We now have market data for 11 of the 12 months in 2016. The Residential Market in Fredericksburg (vs. outside city limits) shows improvement in several categories where there were increases in Total Sales Volume, the Average Sales Price, and the Average Sales Price per square foot. Refer to the data below and listen to our radio program which will air on our local radio station at KNAF 910 AM this Saturday morning for more details and discussion.

COMPARISON 11 MOS YTD 2016 VS. 2015
11/30/2016                           11/30/2015                           Change

• Total Sales Volume   $66 m                                     $55.5 m                                 +$10.5 m or 16%
• Total # Res Sales       190 or 17.3/mo.               188 or 17.1/mo.                   @ the same (up 2 sales)
• Avg Sales Price           $347,000 rounded         $295,000                              + $52,000 or 17.6%
• Avg SP/SF                      $188/SF                                 $166 SF                                 + $22 or 13.25 %
• Avg SP/LP Ratio          96.7%                                     96.8%                                    -.01 or about the same
• Avg DOM                       116                                            116                                         same

Active (Available) Residential Inventory as of 11 8 16
• 105 Active Listings
• Avg List Price $486,672 say or $251.34/SF
• Avg DOM 165 days
• Largest inventory group $200,000 – $399,999 where 55 out of 105 total listings were grouped
• # Listings Under $500k 70/105 = 67%

RESIDENTIAL LISTING UNDER CONTRACT (IN THE HOPPER!)
• 22 Residential Listings Under Contract or UC with Contingencies
• Avg LIST PRICE = $424,426 or $236.54/SF
• Avg DOM = 145 days
• 15 out of 22 (or 68%) are listed below $400,000
• 19 out of 22 (86%) are listed below $600,000

MARKET SUMMARY

105 ACTIVE RESIDENTIAL LISTINGS IN FREDERICKSBURG (as of 11/8/2016)
17.3 AVERAGE # SALES / MONTH YTD 11/30/16
6.07 MONTHS OF INVENTORY ACROSS ALL PRICE RANGES (105/17.3)
142 SALES BELOW $400,000 YTD 11/30/16
56 ACTIVE LISTINGS AVAILABLE BELOW $400,000 AS OF 11/8/2016
12.91 AVG SALES PER MONTH BELOW $400,000 (142/11 MOS)
4.3 MOS OF INVENTORY AVAILABLE BELOW $400,000
49 ACTIVE LISTINGS AVAILABLE AT $400,000 AND ABOVE
48 SALES AT $400,000 AND UP YTD 11/30/16
4.36 SALES / MO AT $400,000 AND UP YTD 11/30/16
11 MOS INVENTORY AT $400,000 AND UP AS OF 11/30/2016

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 price categories, 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 your standard “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.