Joanne Darling, CBR
President,
Prince George’s County
Association of REALTORS
®
ANNUAL REVIEW
2010 (year to date)
•Total Dollar Volume:
•Units Sold:
90.2%
$1.44 billion
6,465
2009
•Total Dollar Volume:
•Units Sold:
90.2% list/sold price ratio
$1.62 billion
7,028
2008
•Total Dollar Volume:
•Units Sold:
86.0% list/sold price ratio
$1.43 billion
4,916
2007
•Total Dollar Volume:
•Units Sold:
93.3% list/sold price ratio
$2.52 billion
7,568
2006
•Total Dollar Volume:
•Units Sold:
97.2% list/sold price ratio
$4.48 billion
13,116
Average Days on Market
(Single-Family & Condos/Co-ops)
180
160
140
120
100
80
60
40
20
0
e
y ch
y
il a y
r
r
r
n
a
a
r
p
u
u
a
M
Ju
A
r
n
M
Ja Feb
2006
2007
2008
2009
2010
ly ust ber
er ber ber
u
b
J
g
m cto em em
u
e
t
A p
O
ov Dec
e
S
N
Ja
Fe nua
br ry
ua
M ry
ar
ch
A
pr
i
M l
ay
Ju
ne
Ju
Se Aug ly
pt u
em st
O be
N ctob r
ov e
D em r
ec be
em r
be
r
Listing Inventory (Single-Family)
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2006
2007
2008
2009
2010
Listing Inventory (Condos/Co-ops)
Ju
ly
M
ay
2006
2007
2008
2009
2010
Se
pt
em
be
r
N
ov
em
be
r
Ja
nu
ar
y
M
ar
ch
900
800
700
600
500
400
300
200
100
Absorption Rate (Single-Family)
Absorption Rate is Percentage of New Contracts Versus Inventory
120
100
2006
2007
2008
2009
2010
80
60
40
20
em
be
r
be
r
N
ov
m
Se
pt
e
Ju
ly
ay
M
ar
ch
M
Ja
nu
a
ry
0
Absorption Rate (Condos/Co-ops)
Absorption Rate is Percentage of New Contracts Versus Inventory
8
7
6
5
4
3
2
1
0
Ju
Se
ly
pt
em
be
N
r
ov
em
be
r
ay
M
ar
ch
M
Ja
nu
a
ry
2006
2007
2008
2009
2010
Average Single-Family Home Prices
November 2010 Comparison
DC: $564,691
MC: $468,000
PG: $197,880
$420,000
$370,000
$320,000
$270,000
$220,000
Ja
nu
Fe ar
br y
ua
r
M y
ar
ch
A
pr
il
M
ay
Ju
ne
Ju
A ly
Se ugu
pt st
em
O ber
ct
N obe
ov
em r
D
ec ber
em
be
r
$170,000
2006
2007
2008
2009
2010
Median Single-Family Home Prices
November 2010 Comparison
DC: $427,750
MC: $362,000
PG: $196,000
Ja
nu
Fe ar
br y
ua
M ry
ar
ch
A
pr
il
M
ay
Ju
ne
Ju
A ly
Se ug
pt us
em t
O ber
ct
N ob
ov er
e
D mb
ec er
em
be
r
$215,000
$210,000
$205,000
$200,000
$195,000
$190,000
$185,000
$180,000
$175,000
$170,000
Median
Average
Average Condo/Co-op Prices
Ja
nu
Fe ar
br y
ua
r
M y
ar
ch
A
pr
il
M
ay
Ju
ne
Ju
A ly
Se ugu
pt st
em
b
O er
ct
N obe
ov
em r
D
ec ber
em
be
r
$300,000
$280,000
$260,000
$240,000
$220,000
$200,000
$180,000
$160,000
$140,000
$120,000
$100,000
$80,000
2006
2007
2008
2009
2010
Market Statistics Summary
November 2010
November 2009
% Change
Average Sold Price
Single-Family
$210,875
$239,861
-12.1%
Median Sold Price
Single-Family
$196,000
$229,000
-14.5%
Average Sold Price
Condos
$109,997
$147,024
-25.2%
Median Sold Price
Condos
$104,950
$155,000
-32.3%
Total Units Sold
654
473
+138%
85
133
-37%
(Condos & Single-Family)
Days on Market
(Condos & Single-Family)
Market Conditions Summary
•
•
•
•
•
•
•
•
•
Prices are the lowest in 5 years
Homes are staying on the market for a shorter time
As a result, buyers have more buying power
We are seeing some multiple offers
Appreciation rates are slowly inching upward
Interest rates are still at historic lows
Real estate remains one of the best investments
There are still some buyer incentives in our county
Prices in Prince George’s County are the lowest in
the District of Columbia region making Prince
George’s County the best value in the area.
Forecast
•Indications are that 2011 should be a stronger year
•Prince George’s County is and will remain the most
affordable in metro area
MEDIAN PRICES (Single-Family & Condos)
DC:
Montgomery County:
Prince George’s County:
Source: MRIS
October 2010
October 2009
$407,000
$355,000
$190,000
$380,000
$330,000
$210,000
It’s a Great Time to Buy!
For more information or assistance, please visit
www.PGCAR.com
or contact us at any time