The Fredericksburg Area Association of Realtors considers  the City of Fredericksburg and surrounding counties of Caroline, King George, Spotsylvania and Stafford as the Fredericksburg area considering the Fredericksburg Real Estate market conditions. These market conditions are studied and compared for recent compared to those from one year ago. The last month to give comparison is January of this year.

The total sold volume was $88961, compared to $104,000 one year ago. This was a decrease of 14.5%. The number of units sold this past January was 295, compared to that of one year ago at 342 or a 13.7% decrease. The median sales price increased 1.85% from $284,725 one year ago to $289,990. January proved to be a very challenging month for real estate. There were a number of factors that created the lull. Inventory was low. We had an abnormally cold climate that resulted in fowl weather on most weekends, the busiest time for real estate activity, the partial government shut down, and a slight increase of interest rates.

I remain very optimistic that we will have a very healthy  Spring  and Summer market. The recent news that the interest rates will stay down for now, along with inventory increasing. The inventory has been low while demand is high. If supply increases and the normal increase in demand occurs like it does every Spring, we should see and increase in sales and an increase in median prices. 

I still continue to urge sellers to take advantage of this early Spring opportunity while inventory is still low. There’s less competition out there. If you follow your Realtor’s advice and price your home appropriate, you should get your home sold quickly in the least amount of time.  

 

According to the Federal Reserve in a recent article, there is a shortage of homes affordable to first time home buyers. This decrease in supply has caused home prices to rise above the affordable rate for these home buyers. They are all in a waiting mode. Mortgage rates began to rise up slightly this week to 3.47 percent. First time home buyers are losing patience and some are opting to lease. Most area rental agreements have a minimum of 12 months occupancy. This is moving many buyers to renters for at least one year. If the rates continue to climb, some buyers that are waiting may want to wait for the rates to fall back down before they buy a home. I understand from many sources that once the rates start going up, they may not come back down to the historic levels we have now.

 

Second time home buyers that are waiting for the perfect time to move up may want to make a move now. Home owners that list their homes for sale will increase supply inventory for the first time home buyers. These buyers are out there. As long as the seller hires a savvy REALTOR that understands the market and doesn’t overprice your home, you should have a contract in no time. You will then increase the second home market that has a higher inventory now. Time is of the essence. Once the rates start climbing, I expect the market to slow down. Strike while the iron is hot. The iron is smoking right now.

 

Based on information gathered on home sales in the Fredericksburg and surrounding areas of Stafford, Spotsylvania, Caroline and King George Counties by the Real Estate Business Intelligence network, I see signs of market improvement. This is great news to home buyers and sellers.

The total sold volume was $157,471,256 for August of this year. That is a 28.2% increase from last year and just only 2.7% decrease from last July. We had 560 closed sales in August. That was 23.6% increase from last year at this time and only 3.1% decrease from July of this year. The median sold price went up 3.7% at $280,000 and increased 1.8% from July. The average sold price was $299,056, a 3.7% increase from last year and 0.04% from July of this year. This shows that the home prices are not falling. Historically speaking, July normally holds higher prices. Lower inventory may be the culprit. The median days on the market went down 9.4% from last year at this time to 29 days. Unfortunately that was a 52.6 increase from July. The average days on the market was 65, an increase of 4.8% from a year ago and a 22.6% increase from last July. Transactions are taking longer to close due to new closing disclosure notice prior to settlements. My personal observations are noticing an average of 14 days increase.  The median price per square foot is $152. That is a 2.77% increase from last year and a 0.7% increase from the month prior. The average price per square foot was $159, increasing 4.6% from last year and 0/6% from last month. Our market is looking up.

We noticed a slower summer season due to low inventory. Activity started picking up towards the end of the summer season. I expect it to steadily increase as long as inventory continues to grow. Home buyers should plan and discuss their needs and wants well in advance and hire a very motivated Realtor that will show a property as soon as it hits the market and write a flawless contract and submit ahead of others. Time is of the essence. Check out our advanced Fredericksburg Home Search engine. Sellers should research their target area for a listing agent that utilizes the best tools and experience to get their real estate exposed to the world in it's best condition. Only a great agent can guide the way to success.

 

Author, Tom Smith, is Virginia licensed Associate Broker and owner of Fredericksburg Realty LLC at Coldwell Banker Elite in Fredericksburg, VA. He is one of the Top Fredericksburg, Virginia Realtors based of sales and production.

Portobago Bay -Eastern Fredericksburg Waterfront Community

 

Portobago Bay is a luxurious upscale waterfront community located on the banks of the wide and scenic Rappahannock River just southeast of Fredericksburg. Take in the breath taking sunrises across the serene Rappahannock River. Years of tidal river currents created one of the widest spans across the Rappahannock all the way from the mountains to below Tappahannock. This quiet place is called Portobago Bay. The community consists of 104 lots. The adjoining landowners purchased many of the lots. Only approximately 60 homes are scattered throughout the community and future available lots are a rare opportunity. The existing homes were perfectly situated to allow the best views to enjoy. They were all built to high standards, approved by the architectural committee to meet the best formation of this exquisite neighborhood. I personally call this area my home. My family loves the low light pollution standards to allow us to gaze at the stars. The community area offers a pavilion, beach, pier, boat ramp, and Lake Powhatan. We love to fish, boat, kayak, walk the 3-mile circle and just relax. Portobago Bay is protected from urban development with the bay to our east, Fort AP Hill to our west and farms with conservation easements to our north and south. This rare community is just far enough out to be peaceful and quiet and just lost enough to be convenient for commuters to the new Spotsylvania VRE train station and the City of Fredericksburg. If you visit this neighborhood, you will fall in love, just like we did.

There are several real estate opportunities here. One of my favorites is the stately brick rambler situated directly across the street from Goose Point Court. This home was custom built back when quality mattered. Best of all, it was totally renovated to the meet the wants and needs of today’s buyer. Filled with warm hardwood floors, five spacious bedrooms, built in bookcases, three fireplaces and an expansive updated kitchen with island. There’s a multilevel deck that overlooks a sparkling deep blue in ground swimming pool, hot tub and brick patio that is surrounded by lush, mature landscape. Buyers of all ages will appreciate this one of a kind opportunity with a full finished basement and workshop area. The current owners love the location, which is directly across the street from the community commons area, only several hundred yards to the sandy, fresh water beach. Designed for entertaining as well as every day living. The listing a full details are located here. View the tour here.

The next property is located on 1,000 feet of riverfront on Goose Point Court. This 4-bedroom cape cod home offers wide panoramic views with eastern exposures across the Rappahannock River. Home offers over 3,700 sq.ft. of finished space that is filled with hardwood floors. The kitchen was recently remodeled with solid black granite counters, custom cherry cabinets, a wine cooler and stainless steel appliances. This home is designed for entertaining. There’s even your very own boathouse and dock with this one of a kind estate. You may view listing here. (SOLD)

And finally, there is a rare real estate opportunity with a custom built and totally updated original Portobago Bay Homestead on one of the largest lots in our community on over 16 acres in two lots. Lush mature green landscape invites the owners of this unique property. Boasting over 1,400 sqft with hardwood floors, newer roof, vinyl insulated windows, classic white appliances, a huge unfinished walk up attic perfect for study, a wood stove, sunroom and two sheds and a three car port. This home is tucked away with no neighbors in site.  You may view the listing here.(SOLD)

 

 

The total sold volume in Fredericksburg, VA in April of this year was $138,267,056. That was a 20.36% increase from last year at $114,874,142. The average sold price was $285,676. Last year the average sold price was $277,474. The price increased by 2.96%. The median sold price was $268,500, increased by last years price of $251,500 or 6.76%. The amount of units sold was 484. Last year there were 414 or an increase of 16.91%. The average days on the market was 85, compared to last year at 81 or 4.94% longer. The average list price for sold units was $291,223, up from last year at $283,798 or 2.62%. The average sold price compared to original list price was 95.6%, which  was about the same as last year.

Welcome to the Fredericksburg Realty end of year Fredericksburg home sales market report for 2015. Please see the image below and information brought to you directly from Real Estate Business Intelligence. The real estate market in Fredericksburg, VA is improving based on a year over year study. This update covers the Fredericksburg Area Association of Realtors coverage area, which is the City of Fredericksburg and the counties of Spotsylvania, Stafford, King George and Caroline.

 

Here at Fredericksburg Realty at Coldwell Banker Elite, we strive to be your number one source for all Fredericksburg real estate matters. If you need a more detailed neighborhood study, feel free to contact us today.