Sep 201626

Home Sales Increased in the Fredericksburg Market in August 2016

Sep 201626

Home Sales Increased in the Fredericksburg Market in August 2016

Market Minute LogoThe Fredericksburg, Virginia, real estate market enjoyed an increase in the number of homes sold in August, according to The Long & Foster Market Minute reports. The Fredericksburg market includes Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Fredericksburg MM August 2016

According to August data, the number of homes sold rose throughout the Fredericksburg area when compared to the year before, with Caroline County seeing a 38 percent jump. Fredericksburg City followed with a 31 percent increase and in Stafford County the number of homes sold rose by 22 percent. Spotsylvania County saw the number of homes sold increase by 17 percent, and Culpeper County saw an increase of 12 percent compared to last year.

Median sale prices varied in the Fredericksburg region in August compared to the same month last year with prices rising by 12 percent in Spotsylvania County and by 6 percent in Culpeper County. In Caroline County, the median sale price increased by 4 percent. Stafford County experienced no year-over-year change in median sale price, and Fredericksburg City experienced a 12 percent decline.

Inventory declined throughout the Fredericksburg region, dropping by 32 percent in Caroline County and by 26 percent in Culpeper County. In Stafford County, active inventory declined by 23 percent, followed Fredericksburg City with a 22 percent decrease and Spotsylvania County with an 18 percent decrease.

Homes in the Fredericksburg region continue to sell at a steady pace, with Stafford County experiencing the shortest marketing period at 41 days on market (DOM). Culpeper County saw a DOM average of 42 days, followed by Spotsylvania County at 49 days. In Fredericksburg City, homes sold in 59 days on average, while the DOM average in Caroline County was 63 days.

“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the Fredericksburg region, where we saw home sales increase,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”

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.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.