By AFRO Staff
While unemployment and financial crises have plagued much of the country and world due to the COVID-19 pandemic, the Prince George’s County Association of REALTORS (PGCAR) reported that 2020 ended with the highest December home sales in over 10 years.
“We are thrilled Prince George’s County home sales continue to break records. Through the pandemic, and even into winter when sales traditionally slow, our home sales keep heating up,” said PGCAR President Shameeka Price, who works with Capital Structures Real Estate.
Typically, sales are normally low in the winter months and currently have record low inventory. However, Santa Claus must’ve been towing houses on his sleigh. According to PGCAR, home sales were more than 400 above the 10-year December closed sales average and saw 1,145 closed sales at an average price of $369,745 increasing 23.1 percent over 10 years and 13.6 percent over December 2019. The month before, closed sales increased 12.8 percent and average sold price increased 0.2 percent. The total sales volume was $418,518,815, which was a 13.1 percent increase over November 2020 and a 38.3 increase from December 2019.
In addition to the exciting sales numbers, houses also sold faster in December 2020. The December median Days on Market (DOM) was eight days, a 63.6 percent decrease from that same time the previous year. Further, the average DOM dropped to 15 days, which was a 58.3 percent decrease in comparison to December 2019.
“We ended 2020 with half of the County’s listed homes sold in 8 days or less,” Price explained.
These record breaking numbers resulted in a month of double-digit growth for the Prince George’s market.
With such growing numbers, Price said now is the time to sell a house.
“Escalating prices, often competing offers and motivated buyers have created an exceptional time to sell. Prince George’s County homes are selling quickly in all price ranges. Meanwhile, our County home values continue to increase across all spectrums. One interesting fact: Prince George’s County homes sold at an average $208 per square foot during December. This steadily increasing number indicates, if selling, now is the time to jump in. Buyers are eager to find homes, especially while mortgage rates remain under 3 percent,” she said.