Updated: Jan 28
The Prince George's County Association of REALTORS® (PGCAR) reports that 2020 ended with the highest December home sales in over 10 years, more than 400 above the 10-year December closed sales average.
University Park and the College Heights Estate neighborhood of Hyattsville experienced a breath-taking seller's market this year. Most properties stayed on the market for 7 days or less with multiple offers.
December saw 1,145 Closed Sales at $369,745 Average Sold Price; increasing 23.1 percent and 13.6 percent respectively over December 2019. Closed Sales increased 12.8 percent and Average Sold Price increased 0.2 percent over November 2020. This sales surge is especially remarkable given the record low inventory, and the fact that winter months typically see lower sales.
For the tenth consecutive month, Prince George's has recorded the lowest Days on Market (DOM) for that month in over 10 years. December Median Days on Market (DOM) was 8 days, a 63.6 percent decrease from December 2019. Average DOM dropped to 15 days, a 58.3 percent decrease from December 2019. More homes sold and at higher prices during these shorter days on market (DOM) culminating in another month of double-digit growth for the local real estate market.
Most importantly, the steady growth of both closed sales and average sold price, continues fueling an explosive total volume increase. Total Sales Volume was $418,518,815, increasing 38.3 percent from December 2019 and 13.1 percent over November 2020.
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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.
© 2021 Market Stats by ShowingTime and Bright MLS
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.
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