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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.

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Annual Press Conference - PGCAR Presentation

  1. 1. PRINCE GEORGE’S COUNTY ASSOCIATION OF REALTORS ® 2009 Review/2010 Preview
  2. 2. Michael Cerrito CBR President, Prince George’s County Association of REALTORS ®
  3. 3. ANNUAL REVIEW <ul><li>2003 99.17% list/sold price ratio </li></ul><ul><li>Total Dollar Volume: $2.63 billion </li></ul><ul><li>Units Sold: 13,480 </li></ul><ul><li>2004 99.51% list/sold price ratio </li></ul><ul><li>Total Dollar Volume: $3.6 billion </li></ul><ul><li>Units Sold: 14,447 </li></ul><ul><li>2005 99.57% list/sold price ratio </li></ul><ul><li>Total Dollar Volume: $4.6 billion </li></ul><ul><li>Units Sold: 14,251 </li></ul><ul><li>2006 97.98% list/sold price ratio </li></ul><ul><li>Total Dollar Volume: $4.48 billion </li></ul><ul><li>Units Sold: 11,747 </li></ul><ul><li>2007 95.99% list/sold price ratio </li></ul><ul><li>Total Dollar Volume: $2.52 billion </li></ul><ul><li>Units Sold: 7,568 </li></ul><ul><li>2008 88.00% list/sold price ratio </li></ul><ul><li>Total Dollar Volume: $1.16 billion </li></ul><ul><li>Units Sold: 3,928 </li></ul><ul><li>2009 (year to date) 89.37% list/sold price ratio </li></ul><ul><li>Total Dollar Volume: $ 1.21billion </li></ul><ul><li>Units Sold: 5,449 </li></ul>
  4. 4. Average Days on Market (Single-Family & Condos/Co-ops)
  5. 5. Listing Inventory (Single-Family)
  6. 6. Listing Inventory (Condos/Co-ops)
  7. 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. 8. Absorption Rate (Single-Family) Absorption Rate is Percentage of New Contracts Versus Inventory
  9. 9. Absorption Rate (Condos/Co-ops) Absorption Rate is Percentage of New Contracts Versus Inventory
  10. 10. Average Single-Family Home Prices October 2009 Comparison DC: $552,771 MC: $486,302 PG: $241,607
  11. 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. 12. Average Condo/Co-op Prices October 2009 Comparison DC: $412,983 MC: $252,731 PG: $148,418
  13. 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. 14. Market Conditions Summary <ul><li>Prices are slowly leveling out </li></ul><ul><li>Buyers have more buying power </li></ul><ul><li>Inventory is decreasing at a steady rate </li></ul><ul><li>Multiple contracts are being seen </li></ul><ul><li>Appreciation rates still inch upward </li></ul><ul><li>Interest rates are still at historic lows </li></ul><ul><li>Real estate is still one of the best investments </li></ul><ul><li>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 </li></ul>
  15. 15. Forecast <ul><li>NAR: 2010 should be a stronger year, with 2011 proving to be even stronger </li></ul><ul><li>Inventory should continue to decline causing home prices to rise </li></ul><ul><li>New homebuying initiatives will continue to attract </li></ul><ul><li>residents and new business to the County </li></ul><ul><li>Opportunities abound </li></ul><ul><li>Numerous projects are working in our favor </li></ul><ul><li>Prince George’s County will remain the most affordable in metro area </li></ul>
  16. 16. For more information or assistance, please visit www.PGCAR.com It’s a Great Time to Buy! or contact us at any time

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