MARKET UPDATE FOR YEAR END 2017
FREDERICKSBURG AND GILLESPIE COUNTY
GENERAL MARKET, ALL TYPES IN GILLESPIE COUNTY
Sellers enjoyed a good general market in Fredericksburg in 2017. According to the Central Hill Country Board of Realtors’ Multiple Listing Service on January 11, 2018, there were 510 Active Listings available (all categories included) in Gillespie County at an Average List Price of $720,582 and a Median List Price of $422,500. The Total Volume is over $367 million.
Refer to the table below to see ALL sales in Gillespie County for calendar year 2016 and 2017:
|Listings Sold||527||583||▲56 or 10.6%|
|Total Volume||$217.2 Million||$260 Million||▲$42.8 Million or 20%|
|AVG Sales Price||$411,000||$445,000||▲$34K or 8.3%|
|Median Sales Price||$275,000||$311,000||▲$36K or 11.6%|
RESIDENTIAL SALES IN CITY OF FREDERICKSBURG
Active Residential Inventory in Fredericksburg on January 11, 2018, was 105 homes with an Average List Price (“LP”) of over $536,000 or $241/SF. Total Volume is almost $59 million. Of the various $100,000 LP ranges, the most prolific range is the $300,000 range with 38 of the 105 listings. There are only 17 Residential Listings priced below $300,0000. About 67% of all the Residential Listings are priced below $500,000.
Refer to the table below to see residential sales in Fredericksburg for calendar year 2016 and 2017:
|Residential Sales||207||222||▲15 Homes or 7.2%|
|Total Volume||$72 Million||$85.7 Million||▲$13.7 Million or 19%|
|AVG Sales Price||$349,000||$386,000||▲$37K or 10.6%|
|Price/SqFt||$181/SqFt||$210/SqFt||▲$29/SqFt or 16%|
|Days on Market||119 Days||120 Days||Negligible Change|
The single most prolific $100,000 Sales Price category is the $200,000 range where there were 79 of the 222 sales. About 70% of all Residential sales were less than $300,000 and only 3 sales (1.3%) were for $1 million or more.
RESIDENTIAL LISTING (IN FBG) INVENTORY
There were 105 homes available. In 2017, there were 222 sales or 18.5 sales per month. Most experts would call Fredericksburg’s market a Seller’s Market because there is about 5.7 months of inventory. Six months of inventory is considered a “balanced market.” Observers should note, however, that the level of inventory varies substantially by $100,000 price category. For instance, in the $200,000 LP range, Fredericksburg has only 16 listings available and last year’s sales were at the rate of 6.6 per month. That puts inventory in the $200,000 range at less than 2.5 months, well below the 6 month threshold for a balanced market. Buyers might expect to see continued upwards pressure on homes priced in the $200,000 range in 2018.
In summary, we expect to see continued shortages in the availability of homes priced in the $300,000 range and under. This will put upward pressure on homes in this group. List Prices under $200,000 may all but go the way of the dinosaurs as we expect to see very few new listingsin this range and none less than $100,000. Stay tuned for updates on other categories of real estate for those watching land and commercial properties.