The Long & Foster Market Minute

Focus On: Prince George's County Housing Market February 2020

Units Sold
677
Active Inventory
1,191
Median Sale Price
$310,000
Days On Market
41
Down -8%
Vs. Year Ago
Down -46%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 677 sold this month in Prince George's County Real Estate versus 724 last month, a decrease of 6%. This month's total units sold was lower than at this time last year, a decrease of 8% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,034 units or 46%. The total number of active inventory this February was 1,191 compared to 2,225 in February 2019. This month's total of 1,191 is lower than the previous month's total supply of available inventory of 1,549, a decrease of 23%.

Median Sale Price
Last February, the median sale price for Prince George's County Homes was $290,000. This February, the median sale price was $310,000, an increase of 7% or $20,000 compared to last year. The current median sold price is 5% lower than in January.

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


New Listings
983
Current Contracts
1,058
Sold Vs. List Price
99.4%
Months of Supply
1.8
Down -2%
Vs. Year Ago
Up 16%
Vs. Year Ago
No Change
Vs. Year Ago
Down -42%
Vs. Year Ago

Months of Supply
In February, there was 1.8 months of supply available in Prince George's County, compared to 3.0 in February 2019. That is a decrease of 42% 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 983 homes newly listed for sale in Prince George's County compared to 1,008 in February 2019, a decrease of 2%. There were 1,058 current contracts pending sale this February compared to 912 a year ago. The number of current contracts is 16% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Prince George's County was 99.4% 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 41, lower than the average last year, which was 48, a decrease of 15%.

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.