February market numbers have arrived. We’ve compiled and analyzed the data for your Bowie Market Report. Data in the report is based on the most recent information in the Regional Multiple Listing Service. Questions? Reach out to our staff at the Bowie branch, 301-223-3555
The median price of homes continues to rise on a national level, and are projected to increase by 4.8% nationally by January 2019. Bowie is showing similar increases, and according to the Prince Georges County Association of Realtors, the median sales price for homes in February 2018 was $278,000, a 4.91% increase over February 2017. Nationally and locally, the market is strong, despite the recent rise in mortgage interest rates.
The Bowie market is showing a strong seller’s advantage, with sales outstripping supply. According to the Prince Georges County Association of Realtors, as of the end of February there were 1,531 active listings, a -4.85% change from the previous year – with inventory down, pricing pressure goes up, and Bowie is no exception. Despite the market favoring the seller, buyers are still seeking homes.
U.S. foreclosure activity as of February 2018 was .05%. Bowie, however, is higher than the national average, at .18%, and Prince Georges County only slightly lower, at .17% This is a stark contrast to the national average. According to RealtyTrac, at the end of February, the number of properties in some stage of foreclosure in Bowie/Prince Georges County was 285.
We specialize in the marketing and liquidation of REO assets, and we are ready for one or a list of yours. We have local experts on our team to move tasks through the process efficiently and on-time. Let’s talk today!