The Long & Foster Market Minute

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

Units Sold
1,019
Active Inventory
2,137
Median Sale Price
$289,900
Days On Market
32
Up 2%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 5%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 1,019 sold this month in Prince George's County Real Estate versus 906 last month, an increase of 12%. This month's total units sold was higher than at this time last year, an increase of 2% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 374 units or 15%. The total number of active inventory this May was 2,137 compared to 2,511 in May 2017. This month's total of 2,137 is lower than the previous month's total supply of available inventory of 2,307, a decrease of 7%.

Median Sale Price
Last May, the median sale price for Prince George's County Homes was $275,000. This May, the median sale price was $289,900, an increase of 5% or $14,900 compared to last year. The current median sold price is 2% higher than in April.

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


New Listings
1,421
Current Contracts
1,231
Sold Vs. List Price
99.8%
Months of Supply
2.1
Up 3%
Vs. Year Ago
Up 9%
Vs. Year Ago
No Change
Vs. Year Ago
Down -16%
Vs. Year Ago

Months of Supply
In May, there was 2.1 months of supply available in Prince George's County, compared to 2.5 in May 2017. That is a decrease of 16% 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 1,421 homes newly listed for sale in Prince George's County compared to 1,380 in May 2017, an increase of 3%. There were 1,231 current contracts pending sale this May compared to 1,128 a year ago. The number of current contracts is 9% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Prince George's County was 99.8% 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 32, which is similar compared to a year ago.

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 MRIS 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 MRIS or Long & Foster Real Estate, Inc.