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.