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Annual Press Conference - PGCAR Presentation

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Presentation by the Prince George's County Association of Realtors at the Annual Press Conference - held at the National Press Club in Washington DC on December 15, 2009.

Presentation by the Prince George's County Association of Realtors at the Annual Press Conference - held at the National Press Club in Washington DC on December 15, 2009.

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  • 1. PRINCE GEORGE’S COUNTY ASSOCIATION OF REALTORS ® 2009 Review/2010 Preview
  • 2. Michael Cerrito CBR President, Prince George’s County Association of REALTORS ®
  • 3. 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
  • 4. Average Days on Market (Single-Family & Condos/Co-ops)
  • 5. Listing Inventory (Single-Family)
  • 6. Listing Inventory (Condos/Co-ops)
  • 7. Foreclosures Housing and Economic Recovery Act of 2008 * $11 Million to Prince George’s 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 19 th , 2009 * 167 loans have been closed * 139 applications currently being processed * $6 Million still available * Program ends in September 2010
  • 8. Absorption Rate (Single-Family) Absorption Rate is Percentage of New Contracts Versus Inventory
  • 9. Absorption Rate (Condos/Co-ops) Absorption Rate is Percentage of New Contracts Versus Inventory
  • 10. Average Single-Family Home Prices October 2009 Comparison DC: $552,771 MC: $486,302 PG: $241,607
  • 11. Median Single-Family Home Prices October 2009 Comparison DC: $415,000 MC: $386,775 PG: $229,000 Median prices varied ~$20K each month
  • 12. Average Condo/Co-op Prices October 2009 Comparison DC: $412,983 MC: $252,731 PG: $148,418
  • 13. Market Statistics Summary October 2008 October 2009 % Change Average Sold Price Single-Family $313,071 $241,607 -23% Median Sold Price Single-Family $295,000 $229,000 -19.0% Average Sold Price Condos $191,637 $148,418 -19.0% Median Sold Price Condos $193,000 $155,000 -23.1% Total Units Sold (Condos & Single-Family) 408 709 +65.1% Days on Market (Condos & Single-Family) 136 122 -03%
  • 14. 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
  • 15. 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 George’s County will remain the most affordable in metro area
  • 16. For more information or assistance, please visit www.PGCAR.com It’s a Great Time to Buy! or contact us at any time