Most of the Fredericksburg, Va., real estate market enjoyed an increase in the number of homes sold in May, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
According to May data, the number of homes sold increased in most of the Fredericksburg area compared to the year before, with Fredericksburg City seeing a 61 percent jump. Culpeper County enjoyed a 16 percent increase, while Stafford and Spotsylvania counties saw increases of 9 percent and 2 percent, respectively. Caroline County experienced no change in the number of homes sold compared to the previous year.
Median sale prices varied in the Fredericksburg region in May compared to the same month in 2014. Prices rose by 7 percent in Caroline County followed by a 5 percent increase in Spotsylvania County. Stafford County saw its median sale price rise by 3 percent. In Culpeper County there was no change in median sale price year-over-year, and Fredericksburg City saw the only decrease with a dip of 31 percent.
Inventory declined in most of the Fredericksburg region, dropping by 18 percent in Caroline County and by 12 percent in Stafford County. Active inventory decreased by 8 percent in Culpeper County. Spotsylvania County saw a decrease of 3 percent, while Fredericksburg City saw active inventory increase by 15 percent.
Homes in the Fredericksburg region continue to sell at a steady pace, with Fredericksburg City experiencing the shortest marketing period at 46 days on market (DOM). Stafford County followed with a DOM of 47 days, and Caroline County had a DOM of 66 days. The DOM average was 69 days in both Culpeper and Spotsylvania counties.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May including in the Fredericksburg region where we saw improvements in the number of homes sold in many areas,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through the summer.”
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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