PRINCE GEORGE’S COUNTY ASSOCIATION OF REALTORS ® 2011 Review/2012 Preview

Alease Bowles CRS, GRI 2012 President Prince George’s County Association of REALTORS ®

ANNUAL REVIEW % list/sold price ratio Total Dollar Volume: $4.48 billion Units Sold: 13, % list/sold price ratio Total Dollar Volume: $2.52 billion Units Sold: 7, % list/sold price ratio Total Dollar Volume: $1.43 billion Units Sold: 4, % list/sold price ratio Total Dollar Volume: $1.44 billion Units Sold: 6, % list/sold price ratio Total Dollar Volume: $1.62 billion Units Sold: 7, (year to date) 89.5% list/sold price ratio Total Dollar Volume: $1.2 billion Units Sold: 6,763

Average Days on Market (Single-Family & Condos/Co-ops)

Listing Inventory (Single-Family)

Listing Inventory (Condos/Co-ops)

The Buy Suitland Initiative will award 0% interest loans to households who have not owned a home in the last 3 years. Property must be principal residence to qualify. Properties must be foreclosures or short sales in Suitland area. Loan is forgiven after 10 year’s residency. Program will also award loans to assist purchasing owner- occupied vacant resale properties where the seller is at least 60 days delinquent on mortgage payments. First-time homebuyers may receive up to 5% of the Home Purchase Price. Civic Employees may receive up to 7% of the Home Purchase Price. Buy Suitland Program

This Program offers incentives to buy a home in Prince George’s County as well. Unlike Buy Suitland, this Program is open to all “for sale” properties, not just foreclosures. Up to 5% of home sale price will be available to qualified homebuyers who have owned a home within the last 3 years. Through HUD’s HOME Investment Partnerships Program (HOME), the County has acquired over $1 million to use toward Down Payment and Closing Cost Assistance loans. My HOME Program

Absorption Rate (Single-Family) Absorption Rate is Percentage of New Contracts Versus Inventory

Absorption Rate (Condos/Co-ops) Absorption Rate is Percentage of New Contracts Versus Inventory

Average Single-Family Home Prices PG: $102,001 October 2011 Comparison DC: $497,957MC: $411,221 PG: $102,001

Median Single-Family Home Prices October 2011 Comparison PG: $150,000 DC: $399,900MC: $327,250 PG: $150,000

Average Condo/Co-op Prices

New Home Sales April through June

New Homes Inventory April through June

Market Statistics Summary October 2011October 2010% Change Average Sold Price Single-Family $192,001$211, % Median Sold Price Single-Family $170,000$196, % Average Sold Price Condos $78,015$109, % Median Sold Price Condos $55,000$104,950-48% Total Units Sold (Condos & Single-Family) % Days on Market (Condos & Single-Family) %

Market Conditions Summary Homes are staying on the market for a little longer. Prices are the lowest in 5 years. As a result, buyers have more buying power. Interest rates are still at historic lows. Real estate remains one of the best investments. There are still some buyer incentives in Prince George’s County; such as, “My Home” and “Buy Suitland.” Prices in Prince George’s County are the lowest in the Metropolitan Washington region making Prince George’s County the best value in the area.

Forecast Our new County Executive Rushern Baker, is putting a strong emphasis on economic growth. One example, the $50 million economic development incentive fund. Another is his commitment to transit oriented development around the County’s 15 metrorail stops. Indications are that 2012 should be a stronger year Prince George’s County is and will remain the most affordable in the metro area

For more information or assistance, please visit It’s a Great Time to Buy! or contact us at any time