After 3 months in 2016, the Fredericksburg Residential Market has an overall inventory of 5.33 months (typically called a Seller’s Market). Here is the squeeze……81% of the sales were under $400,000 but only 40% of the available inventory is under $400,000. Inventory priced less than $200,000 has all but disappeared. Inventory in the $200,000 – $300,000 price ranges tends to sell in 3-4 months. For more details, see the outline below.
We watch the market. While folks are getting their homes ready for the market, we watch to see what Sellers are asking, what buyers are willing to pay, the inventory levels, and how long it takes to sell. We like to know what homes are bringing per square foot, what price thresholds a Seller should not exceed if he wants to sell in a reasonable time, and what percentage of the asking price a home typically brings. We keep up with the latest changes in the standard contract forms and the latest financing legislation. If you want to buy, sell, or lease real estate, this information might be useful to you and we are happy to share. Give us a call or stop by and we can talk about it.
ACTIVE RES LISTINGS PRICED UNDER $200,000 2
TOTAL NUMBER OF ACIVE RESIDENTIAL LISTINGS 92
AVERAGE RESIDENTIAL LIST PRICE / LP PER SF $555,578 / $263.66/SF
AVERAGE RESIDENTIAL SALE PRICE / SP PER SF $334,835 / $186.89/SF
PERCENT OF SALES CLOSED UNDER $400,000 SALES PRICE 81 % (42/52)
PERCENT OF LISTINGS AVAILABLE AT $400,000 AND UP 60% (55/92)
AVERAGE DAYS ON MARKET (“DOM”) of those sold 134
AVERAGE RATE OF RESIDENTIAL SALES / MO 17.33
INVENTORY LEVEL (ALL PRICE RANGES) 5.31 MOS
*Based on Central Hill Country MLS M; all homes are inside the City Limits of Fredericksburg.