Days on Market (DOM) for Prince George's homes remains at a record-breaking low for the second month. Median Days on Market (DOM) stayed at 7 days, a 66.7 percent decrease from November 2019. Average DOM stayed at 16 days, a 50 percent decrease from November 2019. More homes sold and at higher prices during these shorter days on market (DOM) culminating in another month of growth for the local real estate market.
Most importantly, the continued growth of both closed sales and average sold price, is fueling an explosive total volume increase. Total Sales Volume was $370,061,880, increasing 49.5 percent from November 2019 and just 0.1 percent under October 2020.
The above Five-Year November Averages chart illustrates the extraordinarily high growth, low inventory market trend. Closed and New Pending Sales and Average Sales Price continue to increase; available home inventory (measured by Active Listings and Months of Supply) remains low. The supply of homes for sale decreased again, now down to 0.8 month (representing 740 units) available for sale (versus a 1,664 historical November measure and 1.9 month's supply). This important statistic means that if no new listings come on the market and with current demand, the supply will be exhausted in less than one month.