PRINCE GEORGE’S COUNTY ASSOCIATION OF REALTORS®

2011 Review/2012 Preview

Alease Bowles CRS, GRI

2012 PresidentPrince George’s County

Association of REALTORS®

ANNUAL REVIEW

2006 97.2% list/sold price ratio•Total Dollar Volume: $4.48 billion•Units Sold: 13,116

2007 93.3% list/sold price ratio•Total Dollar Volume: $2.52 billion•Units Sold: 7,568

2008 86.0% list/sold price ratio•Total Dollar Volume: $1.43 billion•Units Sold: 4,916

2010 90.7% list/sold price ratio• Total Dollar Volume: $1.44 billion

•Units Sold: 6,465

2009 90.2% list/sold price ratio•Total Dollar Volume: $1.62 billion•Units Sold: 7,028

2011 (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)

020406080

100120140160180

Janu

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Februa

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March

April

May

June Ju

ly

Augu

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Septem

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Octobe

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Nov

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Decem

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200620072008200920102011

Listing Inventory (Single-Family)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

January

February

MarchAprilMayJuneJuly

August

September

October

November

December

200620072008200920102011

Listing Inventory (Condos/Co-ops)

100200300400500600700800900

Janu

ary

March

May Ju

ly

Septem

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Nov

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200620072008200920102011

• 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

0

20

40

60

80

100

120

200620072008200920102011

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

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January

March

May

July

September

November

200620072008200920102011

Average Single-Family Home Prices

$170,000

$220,000

$270,000

$320,000

$370,000

$420,000

January

February

March

April

May

June

July

August

September

October

November

December

200620072008200920102011

October 2011 ComparisonDC: $497,957 MC: $411,221

PG: $102,001PG: $102,001

Median Single-Family Home Prices

$170,000$175,000$180,000$185,000$190,000$195,000$200,000$205,000$210,000$215,000

January

February

MarchApril

May

June

July

August

September

October

November

December

MedianAverage

October 2011 ComparisonDC: $399,900 MC: $327,250

PG: $150,000PG: $150,000

Average Condo/Co-op Prices

$80,000$100,000$120,000$140,000$160,000$180,000$200,000$220,000$240,000$260,000$280,000$300,000

January

February

March

April

May

June

July

August

September

October

November

December

200620072008200920102011

New Home Sales

April through June

New HomesInventory

April through June

Market Statistics SummaryOctober 2011 October 2010 % Change

Average Sold PriceSingle-Family

$192,001 $211,018 -.09%

Median Sold PriceSingle-Family

$170,000 $196,000 -13.7%

Average Sold PriceCondos

$78,015 $109,997 -30.0%

Median Sold PriceCondos

$55,000 $104,950 -48%

Total Units Sold(Condos & Single-Family)

638 516 +20%

Days on Market(Condos & Single-Family)

100 83 +20%

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 visitFor more information or assistance, please visit

www.PGCAR.comwww.PGCAR.com

It’s a Great Time to Buy!

or contact us at any timeor contact us at any time