By Greg Oehler, Broker/Owner of GMAC Real Estate Fredericksburg
This post is from GMAC Real Estate Fredericksburg's real estate blog The Burg. To read more Fredericksburg real estate news, analysis & insight, visit The Burg online.
As I mentioned previously, I like shiny pennies! There are shiny pennies in Fredericksburg residential properties, too. I think it is a good time to buy, and some of these homes are very reasonably priced. I spent more time gleaning the market for those shiny pennies again and I want to summarize what I found in our local market.
| 155 | Homes for sale in the city limits of Fredericksburg (on 3/21) |
| $343,917 | Average LIST price of all the homes available in Fredericksburg |
| 63 | New listings since the beginning of 2008 |
| 27 | Residential properties SOLD since beginning of 2008 |
| $121.26/SF | Avg price/SF of those SOLD year-to-date |
| 41 | Active listings priced at $200,000 and less |
| $161,444 | Avg LIST price of the homes under $200,000 |
| $6,619,000+ | Total dollar amount of inventory of houses under $200,000 |
| 13 | Lucky listings priced from $60/SF to $118/SF |
| 4 | Homes that fall into my shiny penny list |
The homes that fall into my shiny penny list are good homes priced from $60 to $115 / SF which I consider to be reasonably priced and waiting for someone who wants to make a good buy. Some need a little work, but you could very likely live in any of them just as they are, or do a little updating and still be in them for a reasonable cost. Contact me if you'd like to get more information on these four 'shiny penny' homes. Or search for shiny pennies yourself on the Fredericksburg Multiple Listing Service.
Sales in Fredericksburg during the last half of 2007
There were 82 homes sold to date for an average of 13 - 14 sold per month and at an average price of $146.10 per SF. Here is what makes my shiny pennies shine:
- $146.10/sf = Avg Sales Price / SF of homes sold in last 6 months of 2007
- $121.26/sf = Avg Sales Price / SF of homes sold YTD thru 3/21/2008
- $60 - $115/sf= Avg List Price of my 4 shiny penny homes!
See what I mean? It really is a good time to buy the right home! There is a decent inventory of homes under $120/SF and interest rates have once again been reduced. During the last half of 2007, we averaged 13+ homes sold per month. So far this year, we are averaging about 10 homes sold per month. Our market is becoming bloated because we are getting more than twice the number of new listings as we are selling during the same time period (63 new listings YTD, 27 sales YTD).
Absorption Rate in 2008
Based on our current absorption rate, approximately 10 sales/month, Fredericksburg has in excess of a 15 + month supply of residential listings. This situation can change rather quickly, but it sure makes for a great season for Buyers on the hunt. The first quarter of the year is usually the slowest part of our selling cycle. There are some anxious sellers in the market and the interest rates are very attractive.
IT’S A GREAT TIME TO BUY!!
As I mentioned, this list can change at any time as Sellers change their prices, sell or withdraw their property, or as new listings become available at better prices.
Read Greg's agent bio.
Greg can be reached by cell at (830) 456-3622, at the office at (830) 997-6123, or by email at Greg@fbgliving.com
To read more articles like this, visit The Burg at www.TheBurgBlog.net
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