PRINCE GEORGE

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PRINCE GEORGES COUNTY ASSOCIATION OF REALTORS
2009 Review/2010 Preview
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Michael CerritoCBR
President,Prince Georges County Association of
REALTORS
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ANNUAL REVIEW

• 2003 99.17 list/sold price ratio
• Total Dollar Volume 2.63 billion
• Units Sold 13,480

• 2004 99.51 list/sold price ratio
• Total Dollar Volume 3.6 billion
• Units Sold 14,447

• 2005 99.57 list/sold price ratio
• Total Dollar Volume 4.6 billion
• Units Sold 14,251

• 2006 97.98 list/sold price ratio
• Total Dollar Volume 4.48 billion
• Units Sold 11,747

• 2007 95.99 list/sold price ratio
• Total Dollar Volume 2.52 billion
• Units Sold 7,568

• 2008 88.00 list/sold price ratio
• Total Dollar Volume 1.16 billion
• Units Sold 3,928

• 2009 (year to date) 89.37 list/sold price
  ratio
• Total Dollar Volume 1.21billion
• Units Sold 5,449

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Average Days on Market(Single-Family
Condos/Co-ops)
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Listing Inventory (Single-Family)
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Listing Inventory (Condos/Co-ops)
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Foreclosures
Housing and Economic Recovery Act of 2008
11 Million to Prince Georges County
Neighborhood Stabilization Program (NSP)
75 used for down payment and closing
assistance Acquire and rehab select
grossly blighted properties
Counseling Services to the home buying public
Down Payment on Your Dream
Launched on July 19th, 2009 167
loans have been closed 139 applications
currently being processed 6 Million still
available Program ends in September 2010
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Absorption Rate (Single-Family)
Absorption Rate is Percentage of New Contracts
Versus Inventory
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Absorption Rate (Condos/Co-ops)
Absorption Rate is Percentage of New Contracts
Versus Inventory
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Average Single-Family Home Prices
October 2009 ComparisonDC 552,771 MC
486,302 PG 241,607
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Median Single-Family Home Prices
October 2009 Comparison DC 415,000 MC
386,775 PG 229,000
Median prices varied 20K each month
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Average Condo/Co-op Prices
October 2009 ComparisonDC 412,983 MC
252,731 PG 148,418
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Market Statistics Summary
October 2008 October 2009 Change

Average Sold PriceSingle-Family 313,071 241,607 -23
Median Sold PriceSingle-Family 295,000 229,000 -19.0
Average Sold PriceCondos 191,637 148,418 -19.0
Median Sold PriceCondos 193,000 155,000 -23.1
Total Units Sold (Condos Single-Family) 408 709 65.1
Days on Market(Condos Single-Family) 136 122 -10
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Market Conditions Summary

• Prices are slowly leveling out
• Buyers have more buying power
• Inventory is decreasing at a steady rate
• Multiple contracts are being seen
• Appreciation rates still inch upward
• Interest rates are still at historic lows
• Real estate is still one of the best investments
• Lots of buyer incentives in our County especially
  with the NSP and Federal 8,000 Tax Credit for
  new homebuyers and 6,500 Tax Credit for some
  current homeowners

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Forecast

• NAR 2010 should be a stronger year, with 2011
  proving to be even stronger
• Inventory should continue to decline causing
  home prices to rise
• New homebuying initiatives will continue to
  attract
• residents and new business to the County
• Opportunities abound
• Numerous projects are working in our favor
• Prince Georges County will remain the most
  affordable in metro area

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Its a Great Time to Buy!
For more information or assistance, please visit
www.PGCAR.com
or contact us at any time