Prince George's leads region in home sales surge
Report cites federal tax credit to 86 percent increase in sales over past year
Home sales in Prince George's County grew the fastest in the mid-Atlantic region over the past year, a new report says.
Sales skyrocketed 85.6 percent in April over April 2009, according to Metropolitan Regional Information Systems in Rockville. The report covers Maryland, Virginia, Washington, D.C., and parts of Pennsylvania, Delaware and West Virginia.
The third-fastest growth in the region was in Harford County, 78.8 percent.
A "moderate recovery in the residential real estate sector may be helped by government tax credit incentives on new home purchases," the report said.
The $8,000 federal tax credit for eligible first-time homebuyers expired at the end of April.
The report also showed that the number of days on market in the region fell by more than 26 percent, compared with April 2009, while the average sales price rose by almost 4 percent. The report showed that most homes sold for $200,000 to $350,000.
"We are pleased to see signs of recovery within the Mid-Atlantic region," said David Charron, president and CEO of the information company, in a statement. "Our monthly statistics reports will continue to measure the changes and developments during the summer selling season; we are then able to provide this critical information to real estate professionals."
In Prince George's County, the number of units sold rose to 787 last month from 424 in April 2009, while the median price dropped by 17 percent, to $190,000 from $230,000. Average days on market declined by more than 36 percent, to 96 from 151.
At the other end of the scale, the largest increase in days on market in the region was in Dorchester County, where the average home last month had been on the market for 253 days, up from 113 days a year earlier. However, the county saw the number of units sold increase by 75 percent, to 28 from 16 in April 2009.
In Harford County, the number of units sold jumped to 245 last month from 137 in April 2009, while the median sales price dipped to $227,557 from $230,000 in 2009.
Other information in the report showed that in Baltimore city, the total dollar amount of home sales increased by more than 37 percent; total units sold increased by 24 percent to 487 from 391; and the median price increased to $134,900 from $115,500.
In Montgomery County, total units sold increased 41 percent, to 995 last month from 708 in April 2009; average days on market dropped to 63 from 106; and the median price increased to $345,000 from $337,975.
In Howard County, total units sold increased 23 percent to 252 to 205; average days on market decreased by 35 percent to 73 days from 113 days; and the median price fell to $339,500 from $349,900 in April 2009.
In Frederick County, the number of units sold increased 26.6 percent to 257 from 203 in April 2009, while average days on market dropped almost 37 percent to 89 from 141 in April 2009. The median price dipped to $225,500 from $229,325.
Complete MRIS information is available at www.mris.com.