Oct 201518

Number of Homes Sold Increased in Much of the Fredericksburg Market in September 2015

Oct 201518

Number of Homes Sold Increased in Much of the Fredericksburg Market in September 2015

Market Minute LogoMuch of the Fredericksburg, Va., real estate market enjoyed an increase in the number of homes sold in September, 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 Sept2015

According to September data, the number of homes sold increased in most of the Fredericksburg area when compared to the year before, with Culpeper County seeing a 41 percent jump. Fredericksburg City enjoyed a 19 percent increase, and Spotsylvania County saw an increase of 16 percent. Stafford County saw a 14 percent increase in the number of homes sold compared to September 2014, and Caroline County experienced a 7 percent drop.

Median sale prices varied in the Fredericksburg region in September compared to the same month in 2014. Prices rose by 19 percent in Culpeper County and by 16 percent in Fredericksburg City. Caroline County experienced a 1 percent increase in median sale price, while Stafford and Spotsylvania counties experienced decreases of 1 percent and 8 percent, respectively.

Inventory declined in most of the Fredericksburg region, dropping by 15 percent in Culpeper County and by 10 percent in both Caroline and Spotsylvania counties. Active inventory decreased by 9 percent in Stafford County and Fredericksburg City saw an increase of 2 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). Stafford County saw a DOM average of 52 days, followed by Spotsylvania County at 55 days. In Fredericksburg City, homes sold in 57 days on average, and in Culpeper County they sold in 60 days on average.

“Though many are still concerned for economic growth in China, The United States economy is continuing to grow and the job market is steadily improving. The stability in the U.S. was also reflected in the real estate market, including locally,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “In the Fredericksburg region, we continued to see improvements in the number of homes that were sold, and we anticipate a healthy last few months of 2015.”

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.