Published on: Wednesday, November 18, 2009

By Michael Cerrito

In response to “Glimmers on real estate turnaround have yet to shine on Prince George’s County (Oct. 29),” the guest columnist paints an overly pessimistic picture of the housing market in Prince George’s County.

Granted, the county’s housing market has seen some tough times recently, as have other jurisdictions both locally and nationally. However, as real estate professionals who are verifiably licensed in Maryland and actively engaged in the Prince George’s County market, we take issue with the columnist’s opinion as we’ve seen steady improvement for more than a year.

Unlike comments that reflect only opinion, we offer hard facts and figures compiled by the Metropolitan Regional Information System, Inc. (MRIS – a regional multiple listing service). Its data for the period July 2008 through September 2009 (October numbers are not available yet), reflect that the number of units sold every month has increased by 62 percent in Prince George’s County.

The number of contracts entered into every month is up over 200 percent and the number of active listings or houses for sale has decreased by 23 percent. 

While we are not at the high value levels that we saw in 2007, we are experiencing a “leveling off” of decline in average sold prices and overall, the price decline over that 14-month period has been 25 percent.

These statistics demonstrate that inventory is shrinking, absorption of inventory is accelerating and prices are sustaining themselves. 

Contrary to the previously mentioned guest column, home sales have increased dramatically in Prince George’s County with the help of national and local programs designed to stimulate the housing market. 

The federal government’s popular first-time homebuyer tax credit has been extended until April 30, 2010 and expanded by Congress to give both new and move-up buyers a tax incentive to buy a home.

On the local level, Prince George’s County Executive Jack Johnson, implemented a plan in July called “Down Payment On Your Dream”/Neighborhood Stabilization Plan, which got its start as part of the Housing and Economic Recovery Act of 2008.

This plan is assisting first time homebuyers in the purchase of foreclosed homes in the county by offering down payment and closing cost assistance.  This program has just recently settled its 100th home and is gearing up to settle over 600 more.  That’s right, government “top-down” solutions have helped Prince George’s County and many other jurisdictions nationally. 

The county now has 100 new first-time homebuyers in 100 homes that had previously been on the foreclosure docket. These citizens are now living the American dream. We verified with the county executive’s office that he is committed to this plan and no other housing plan has been presented or is being considered – another misrepresentation by the columnist.

Although some like to report doom and gloom, the truth of the matter is… the housing market in Prince George’s County is looking up.  Local REALTORS® are experiencing multiple sales contracts and, on some properties, offers that are above the listed price.

The homebuying programs are working to bring confidence back to the county real estate market. Interest rates are at all-time lows and now is the perfect time to buy a home. All…good news!

Michael Cerrito, President

Prince George’s County Association of REALTORS

Yolanda Muckle, Chair

Public Relations Committee, Prince George’s County Association of

REALTORS