The Long & Foster Market Minute

Focus On: Prince George's County Housing Market October 2018

Units Sold
927
Active Inventory
2,398
Median Sale Price
$285,000
Days On Market
52
No Change
Vs. Year Ago
Down -9%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -7%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 927 sold this month in Prince George's County Real Estate, an increase of 8%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 244 units or 9%. The total number of active inventory this October was 2,398 compared to 2,642 in October 2017. This month's total of 2,398 is lower than the previous month's total supply of available inventory of 2,633, a decrease of 9%.

Median Sale Price
Last October, the median sale price for Prince George's County Homes was $290,000. This October, the median sale price was $285,000, a decrease of 2% or $5,000 compared to last year. The current median sold price is 3% lower than in September.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
1,331
Current Contracts
1,074
Sold Vs. List Price
99.5%
Months of Supply
2.6
Up 6%
Vs. Year Ago
Up 14%
Vs. Year Ago
No Change
Vs. Year Ago
Down -9%
Vs. Year Ago

Months of Supply
In October, there was 2.6 months of supply available in Prince George's County, compared to 2.8 in October 2017. That is a decrease of 9% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 1,331 homes newly listed for sale in Prince George's County compared to 1,250 in October 2017, an increase of 6%. There were 1,074 current contracts pending sale this October compared to 938 a year ago. The number of current contracts is 14% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Prince George's County was 99.5% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 52, lower than the average last year, which was 56, a decrease of 7%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.