Jan 201619

Home Sales Increased in Much of the Fredericksburg Market in December 2015

Jan 201619

Home Sales Increased in Much of the Fredericksburg Market in December 2015

Market Minute LogoThe majority of the Fredericksburg, Va., real estate market enjoyed an increase in the number of homes sold in December, 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 Dec15 chart

According to December data, the number of homes sold increased in most of the Fredericksburg area when compared to the year before, with Spotsylvania County seeing a 49 percent jump. Culpeper County experienced a 20 percent increase, and Stafford County saw an increase of 15 percent. Caroline County saw a 13 percent increase in the number of homes sold compared to December 2014, and Fredericksburg City saw no change year-over-year.

Median sale prices rose or remained steady in the Fredericksburg region in December compared to the same month in 2014. Prices rose by 14 percent in both Fredericksburg City and Stafford County. In Culpeper County the median sale price increased by 8 percent. Caroline and Spotsylvania counties saw no change in median sale price compared to the previous year.

Inventory declined throughout the Fredericksburg region, dropping by 16 percent in Culpeper County and by 15 percent in Stafford County. In Caroline County, active inventory dropped by 13 percent, followed by Spotsylvania County where inventory decreased by 11 percent. Fredericksburg City saw a 4 percent decrease.

Homes in the Fredericksburg region continue to sell at a steady pace, with Stafford County experiencing the shortest marketing period at 57 days on market (DOM). Culpeper County saw a DOM average of 62 days, followed by Spotsylvania County at 77 days. In Fredericksburg City, homes sold in 111 days on average, and in Caroline County they sold in 116 days on average.

“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in parts of the Fredericksburg region where we saw increases in home sales and rising median sale prices. We look forward to what the 2016 market brings us.”

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, Inc.