Let’s take a market reading of the Residential Market in Fredericksburg for the year 2016 just up to and prior to the elections, that is, year-to-date ended October 31, 2016. These are some of the same numbers we discussed on our radio program which will air on our local radio station at KNAF 910 AM this Saturday morning, November 12, 2016.
Rather than bore you with tables, I will show only the most significant indicators in bullet points.
10/31/2016 10/31/2015 Change
- Total Sales Volume $61.2 m $53.6 m +$7.6 m or 14%
- Total # Res Sales 177 or 17.7/mo 178 or 17.8/mo @ the same (down 1 sale)
- Avg Sales Price $346,000 $301,000 + $45,000 or 15%
- Avg SP/SF $187/SF $167 SF + $20 or 12 %
- Avg SP/LP Ratio 49% 96.66% -.17 or about the same
- Avg DOM 117 116 + 1 day or about the same
Active Inventory as of 11 8 16
- 113 Active Listings
- Avg List Price $499,799 say $500k or $264.47/SF
- Avg DOM 137 days
- Largest inventory group $200,000 – $399,999 where 60 out of 113 total listings were grouped
- # Listings Under $500k 78/113 = 69%
RESIDENTIAL LISTING UNDER CONTRACT (IN THE HOPPER!)
- 27 Residential Listings Under Contract or UC with Contingencies
- Avg LIST PRICE = $398,288 or $193.89/SF
- Avg DOM = 149 days
- 18 out of 27 (or 67%) are listed below $400,000
- 24 out of 27 (89%) are listed below $600,000
In short, we see a strong local market most likely to continue with upward pricing pressure on the lower-priced homes, that is, those under $300,000. Inventory is well=balanced when you consider the entire market price range, but when you slice deeper into the market by $100,000 market levels, we see a strong Seller’s market under $400,000 and it leans more towards a Buyer’s Market when you get to the higher-priced listings.
If you want to know how the market looks specifically compared to your individual home, give us a call. We would be happy to take a look and customize a market study for you. We are not yourstandard “3 comparables and here is your number” Realtor, and we strive to be as objective as possible without pressure to deliver a high number just to chase your listing. If you would like to visit about your property, please be in touch.