Home Sales Increased in Much of the Fredericksburg Market in February 2016

March 21, 2016

Market Minute LogoMost parts of the Fredericksburg, Va., real estate market enjoyed an increase in the number of homes sold in February, 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 Feb2016

According to February data, the number of homes sold increased in most of the Fredericksburg area when compared to the year before, with Culpeper County seeing a 58 percent jump. Fredericksburg City experienced a 56 percent increase in the number of homes sold, and both Caroline and Spotsylvania counties saw an increase of 5 percent. Stafford County experienced an 8 percent decrease.

Median sale prices varied in the Fredericksburg region in February compared to the same month in 2015. Prices rose by 25 percent in Caroline County. In Fredericksburg City the median sale price increased by 23 percent, followed by an 8 percent increase in Stafford County. Spotsylvania County experienced no change from the previous year, while Culpeper County saw a 1 percent decline.

Inventory declined throughout the Fredericksburg region, dropping by 25 percent in both Caroline and Culpeper counties and by 22 percent in Stafford County. In Fredericksburg City, active inventory dropped by 17 percent, followed by Spotsylvania County where inventory decreased by 15 percent.

Homes in the Fredericksburg region continue to sell at a steady pace, with Caroline County experiencing the shortest marketing period at 50 days on market (DOM). Spotsylvania County saw a DOM average of 57 days, followed by Stafford County at 67 days. In Culpeper County, homes sold in 85 days on average, and in Fredericksburg City they sold in 132 days on average.

“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, including in the Fredericksburg region. Though many places are feeling the squeeze of low inventory, we anticipate an upturn in the spring will help alleviate demand.”

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.