The Fredericksburg Area Association of Realtors area covers the City of Fredericksburg, and counties of Spotsylvania, Stafford, Caroline and King George. Real Estate Business Intelligence (RBI) conducts a study of home sales activity in this area each month and compares data from the month and year prior to date. The Fredericksburg real estate market is heating up for early spring. Market inventory is down. Home sellers in the Fredericksburg area that are riding the fence awaiting the market to get warm need to go ahead and list now. Use the lower inventory as an advantage to their sale.
There were 561 new listings in February. That was a 2.1 percent decrease from January at 573 and a 2.1 percent decrease from February, 2014. There were 440 pending sales. This showed an increase of 3.8 percent at 424 for the month prior and a 4.5 percent increase at 421 compared to last year. There were 264 closed home sales in February. This was an increase of 4.8 percent at 252 for the month prior and an increase of 3,1 percent increase at 256 from last year at this time. The median sold price was $239,500. This was a 6.1 percent decrease from January and a 2.8 percent increase at $232,950 from a year ago. The average days on the market were 94. This was a 2 day increase from January and 16 day increase from a year ago when the average DOM was 78. The average sold to original list price ratio was 94.9 percent. The month prior was 94.2 percent and 95.3 percent for one year ago.
Tom Smith is a licensed Virginia real estate Associate Broker at Fredericksburg Homes Realty – Century 21 Redwood in Fredericksburg, VA. He specializes in superior full realty services for home buyers and sellers. His record speaks for itself. With the ever changing market in Fredericksburg, it is really important to contact a local real estate expert. You deserve the best.
By: Tom Smith