The Fredericksburg home sales market is slowly recuperating after a very cold winter and low home sales. Lower than expected inventory and rising interest rates may be to blame. In the midst of all the negative publicity, there is some positive news to report. I use the Real Estate Business Intelligence system to retrieve real estate information directly from our local MLS provider, Metropolitan Regional Intelligence Service. This report is based on all single family attached and detached homes located within the Fredericksburg, VA. area.
The total sold homes volume last month was $40,675,067. That was up 4.9 percent from March one year ago at $38,772,597. The average sold price of Fredericksburg homes was $257,437. There was an increase of 12.87 percent from one year ago at $228,074. The median sold price of homes was $230,500. That proved an increase of 8.34 percent from one year ago at $212,750. The units sold were down in Fredericksburg. 158 homes were sold, compared to 170 sold one year ago. This is a decrease of 7.06 percent. Fredericksburg homes are staying on the market a little longer as well, at 75 days, compared to 56 days on the market a year ago before getting sold. The average original price ratio compared to the selling price ratio was down to 94.5 percent, compared to 97.5 percent a year ago. This shows that sellers are compromising to get their Fredericksburg homes sold in our current market.
Although inventory seems to be low, it is up 19.78 percent from one year ago. Homes under contract were down 7.14 percent from this time last year. The type of financing that was most used was conventional, then VA, FHA, Cash, and then other. Homes that stayed active for 31 to 60 days lead the sold pack, followed by the new to market 1 to 10 days on the market coming in second and 61 to 90 days on the market running third. This proves that sellers should remain patient and have their REALTORS keep the listing fresh with new photos and other information. Dropping the price a little every two weeks until showings increase also works great.
Four bedroom homes proved to be the detached home of choice last month, selling 69. Three bedroom homes came in second at 62. Two bedroom homes was a far third at 10 homes sold. Sellers may want to consider adding a potential bedroom or two. Remember, a legal to code bedroom needs an exit window, closet and door. Homes with public water and sewer are the best for adding bedrooms. If you are on a private well and sewer, you can add, though you have to disclose that the septic system only covers the original bedroom count. The liabilities in this situation are greater in the event that the additional household members create a septic problem.
By: Tom Smith
Licensed Associate Broker
Tom Smith – Century 21 Adventure Redwood
10601 Courthouse Rd. #100
Fredericksburg, VA. 22407
Website: Fredericksburg Homes for Sale