Fredericksburg Area Home Sales Up

Editor's Note: The following analysis of the Fredericksburg area housing market was prepared for the Fredericksburg Area Association of REALTORS® based on analysis of MRIS multiple listing data by RealEstate Business Intelligence, LLC (RBI).

The Fredericksburg area real estate market saw a continued increase in median sales price in the second quarter of 2013 compared to the second quarter of 2012, according to the Fredericksburg Area Association of REALTORS® .

• This year’s median sales price of $247,210 was 7.6 percent higher than last year’s second quarter level of $220,000.
  
• Total sold dollar volume showed significant double digit growth of 19.1 percent from $287,692,484 in the second quarter of 2012 to $342,539,008 this year.

Other statistics show:

• There were 1,671 new contracts ratified in the second quarter of 2013, a 10.9 percent increase over the same period last year and a 19.5 percent increase over the first quarter of 2013.
  
• The total new contracts ratified exceeded both the five and ten year second quarter averages by 11 percent and 8 percent respectively, indicating demand was still strong in this market during the second quarter.
• Days on Market (DOM), the number of days from when a listing enters the market until it obtains a ratified purchase contract, decreased from 73 days in the second quarter of 2012 to 61 days in the second quarter of 2013. This represents a 16.4 percent decrease and is the lowest level of any quarter since the fourth quarter of 2005. 
• Active inventory at the end of this year’s second quarter was 1,601 properties, 28.4 percent  less than the ten year average inventory of 2,237 listings. 
• Pending contracts on short sales properties dropped 29.0 percent year-over-year, decreasing from 1,399 in the second quarter of 2012 to 993 in the second quarter of 2013.
• All housing types have seen steady increases in price, with condos leading the market with a nearly 38 percent increase in median price over last year. Townhouses saw a 16 percent increase, while single family detached homes saw an 8.3 percent increase.
  

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