Jan 201421

Sale Prices Increase in Fredericksburg Housing Market in December 2013

Jan 201421

Sale Prices Increase in Fredericksburg Housing Market in December 2013

Long & Foster Market Minute reports show increase in number of homes sold

The greater Fredericksburg, Va., real estate market, including Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties, experienced positive trends in December compared to the same month in 2012, according to The Long & Foster Market Minute® reports. Median sale prices increased throughout the region, and the number of homes sold increased in most areas.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

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Homes in the Fredericksburg region are selling in about two to two and a half months on average. The average days on market (DOM) for Culpeper and Stafford counties were 44 days and 54 days, respectively. Spotsylvania County experienced a DOM of 55 days, while Caroline County saw a DOM of 72 days and Fredericksburg City saw a DOM of 75 days.The number of homes sold in the Fredericksburg region increased in almost all areas in the month of December compared with the same month in 2012. Fredericksburg City saw a whopping increase of 73 percent, while Culpeper County also saw a large increase of 65 percent. Stafford County experienced an 18 percent increase, and Caroline County experienced a 7 percent increase. Spotsylvania County saw a small decrease of 1 percent.

Active inventory levels increased in many areas of the Fredericksburg region in December versus the same month last year. Stafford County saw a 30 percent increase in inventory, while Fredericksburg City saw a 13 percent increase and Spotsylvania County experienced a 9 percent increase in inventory. Both Caroline and Culpeper counties experienced decreases of 8 percent and 5 percent, respectively.

“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in the Fredericksburg region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”

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 users can subscribe to free updates for the reports in which they’re interested.