A recent study of home sale statistics concentrating on the Fredericksburg Area Association of Realtors or the areas of the City of Fredericksburg, Spotsylvania, Stafford, Caroline and King George Counties compiled by RBI(Real Estate Business intelligence) and MRIS showed that Fredericksburg Homes Sales volume grew 4.15% in 2014 compared to that of the area in 2013. The median sales price grew 5.29% in the same period. The quantity of homes for sale was up 1.18 percent from 2013.
The big area winner in 2014 based on the sold median price was Spotsylvania. The Spotsylvania real estate median sold price grew 20.7 percent for December 2014 at $249,900 based on December, 2013 at $207,000. Fredericksburg City came in second with a 11.5% median sales price increase for December, 2014 compared to the previous year. Caroline County came in third with a 10.8 percent median sales price increase for the same time period. Stafford County median sold price for December, 2014 compared to same time in 2013 was down 1.4 percent. The big loser was King George County. The median sold price for December, 2014 was $219,000. The median sold price in December 2013 was $244,950. This was a 10.6% decrease.
The average number of days houses stayed on the market before getting sold in the Fredericksburg area increased to 93 from 72 based on December of 2014 and that of the year prior.
Average sold prices for detached single family homes in the area increased 3.24% at $280,479. The average sold price for attached town-home style properties increased 3.70% at $206318. Both were based on sales in December, 2014 compared to December of 2013.
Active listings inventory for the Fredericksburg area was up 4.40 percent at 1710 for the close of 2014 compared to 1638 at the close of 2013.
I expect to observe Fredericksburg home sales volume to continue to increase in 2015 at a steady pace. The Fed seems to be on track with keeping the interest rates down based on a large interest on U.S. Government Bonds. Inventory continues to grow, sold prices are getting higher, rates remain low and the market seems to be healing. My take is a warm upcoming Fredericksburg real estate market.
Author, Tom Smith is an Associate Broker at Century 21 Redwood in Fredericksburg, VA. He was presented the Agent of the Year for Century 21 Redwood Fredericksburg for 2014, He is a four time winner of the President’s Award for his continued pace of earning Centurion production status and receiving the Pinnacle Quality Service award every year. This award is based on past client’s score on agent performance.