Before we get started, though, I’d like to refer you again to articles by Ken Fears, David Lereah, and Lawrence Yun which I mentioned in my earlier blog about Second Quarter data for Anne Arundel County and Crofton. I’d also like to point out again that this information was obtained from data released by MRIS, and therefore includes only properties listed on the MLS. It does include all forms of residential property, i.e. single family homes, town homes, condos and co-ops.
In Prince George’s County, as a whole, average sold prices remained steady from the same period last year – $342,200, up from $341,500. In Bowie, the average sold prices for the 3rd quarter were $379,000 in 20715 (-1.33%), $335,500 in 20716 (-.94%), $513,900 in 20720 (+15.17%), $474,900 in 20721 (-.69%), and $320,200 in 20722 (+16.86%).
Countywide, 3,281 homes sold this quarter, down from 3,653 in the 3rd quarter of 2005. In Bowie, the drop in number of sales was more dramatic: 129 in 20715 (-24.56%), 146 in 20715 (-12.57%), 100 in 20720 (-21.88%), 90 in 20721 (-20.35%), and 26 in 20722 (+8.33%).
Days on Market have increased only slightly on a countywide basis – from 32 in the 3rd quarter of last year to 40 this year. I think this is remarkable, given the “buyer’s market” nationwide and even statewide. However, Bowie sales have taken longer: 48 days in 20715, 39 days in 20716, 60 days in 20720, 53 days in 20721, and 44 days in 20722 – a significant increase from last year throughout Bowie.
Home sellers in the Bowie have apparently faced the reality of the market, however, and priced their homes to sell because the ratio of sold price to list price is 99.4% to 100.6%. This may or may not reflect price reductions from the original listing to the time of sale, however – MRIS does not make this distinction in their statistics.
Overall, I’m not finding any surprises here from anecdotal information among my peers - local area REALTORS. It’s always reassuring to have our observations and opinions validated with actual statistics, of course For anyone thinking of selling or buying a home in Bowie, this is valuable information that will help you and your REALTOR make the “right” pricing decision. If you’re interested in similar information for another area served by the MRIS, please feel free to contact me by email.
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The Washington Area Housing Council
Housing Tracker.net
InstaCompare Report
Prince George’s County
For feedback or more information:
More on the Maryland Market
Copyright 2006. All rights reserved. Margaret Woda
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