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The Fredericksburg area consists of Fredericksburg City, Caroline, Spotsylvania, Stafford and King George Counties. This area has seen it’s share of ups and downs since winter. Comparing recent home sales to that of March, it appears that Fredericksburg is slowly climbing out of the real estate break.
There were 377 homes that sold in April, 2014. That was an increase of 7.71 percent from that of last month. The total sold volume was $100,714,514, an increase from March of 6.73 percent. The median sold price on Fredericksburg area homes was $250,000. This was an increase of .95 percent of last month. The average sold price was $267,147, decreased by .91 percent compared to last month. The average amount of time a home stayed on the market was 87 days, an increase of 1.16 percent from last month. The average sold to original list price ratio was 95.47 percent.
The big winner for increased home sales for the area was the City of Fredericksburg, an increase of 47.37 percent compared to last month. Caroline County was second with an increase of 29.17 percent and King George was third with a 10.53 percent increase. The only county that showed a decrease in sales compared to last month was Spotsylvania, which sales went down by 2.22 percent.
Pending contracts varied in the area. Spotsylvania County was the big winner here, showing a 23.81 percent increase from last month. Caroline was the biggest loser with a decrease of 19.18 percent. Stafford was down .87, King George was down 3.03 percent and Fredericksburg City was down on active contracts by 8 percent.
I’ve noticed Fredericksburg real estate activity pick up in the last few days. With warming temperatures and school years ending, I predict the market to heat up quickly. My worry is inventory. Sellers are holding off on listing their homes for the market to get better. They need to get their homes listed now to get ready for the selling season. Buyers are also holding out for the inventory to increase. Growing inventory should set off buyer frenzy.
Please observe the graph below brought to you by Real Estate Business Intelligence. This information is automatically updated.
By: Tom Smith
Associate Broker
Century 21 Adventure Redwood
Fredericksburg, VA 22407