City of Fredericksburg, VA Market Report – 9/29/09
The following table represents the market in the City of Fredericksburg, Virginia:
| Fredericksburg | Aug-09 | Aug-08 | % Change |
| New Listings | 28 | 49 | -42.9% |
| Closed Sales | 13 | 18 | -27.8% |
| Pending Sales | 22 | 16 | 37.5% |
| Median Price | $230,000 | $306,200 | -24.9% |
| Percent of Original Price | 95.5% | 90.0% | 6.1% |
| Average DOM | 114 | 92 | 23.9% |
| Single-Family Inventory | 122 | 144 | -15.3% |
| Townhouse/Condo | 28 | 40 | -30.0% |
As with most area localities, the City of Fredericksburg is showing a year-to-date increase in pending sales due to the number of short sales in various stages of negotiation. Though not reflected in the data above, there has been a year-to-date drop in sale price of about 28% that can be attributed to the number of foreclosure sales. However, sale prices in the historic district have decreased at a lesser rate.
The percent of original listing price received at sale is showing a steady increase, indicating a reduction in inventory and increase in buyer confidence. With all things considered, now is still a great time for move-up buyers to seize the opportunity to live in this charming, historic city.
Market data, commentary and statistics provided by Judi Jones, Managing Broker, Avery-Hess, Realtors
Search for homes in Fredericksburg, and all of the DC Metro: www.averyhess.com
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