June exceeds expectations in local housing market

by | Jul 12, 2017 | Business, Real Estate

From Fredericksburg Area Association of Realtors

The following analysis of the Fredericksburg, Virginia area housing market has been prepared by the Fredericksburg Area Association of REALTORS® based data provided by Bright MLS (formerly MRIS).

The local real estate market delivered on traditional wisdom that June is the best month of the year for selling a house. Sold dollar volume increased 16.58% and reached nearly $230,000,000 in total sales. Median sold price rose 8.2%, going from $280,000 in June of 2016 to $305,000 in June of 2017. There were 710 units sold in June of 2017 and the 51 additional units sold over last June represents a 7.74% increase.

Days on market, the amount of time it takes from when a listing enters the market until it has a ratified contract, decreased over 20%, going from 63 days in June of 2016 to just 50 days in June of 2017. Inventory continues to be a challenge in our market with yet another month of fewer listings than the previous year. June of 2016 saw 1,784 listings on the market and June of 2017 had 4.54% less at 1,703. At the current time, there is a 3.5-month supply of available homes, a healthy market generally has about a 5-month supply of homes.

There was a bright spot on the inventory side with a significant uptick in the number of new listings coming onto the market. June 2017 saw a 10.36% increase in new listings, adding 927 new homes for sale compared to 840 new homes for sale in June of 2016. FAAR Secretary Mark Geslock comments, “The spring market started a month early. The month of June was robust with record listings and closed sales. Available inventory still is a challenge resulting in multiple offers and escalating contract prices.”

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