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Monthly Activity in the Fredericksburg Real Estate Market
New listings add to the supply of homes for sale while new contracts initiate a process that sells homes and removes them from the market. The following table displays monthly supply and demand data -- new contracts and Fredericksburg homes for sales (includes city of Fredericksburg, Stafford, Spotsylvania, King George, and Caroline counties). Changes in supply of homes for sale and the demand in terms of new contracts may be an indicator of future Fredericksburg Virginia home prices.
The median sold price is the price at the midpoint of all houses sold. The yearly change is the percentage change in the monthly median sold price compared with the same month a year earlier. Total inventory is the supply of homes available for sales through the multiple listing system (MLS). Contracts are a written agreement between buyers and sellers for future home purchases. New contracts reflect demand and include both contingent and non-contingent contracts written in the month specified. The absorption rate is computed by dividing the total inventory by the new contracts written that month and approximates the time required, at the current rate of contracting, for the market to absorb the current inventory of residential housing. Many view a five to six month absorption rate as representing a housing market in balance between buyers and sellers. Days-On-Market (DOM) is the average number of days from the time of homes being listed to the time homes have contracts for future settlement.
| 2010 Market Activity by Month-Fredericksburg Real Estate | |||||||
| Year | Month | Sold Price | Yearly Change | Total Inventory | New Contracts | Absorbtion Rate (mo.) | DOM |
| 2010 | |||||||
| January | $208,000 | -3.3% | 2311 | 396 | 5.8 | 71 | |
| February | $195,000 | 2.6% | 2306 | 442 | 5.2 | 76 | |
| March | $200,000 | 0.5% | 2482 | 606 | 4.1 | 83 | |
| April | $207,000 | 8.2% | 2535 | 685 | 3.7 | 76 | |
| May | $216,250 | 3.0% | 2554 | 416 | 6.1 | 81 | |
| June | $224,796 | 9.7% | 2584 | 457 | 5.7 | 69 | |
| Source: Metropolitan Regional Information System (MRIS). | |||||||
| 2009 Market Activity by Month-Fredericksburg Real Estate | |||||||
| Year | Month | Sold Price | Yearly Change | Total Inventory | New Contracts | Absorbtion Rate (mo.) | DOM |
| 2009 | |||||||
| January | $215,000 | -18.1% | 2647 | 393 | 6.7 | 145 | |
| February | $190,000 | -20.4% | 2690 | 480 | 5.6 | 124 | |
| March | $199,000 | -24.9% | 2661 | 559 | 4.8 | 121 | |
| April | $191,250 | -25.3% | 2582 | 606 | 4.3 | 110 | |
| May | $210,000 | -22.1% | 2525 | 592 | 4.3 | 105 | |
| June | $205,000 | -25.9% | 2465 | 556 | 4.4 | 105 | |
| July | $210,000 | -22.2% | 2437 | 542 | 4.5 | 94 | |
| August | $197,520 | -21.0% | 2435 | 512 | 4.8 | 86 | |
| September | $200,000 | -13.0% | 2427 | 465 | 5.2 | 80 | |
| October | $205,000 | -10.0% | 2351 | 454 | 5.2 | 74 | |
| November | $200,000 | -9.0% | 2367 | 356 | 6.6 | 85 | |
| December | $210,000 | 1.9% | 2296 | 330 | 7.0 | 80 | |
| Source: Metropolitan Regional Information System (MRIS). | |||||||
| 2008 Market Activity by Month-Fredericksburg Real Estate | |||||||
| Year | Month | Sold Price | Yearly Change | Total Inventory | New Contracts | Absorbtion Rate (mo.) | DOM |
| 2008 | |||||||
| January | $262,500 | -15.3% | 3608 | 297 | 12.1 | 151 | |
| February | $269,000 | -13.3% | 3633 | 359 | 10.1 | 151 | |
| March | $265,000 | -9.5% | 3677 | 404 | 9.1 | 138 | |
| April | $256,125 | -14.6% | 3735 | 426 | 8.8 | 142 | |
| May | $269,700 | -16.0% | 3688 | 401 | 9.2 | 132 | |
| June | $276,500 | -13.3% | 3673 | 384 | 9.6 | 123 | |
| July | $269,900 | -14.6% | 3527 | 425 | 8.2 | 142 | |
| August | $249,900 | -19.4% | 3364 | 459 | 7.3 | 120 | |
| September | $230,000 | -23.3% | 3247 | 399 | 8.1 | 122 | |
| October | $227,875 | -21.9% | 3121 | 372 | 8.3 | 118 | |
| November | $219,782 | -26.7% | 3003 | 305 | 9.8 | 124 | |
| December | $206,000 | -29.0% | 2841 | 302 | 9.4 | 119 | |
| Source: Metropolitan Regional Information System (MRIS). | |||||||
| 2007 Market Activity by Month-Fredericksburg Real Estate | |||||||
| Year | Month | Sold Price | Yearly Change | Total Inventory | New Contracts | Absorbtion Rate (mo.) | DOM |
| 2007 | |||||||
| January | $310,000 | -4.6% | 3200 | 382 | 8.4 | 120 | |
| February | $310,000 | -4.6% | 3361 | 388 | 8.7 | 131 | |
| March | $292,900 | -8.1% | 3745 | 462 | 8.1 | 128 | |
| April | $299,900 | -10.1% | 4041 | 416 | 9.7 | 124 | |
| May | $321,000 | -3.5% | 4183 | 461 | 9.1 | 128 | |
| June | $319,000 | -8.9% | 4318 | 359 | 12.0 | 110 | |
| July | $316,000 | -7.1% | 4180 | 383 | 10.9 | 106 | |
| August | $309,925 | -5.8% | 4131 | 311 | 13.3 | 124 | |
| September | $300,000 | -9.1% | 4000 | 256 | 15.6 | 125 | |
| October | $292,000 | -8.6% | 3831 | 271 | 14.1 | 138 | |
| November | $300,000 | -7.7% | 3793 | 213 | 17.8 | 138 | |
| December | $290,000 | -7.9% | 3616 | 200 | 18.1 | 144 | |
| Source: Metropolitan Regional Information System (MRIS). | |||||||
| 2006 Market Activity by Month-Fredericksburg Real Estate | |||||||
| Year | Month | Sold Price | Yearly Change | Total Inventory | New Contracts | Absorbtion Rate (mo.) | DOM |
| 2006 | |||||||
| January | $325,000 | 20% | 2315 | 483 | 4.8 | 59 | |
| February | $325,000 | 14% | 2522 | 472 | 5.3 | 67 | |
| March | $318,700 | 6.3% | 3020 | 603 | 5.0 | 69 | |
| April | $333,500 | 7.6% | 3347 | 550 | 6.1 | 74 | |
| May | $332,500 | 5.4% | 3803 | 544 | 7.0 | 62 | |
| June | $349,990 | 3.7% | 4029 | 522 | 7.7 | 66 | |
| July | $339,950 | 1.5% | 4104 | 444 | 9.2 | 74 | |
| August | $329,000 | -3.1% | 4036 | 427 | 10 | 79 | |
| September | $329,900 | 1.5% | 3893 | 376 | 10 | 90 | |
| October | $319,417 | -6.3% | 3801 | 384 | 10 | 97 | |
| November | $324,900 | 5.1% | 3528 | 320 | 11 | 99 | |
| December | $315,000 | -6.38% | 3235 | 298 | 11 | 107 | |
| Source: Metropolitan Regional Information System (MRIS). | |||||||
| 2005 Market Activity by Month-Fredericksburg Real Estate | |||||||
| Year | Month | Sold Price | Yearly Change | Total Inventory | New Contracts | Absorbtion Rate (mo.) | DOM |
| 2005 | |||||||
| January | $270,000 | 27% | 641 | 529 | 1.2 | 47 | |
| February | $285,000 | 30% | 858 | 616 | 1.4 | 43 | |
| March | $299,689 | 36% | 922 | 741 | 1.2 | 39 | |
| April | $310,000 | 36% | 1128 | 806 | 1.4 | 32 | |
| May | $315,500 | 29% | 1161 | 864 | 1.4 | 27 | |
| June | $337,400 | 29% | 1236 | 758 | 1.6 | 28 | |
| July | $335,000 | 34% | 1503 | 692 | 2.2 | 25 | |
| August | $339,444 | 31% | 1772 | 663 | 2.7 | 28 | |
| September | $324,900 | 27% | 2079 | 531 | 3.9 | 36 | |
| October | $341,000 | 34% | 2244 | 528 | 4.3 | 41 | |
| November | $309,200 | 17% | 2299 | 428 | 5.4 | 42 | |
| December | $336,450 | 20% | 2147 | 362 | 5.9 | 46 | |
| Source: Metropolitan Regional Information System (MRIS). | |||||||
The information provided here is believed to be accurate but not guaranteed. Because the decision to purchase or sell real estate is one of life's most important financial decisions, multiple sources of information should be considered in making an informed decision. Consult your accountant, financial planner, attorney and Fredericksburg real estate agent.
We would appreciate any feedback or suggestions on the statistics provided here. And, please contact us if you would like us to provide you with specialize analysis on the Fredericksburg real estate market.
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1st Choice Better Homes and Land, LC, Fredericksburg, Va.
Copyright© 2007 by Cathy & Sonny Bray, all rights reserved.