FROM STAFF REPORTS
Fredericksburg’s real estate market posted gains in total sold dollar volume and median price last year, but saw a slight reduction in units sold.
The year closed out with a total sold dollar volume of $1.925 billion, which represents a 3.7 percent increase over the year-end totals for 2017, according to the Fredericksburg Area Association of Realtors.
The market saw a 4.3 percent year-over-year increase in median price, going from $287,556 in 2017 to $299,990 in 2018. Units sold remained nearly static from 2017, finishing out the year at 5,997 compared to 6,036 units sold in 2017.
“2018 had its usual ups and downs, but overall it was a great year,” 2019 FAAR President Drew Fristoe said in a news release. “Inventory levels in the $200,000 to $300,000 price range are still on the low side and very competitive. There is still a lack of affordable entry-level housing in the Fredericksburg area.”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, fell over 12 percent with houses averaging 72 days on the market in 2018 compared to 82 days in 2017. The vast majority of sales were of 3 or more-bedroom single family homes, with that segment making up over 93 percent of the total units sold.
(Bright MLS has changed the calculation for days on market leading to a higher overall number compared to past reports. The new calculation accumulates days when a listing is “active under contract” where the old system paused accumulation of days on market when a listing was in any contingent status.)
December, a traditionally slow month in real estate, ended the year with significant declines in units sold and total sold dollar volume compared to December 2017. The month saw just over $99 million in total sold dollar volume, down nearly 17 percent from December of 2017. It was the first month that the region has fallen below $100 million in sales since February 2017.
Median price posted the only notable year-over-year increase in the market in December, settling at $307,500, representing a more than 10 percent increase compared to December 2917. Units sold were down over 23 percent from December 2017, with 403 properties selling in December 2017 compared to just 309 in December 2018.
Days on market remained nearly static with houses spending an average of 87 days on the market in December of 2018 compared to 86 days December 2017. Active listings were up 2.5 percent in December compared to the same month in 2017.