According to Long & Foster Market Minute® reports, inventory tightening
CHANTILLY, Va., March 18, 2013 – The greater Fredericksburg, Va., real estate market, including Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties, experienced many positive trends in February compared to the same month in 2012, according to The Long & Foster Market Minute® reports. Home prices increased in most of the Fredericksburg region, and inventory continued to fall, according to data.
The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
According to February data, median sale price increased throughout most of the Fredericksburg area with a 9 percent increase in Stafford County. Culpepper County experienced a 7 percent increase year-over-year, while Fredericksburg City and Spotsylvania County saw an increase of 6 percent and 3 percent, respectively.
Active inventory levels throughout the entire Fredericksburg region continued to decline in February versus the same month last year. According to the data, Caroline and Spotsylvania counties saw decreases of 23 percent and 22 percent, respectively, in active inventory compared to February 2012. Inventory also decreased by 21 percent in Culpeper County, 14 percent in Stafford County, and 3 percent in Fredericksburg City.
Homes are selling in less than four months throughout the entire Fredericksburg area. Fredericksburg City and Spotsylvania County days on market (DOM) were 30 days and 46 days, respectively, and Culpepper County averaged 58 days, according to February data. Houses sold, on average, in 62 days in Stafford County and 99 days in Caroline County.
The number of homes sold in the Fredericksburg region varied when compared to the same month in 2012. Stafford County saw a significant increase of 20 percent in the number of homes sold, while Caroline County experienced a 4 percent increase when compared to a year ago. The low number of homes sold can be partially attributed to the extremely low levels of inventory in the area.
“As we gear up for the 2013 spring buying season, the local real estate market in the Fredericksburg region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“In February 2013, home prices continued to appreciate in much of the county, inventory remained low, and houses were snapped up at a rapid pace – all great signs for a Fredericksburg-area residential real estate market that is in full recovery mode.”
The Long & Foster Market Minute® is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
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