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.
I like seeing where I am! In the Fredericksburg residential market, I took a reading of all our residential activity during the 1st quarter of 2008. To see where we are, please refer to the sales and listing information from the Multiple Listing Service below:
| 29 Residential Properties SOLD in Fredericksburg | |||||
| | Low | High | Average | Median | Total |
| List Price | $110,000 | $435,000 | $258,973 | $274,500 | $7,510,210 |
| Selling Price | $110,000 | $400,000 | $242,085 | $230,000 | $7,020,460 |
| List/Sold (%) | 76.60% | 103.77% | 93.82% | 95.41% | -- |
| Price/SqFt ($) | $71.71 | $159.82 | $121.09 | $123.74 | -- |
| Days on Market | 37 | 483 | 178 | 159 | -- |
| 68 Residential Properties LISTED in Fredericksburg | |||||
| | Low | High | Average | Median | Total |
| List Price | $127,000 | $995,000 | $333,346 | $295,000 | $22,667,495 |
For the quarter, Average Days on Market of 178 days looks healthy. I like to see it at or below 180 days, that usually signifies a healthier market. New Listings during the quarter were almost 2.5 times the number of Sales. But looking at the month of March, 2008, alone, the average Days on Market number was significantly longer. (See my post Fredericksburg real estate market highlights for March)
Now, let us go back a year and compare. Look at the first quarter of 2007 information below:
| 40 Residential Properties SOLD in Fredericksburg | |||||
| | Low | High | Average | Median | Total |
| List Price | $112,000 | $2,975,000 | $333,234 | $219,000 | $13,329,340 |
| Selling Price | $109,900 | $2,800,000 | $320,986 | $218,000 | $12,839,440 |
| List/Sold (%) | 79.65% | 100.00% | 96.39% | 97.29% | -- |
| Price/SqFt ($) | $84.27 | $617.15 | $150.47 | $133.50 | -- |
| Days on Market | 26 | 430 | 132 | 109 | -- |
| 12 Residential Properties LISTED in Fredericksburg | |||||
| | Low | High | Average | Median | Total |
| List Price | $168,000 | $2,875,000 | $783,292 | $464,250 | $9,399,500 |
What a huge difference a year can make! As you can see by comparing 2008 to 2007, the ratio of newly listed properties to sales is quite different. In 2007, there were 40 sales and only 12 new residential listings during the quarter. In 2008, there were 29 sales and 68 listings. This is good news for Buyers! Sellers are more motivated to fix up properties and have them looking their best in order to be more competitive.
I like to know this information before I advise someone making a purchase decision. At GMAC Real Estate Fredericksburg, we analyze the market data to help you make a more-informed purchase decision. We may not have every answer, but we can certainly limit your surprises. Please let us know if we can help!
Greg can be reached by cell at (830) 456-3622, at the office at (830) 997-6123, or by email.
To read more articles like this, visit The Burg at www.TheBurgBlog.net
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