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Region's housing prices up in June

Area home prices rise again in June, but still lag behind last year's numbers

Date published: 7/11/2008

BY BILL FREEHLING

June was the best month of 2008 for the Fredericksburg-area housing market, but real estate sales significantly lagged compared with the same month in past years.

The median sales price for a house in the Fredericksburg area in June was $276,500, according to Metropolitan Regional Information Systems Inc. That's the second straight month of price increases and the highest median price so far this year.

There were 350 homes sold in the area in June, which is also the best figure this year and double the number from January. Total sales volume surpassed $100 million for the first time since last August, and homes were spending less time on the market before selling.

But the picture looks considerably darker when viewing the area's local real estate market with a longer lens. Since 2000, June has been the best month for prices and sales, and last month didn't measure up.

There were fewer homes sold last month than any June this decade, and median prices were at their lowest mark for that month since 2004. The total dollar sales volume--$104.6 million--was off nearly 30 percent from June 2007 and less than a third of the robust figure from June 2005.

Of course, that's comparing June's data to a housing market that took off earlier this decade before slumping of late. Median prices last month were still nearly double levels from June 2000.

The area being measured comprises Fredericksburg city, Stafford, Spotsylvania, Caroline and King George counties, and part of Westmoreland County.

Some localities held up better than others. Median prices rose from June 2007 in Fredericksburg, King George and Westmoreland. Struggles continued in Stafford and Spotsylvania, where median prices dipped more than 15 percent from last year.

Historically this decade, prices and sales have declined after June's peak. One possible positive this year, at least in terms of the numbers, is that sales dropped off steeply last fall. The data coming in later this year will therefore have to measure up to less lofty standards.

Bill Freehling: 540/374-5405
Email: bfreehling@freelancestar.com

Month/year (Median Price) (Units Sold) (Avg. Days on Market) June 2008 $276,500 350 123 June 2007 $319,000 427 110 June 2006 $349,990 513 66 June 2005 $337,400 936 28 June 2004 $262,000 835 28 June 2003 $215,500 648 44 June 2002 $182,757 610 38 June 2001 $155,000 515 45 June 2000 $139,900 423 64 * This regional data includes Fredericksburg city, Stafford, Spotsylvania, Caroline and King George counties and part of Westmoreland County. --Metropolitan Regional Information Systems Inc. Locality (June '08) (May '08) (June '07) Fredericksburg city $319,000 $275,000 $295,000 Stafford $278,900 $281,100 $363,000 Spotsylvania $262,450 $248,500 $310,000 Caroline $234,900 $210,000 $242,900 King George $307,450 $299,000 $292,450 Westmoreland $210,000 $191,175 $191,300 Orange $226,000 $235,000 $280,000 Fauquier $320,000 $315,000 $405,000 Culpeper $235,000 $230,000 $329,000 Fredericksburg area** $276,500 $269,700 $319,000 *Median is the middle price. For example, if 11 homes were sold, the median would be the price of the sixth-most expensive home (the middle one). We use this figure because extremely expensive or inexpensive homes can skew averages. The average sales price tends to be higher than the median. For example, the Fredericksburg-area average sales price for June was $298,804. **This regional median home sales price includes Fredericksburg city, Stafford, Spotsylvania, Caroline and King George counties and part of Westmoreland County. --Metropolitan Regional Information Systems Inc.

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Date published: 7/11/2008