While 27 cities are represented in Prince George’s County, the data is skewed towards the more popular communities. The top 3 cities (Bowie, Upper Marlboro, and Fort Washington) account for over 60% of luxury home market sales. A heavy concentration of luxury home sales occurs south of Route 50, and as far west as the Potomac River coast. It is interesting to note that in January 2011 there are about the same amount of homes on the market (250 homes up for sale) compared to January 2010 (242). Demand remained about the same with 13 homes sold in December 2010 versus 10 homes sold in January 2011. I expect demand and supply to rev up as we get closer to spring and summer.
If you are selling, what this means to you is that it is more likely that your home will sell for a slightly higher price as we get closer to the summer months because demand seasonally increases around this time. You can also expect more competition. To sell your home quickly and for more money it will be extremely important to price your home according to the market and invest in home staging. If you are buying, prices remain low—10-year lows in some areas; as the supply and demand for homes on the market continues to increase, expect prices to remain the same or rise slightly.
Here are a couple of interesting statistics on this segment of the market:
-- The average price of homes slid down to $561,000 compared to December 2010 where the average was $626,000. We will have to continue to monitor the market to see if this a trend.
-- The average house in this price range had 5 bedrooms and approximately 5 bathrooms.
-- The foreclosure rate in this market segment is below the national average (about 2%). The short sale rate is 13%.
For a free list of luxury foreclosures click here.
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