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.