We hope you had a great Easter celebration! Now that it is over, you may begin to see more homes getting spruced up to hit the market. Our Sellers have been painting, landscaping, de-cluttering, staging, and getting excited about putting their homes on the market. Some have already moved out. We have several that will hit the market below the sweet spot, the average residential sales price of approximately $335,000 (see more details below). I anticipate a lot of buying action early in the life of the listings. We also have several buyers for land, both large and small pieces, and our inventory is down. We hope there will be more on the market before the hot summer days arrive.
In Fredericksburg, (post Easter Bunny), we look forward to the wild flowers blossoming soon. While the early flowers already bloomed, in my opinion, the best is yet to come! People out of the area have called and asked for the peak date and I think we are least one-two weeks out. That could depend on temperatures and rain. Then, as soon as the wildflowers start to fade, with any luck, we may see the first peaches hit the market around the beginning of May. Those of you with mouths watering for a good Fredericksburg peach do not have long to wait for the early varieties to hit the stands.
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 3
TOTAL NUMBER OF ACIVE RESIDENTIAL LISTINGS 93
AVERAGE RESIDENTIAL LIST PRICE / LP PER SF $555,712 / $263.86/SF
AVERAGE RESIDENTIAL SALE PRICE / SP PER SF $334,930 / $184.38/SF
PERCENT OF SALES CLOSED UNDER $400,000 SP 83 % (38/46)
AVERAGE DAYS ON MARKET (“DOM”) 141
INVENTORY LEVEL (ALL PRICE RANGES) 5.86 MOS
*Based on Central Hill Country MLS as of 3/28/2016; all homes are inside the City Limits of Fredericksburg.