you buy or sell a home you need to look for someone who knows and studies the current market trends, who is knowledgeable and has strong negotiation skills.  There are many real estate agents who service Prince George’s County but not every agent is the same and choosing the wrong one could cost you thousands of dollars.

 

Prince George’s County, MD Real Estate Market Snapshot

In August 2013 the total sold dollar volume was $157,652,508, up 16.59% from this time last year.  There were a total of 709 residential properties sold in August and of those sold, 105 (14.8%) were foreclosures and 178 (25.11%) were short sales (pre-foreclosures).  Although bank-mediated properties still represent a large portion of the sales, foreclosure sales declined by 29% and short sales were down 15% from August 2012.

Inventory

 

There were 1730 active listings in August 2013.  The number of homes for sale increased by 4% since last month and declined by 19.72% since the same month last year.  Of the properties for sale 105 (8.9%) are foreclosures and 371 (21.45%) are short sales.

 

Median Sold Price

 

The prices of homes sold continues to increase with the median sales price at $209,000, up 1% from July.  Since August 2012 we have seen a 19.43% increase prices in Prince George’s County.

 

Median Days on Market

The median number of days active listings were on the market was 20. This is a 10% increase in days since July and a 47% decline since July 2012. 

 

List Price vs. Sold Price

Homes were sold at 97.79% of list price in August.  This is down from 98.34% in July and up from 94.51% in August 2012.

 

To find out what your home is worth visit my website to request a FREE Market Analysis.  You can also sign up for a monthly Market Insider Report to veiw information on market activity in your area, community/school information and more!

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