Fredericksburg, VA Market Report – 1/14/10

There are currently 107 homes for sale in the City of Fredericksburg. There are more than a handful available in the historic district, which provides a really good opportunity to move downtown. There are also new construction opportunites and many other resales that are in wonderful locations for great prices.

The following is a summary of the market conditions in Fredericksburg, Virginia:

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Median sales prices have actually increased in the City of Fredericksburg by 59% from November of ‘08 to November of ‘09.  However, prices have gone down $47,800 from the second quarter of ‘09 to the third quarter of ‘09, which is quite a decrease.  The amount of listings has also gone down 15.3% from this same time last year.  While prices have gone down, a decrease in inventory will help to slow the decrease in prices.  The average days on market (DOM) have also decreased by 32.9%, meaning houses are moving faster now.

The City of Fredericksburg still has the lowest percentage of sales price to list price in the entire Fredericksburg area.  Spotsylvania, Stafford and Caroline Counties’ percentages have improved dramatically this year, while Fredericksburg’s only increased 2.4%.

With the history, location and uniqueness of Fredericksburg, it has always been and always will be a wonderful place to live.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

Search for homes in Fredericksburg, and the rest of the DC Metro: www.averyhess.com

City of Fredericksburg, VA Market Report – 9/29/09

The following table represents the market in the City of Fredericksburg, Virginia:

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

City of Fredericksburg, VA Market Report – 9/8/09

The following figures represent the market in the City of Fredericksburg, Virginia.

• New Listings – 41
• Closed Sales – 25
• Pending Sales – 24
• Median Price – $300,000
• Average DOM – 60

Historic City of Fredericksburg, sandwiched between Stafford and Spotsylvania Counties, is showing an increase in listings thus far in 2009. We have seen a 20.6% increase in July 2009 over July 2008, and an overall growth of 1.1% year-to-date.  The July median price of $300,000 in Fredericksburg is lower than average for the larger market area and reflects a 9.6% drop from one year ago.

The average days on market dropped from 170 a year ago to just 60 in July 2009, while inventory in single-family properties has remained fairly even with only a 2.3% decline.  However, there has been a 32% drop in townhome and condo properties, which suggests that the market is more active for these generally more affordable types of housing.

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

Washington, DC – Market Report 9/3/2009

The data below reflects residential real estate in Washington, DC for the month of July in 2009:

• New Listings: 914
• Total sold: 648
• Avg. sales price: $483,477
• Days on market: 88
• Total pending: 682

In the District of Colombia, the total number of new listings has decreased only by a little over 7% compared to the number of new listings at the same time last year. New pendings has increased by 20% and the total units sold have improved by a little over 28%.

Average sales price has gone down 16.66% as the market adjusts, and the days on market have increased almost 19% over last year. Washington DC seems to attract a large number of young professionals who are first home buyers looking to take advantage of the $8000 tax credit, as well as a growing number of “empty-nesters” moving into the area for the conveniences it affords. Both groups are drawn by the availability and proximity of theater, sports events, shopping and the many fine restaurants from which to choose.

Market data and statistics provided by Ginny Gunther, Managing Broker, Avery-Hess, Realtors.

Search for Homes in all the DC Metro: www.averyhess.com

Learn more about Washington DC Homes for Sale >>

Montgomery County, MD – Market Report 9/3/2009

The data below reflects residential real estate in Montgomery County, Maryland for the month of July in 2009:

• New Listings: 1361
• Total sold: 1130
• Avg. sales price: $459,258
• Days on market: 93
• Total pending: 1302

Compared to July of last year, the number of new residential listings in the county has decreased a little over 13%. Total inventory has decreased by almost 30%. Total days on market has stayed about the same compared to last year (92), but has increased from 68 days in 2007. Sales have come up a little over 30%, while new pending (under contract, but not yet settled) for the month has increased about 47%.

Montgomery County should continue to see continued sales growth due to the reputation of the school system and the geographic location in relation to the employment base along with an excellent public transportation system. The average sales price has decreased about 13.5% due largely to the number of foreclosures in the county. Until the majority of the foreclosures have been released and sold, this number probably will not improve before the end of the year.

Rockville Market Report (in Montgomery County)

Rockville comprises 5 zip codes in the county. Because of it’s proximity to Washington, DC and it’s available public transportation, most of the city has seen an increase in the total number of units sold while the average days on the market has for the most part decreased. Average sales price in Rockville (depending on zip code) ranges from $295,550 to $904,814 which is down anywhere from 8 to 21 per cent from July of 2007, again depending on zip code. Average days on the market are about 72 and the number of sold residences is 222 for the month.

There are a large number of condominiums and town homes which attract the first-home buyers so sales should continue to increase.

Market data and statistics provided by Ginny Gunther, Managing Broker, Avery-Hess, Realtors.

Search for Homes in Montgomery County and all the DC Metro: www.averyhess.com

Learn more about Montgomery County homes for Sale >>

Learn more about Rockville homes for sale >>

Loudoun County, VA – Market Report 9/2/2009

The data below reflects residential real estate below One Million Dollars in Loudoun County, Virginia for the month of August in 2009:

• 775 properties for sale
• 445 properties under contract
• $394,604 average sales price
• 54 average days on market

At the end of August in the entire county there were only 775 properties for sale. During this month, 445 properties went under contract. The absorption rate for the Loudoun market (that is how long it would take to sell everything for sale at the present rate) tells us that we have 1.75 months worth of inventory, or about  a seven week supply of houses. Of the properties sold during August, the average “Days on Market” was 54.

To give a measure of comparison, at the end of November 2008 the absorption rate was five months. Five months compared to seven weeks! Talk about a dramatic turnaround!

Even with the current unemployment rate, I expect this absorption rate and pricing trend to continue in the coming months.

Finally, indicators point to another wave of foreclosures starting to trickle back into the market. However, there probably will not be a large inventory dump of thousands of properties on the market all at once; rather, I think what we will see is a gradual, steady trickle of foreclosure properties coming available. Stay tuned…

Market data, commentary and statistics provided by David Hess, Executive Vice President and Manging Broker.

Search for homes in Loudoun, and all of the DC Metro: www.averyhess.com