We hope you had a wonderful 4th of July celebration! The Residential Market is still very active in Fredericksburg. We currently have 96 homes (in town) listed with and Average Sales Price of $542,991 ($261.43/SF) and the Days on Market (“DOM”) is 144 Days. Gross inventory amounts to over $52 million. By far, the bulk of our residential inventory is priced from $200,000-$500,000. About 30% of our inventory is priced at $500,000 or more.
Through June 30, 2016, we sold 109 Residential Listings in Fredericksburg. The Average Sales Price is $349,315 ($187.45/SF) and the DOM was 125 days. Some sold for 112% of List price. Prices ranged from a low of $135,000 to a high of $1,850,000. In total, over $38 million in inventory was sold (33% increase over 2015).
During the same period ended June 30, 2015, there were 93 Residential SALES in Fredericksburg. The Average Sales Price was $306,151 ($161.87/SF) and the DOM was 138 days. Prices ranged from a low of $100,000 to a high of $1,246,000 including one that sold at over 106% of the List Price. In total, over $28.5 million in inventory was sold.
DISCUSSION OF INVENTORY LEVELS
2016 YTD Rate of Sales = 109 sales / 6 mos = 18.17 Residential Sales/month (17% increase)
2015 YTD Rate of Sales = 93 sales / 6 mos = 15.5 Residential Sales/month
Overall Residential Inventory= 96 Active Listings / 18.17 Sales / mo. = 5.28 mos of inventory
76% of the Residential Sales in 2016 were for less than $400,000 (83% in 2015)
Current inventory below $400,000 = 46 listings; YTD there were 129 sales below $400,000. The Rate of Sales is therefore 21.5/mo. With 46 listings, inventory is 2.14 mos for inventory below $400,000. This price range is definitely indicative of a Seller’s Market!
Current inventory from $400,000 to the maximum list price = 28 Active Listings; with 26 sales YTD or 4.33/mo., Fredericksburg’s inventory level is approximately 6.47 mos. This is not a bad level for Sellers, but there is not as much pressure as there is on homes priced below $400,000.
Note that our Average List Price of the Active Inventory is $542,991 and the Average Sales Price YTD is $349,315, almost $194,000 less. It appears that there is demand for homes priced less than $400,000 that is not being met by Sellers. Prices may tend to rise if this situation continues.
This information was compiled by Greg Oehler, Broker, based on local MLS data and is believed to be accurate but SPECIFICALLY NOT GUARANTEED. Consult your own real estate professional prior to making any business decision.