Local Real Estate Market Posted Significant Gains in February

by | Mar 13, 2017 | Business

The Fredericksburg area real estate market posted significant gains in total sold dollar volume, median sold price, and units sold for the month of February 2017, compared to the same time in 2016, according to the Fredericksburg Area Association of REALTORS® (FAAR).

Total sold dollar volume increased more than 32 percent, going from $71,005,595 in February of 2016 to $94,004,876 in February of 2017.

Median sold price went from $249,999 in February of 2016 to $275,000 in February of 2017, representing a 10 percent year-over-year increase.

Fueling these increases was a 21.13 percent increase in units sold. In February of 2016, 265 units sold throughout the region compared to 321 in February of 2017.

Average days on market, the time it takes from when a listing enters the market until it is under contract, decreased by 9.68 percent from February of 2016, going from 93 days on market to 84 days on market in February of 2017.

Inventory remains an issue, with February posting a 6.73 percent reduction in active listings compared to February of 2016.

New listings coming onto the market remained fairly static with a 1.02 percent decrease.

New homes under contract increased significantly, going from 205 in February of 2016 to 255 in February of 2017, a 24.39 percent year-over-year increase.

FAAR’s report is based on analysis of MRIS multiple listing data, provided through RealEstate Business Intelligence, LLC (RBI).

The Fredericksburg Area Association of REALTORS® is the trade association for more than 1,500 Realtor® and affiliate members serving the Fredericksburg region.

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