Nov 201615

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

Nov 201615

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

Market Minute LogoMany parts of the Fredericksburg, Virginia, real estate market enjoyed an increase in the number of homes sold in October, 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 Market Minute Chart Oct 2016

According to October data, the number of homes sold rose in most of the Fredericksburg area when compared to the year before, with Fredericksburg City seeing a 27 percent jump. Culpeper County followed with a 10 percent increase and in Stafford County the number of homes sold rose by 7 percent. Spotsylvania County saw the number of homes sold increase by 2 percent over the previous year, while Caroline County experienced a 9 percent decline.

Median sale prices also rose in most parts of the Fredericksburg region in October compared to the same month last year with prices rising by 8 percent in Culpeper County and by 5 percent in Stafford County. In Caroline County, the median sale price increased by 3 percent. Spotsylvania County experienced 2 percent increase in median sale price, and Fredericksburg City experienced a 5 percent decline.

Inventory declined throughout the Fredericksburg region, dropping by 29 percent in Caroline County and by 20 percent in Stafford County. In Spotsylvania County, active inventory declined by 17 percent, followed Culpeper County with a 16 percent decrease and Fredericksburg City with a 12 percent decrease.

Homes in the Fredericksburg region continue to sell at a steady pace, with Stafford County experiencing the shortest marketing period at 47 days on market (DOM). Culpeper County saw a DOM average of 48 days, followed by Spotsylvania County at 54 days. In Fredericksburg City, homes sold in 57 days on average, while the DOM average in Caroline County was 79 days.

“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, 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 has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”

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.