PRINCE GEORGE'S COUNTY MD REAL ESTATE TREND INDICATOR
If you are planning to purchase or sell a home in Prince George's County, you will want to know what is going on in the market. The following report is for the past month and the statistics are compared with the same month last year. There were 5,728 active listings of homes for sale during the month. There were 1,382 new listings and 1,204 new pending contracts. The sold dollar volume was up 39.86% from last year. The median sold price was $210,000. The number of homes sold was 710 as compared with 408 last year. The average days on the market was 122 days as compared to 136 days last year. The average sale price was 89.37% of the average list price. The market still favors buyers. Foreclosures and short sales listings still influence the area market. Buyers are finding it more difficult to qualify for mortgage financing and the trend is to the use of FHA financing which has a minimum cash requirement of 3.5% of the purchase price. FHA Streamlined 203(k) financing allows buyers to include up to $35,000 of the costs of home improvements in the mortgage loan.
The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php
Metropolitan Regional Information Systems, Inc. Real Estate Trend Indicator - <$100K to >$5M Format
Prince Georges County, MD
From: 10/01/2009 to 10/31/2009 Statistics generated on: 11/09/2009
| Residential Unit Sales Number of Bedrooms |
Active Listings | Time on Market | ||||||||
| Price Class | 2 Or Less |
3 |
4 or More |
Condo Coop |
Ground Rent |
Residential |
Condo Coop |
Ground Rent |
of Units Sold (No. of Units) |
|
| Under $100,000 | 13 | 43 | 18 | 20 | 2 | 320 | 210 | 7 | 1 -30 Days | 235 |
| $100,000 - 149,999 | 2 | 50 | 22 | 8 | 0 | 569 | 206 | 2 | 31-60 Days | 102 |
| $150,000 - 199,999 | 11 | 51 | 53 | 25 | 0 | 971 | 200 | 2 | 61 - 90 Days | 68 |
| $200,000 - 249,999 | 13 | 72 | 66 | 9 | 0 | 842 | 106 | 1 | 91-120 Days | 65 |
| $250,000 - 299,999 | 2 | 37 | 62 | 2 | 0 | 733 | 23 | 1 | Over 120 Days | 240 |
| $300,000 - 349,999 | 0 | 9 | 43 | 0 | 0 | 460 | 3 | 0 | Total | 710 |
| $350,000 - 399,999 | 0 | 7 | 24 | 0 | 0 | 400 | 4 | 0 | ||
| $400,000 - 449,999 | 0 | 0 | 22 | 0 | 0 | 169 | 1 | 0 | Type of Financing of Units Sold (No. of Units) |
|
| $450,000 - 499,999 | 0 | 0 | 12 | 0 | 0 | 138 | 3 | 1 | ||
| $500,000 - 599,999 | 0 | 0 | 7 | 0 | 0 | 133 | 1 | 0 | Conventional | 96 |
| $600,000 - 699,999 | 0 | 0 | 4 | 0 | 0 | 88 | 0 | 0 | FHA | 401 |
| $700,000 - 799,999 | 0 | 0 | 0 | 0 | 0 | 39 | 0 | 0 | VA | 56 |
| $800,000 - 899,999 | 0 | 0 | 1 | 0 | 0 | 26 | 0 | 0 | Assumption | 46 |
| $900,000 - 999,999 | 0 | 0 | 0 | 0 | 0 | 14 | 0 | 0 | Cash | 92 |
| $1,000,000 - 2,499,999 | 0 | 0 | 0 | 0 | 0 | 36 | 1 | 0 | Owner Finance | 0 |
| $2,500,000 - 4,999,999 | 0 | 0 | 0 | 0 | 0 | 17 | 0 | 0 | All Other | 19 |
| $5,000,000 & Over | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | Unreported | 0 |
| Totals | 41 | 269 | 334 | 64 | 2 | 4956 | 758 | 14 | Total | 710 |
| Grand Totals | 710 | 5728 |
|
|
Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2009 - Information deemed reliable, but is not guaranteed.
LENDER OWNED FORECLOSURES: The hot segment of the current market is the inventory of lender owned homes (REO). The reason is that the lenders have a excess inventory of owned properties and there is a high level of motivation to reduce the inventory. Contact us for client reports on available homes. We represent buyers as their exclusive agents.
MORTGAGE FINANCING: It is an ideal time to obtain funds to purchase a residence or investment property. Pre-approval for financing is the first step in the home purchase process. Buyers need to have a lender letter in hand when they submit an offer on a property. Buyers should be prepared to fully document their income and obligations. Ask us for a referral if you do not have an existing relationship with a mortgage lender.
FHA LOAN LIMIT IN PRINCE GEORGE'S COUNTY: $729,750. FHA has a minimum cash requirement of 3.5%.
Simple Way to Answer that All-important Question: How are the Schools? Log onto www.SchoolMatters.com to find all the answers that you need to know about any school or school district nationwide.
We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Your Real Estate Professionals In Maryland.
Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
Client Assistance: 301-670-8996
Recipient of the RE/MAX International Lifetime Achievement Award - 2008
