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 to study the residential real estate market in Fredericksburg—it is always changing. Here is what I found on the Fredericksburg real estate market for March.
| 13 Residential Listings SOLD in March | |||||
| | Low | High | Average | Median | Total |
| List Price | $69,900 | $839,000 | $304,901 | $219,000 | $3,963,710 |
| Selling Price | $60,000 | $775,000 | $282,735 | $222,560 | $3,675,560 |
| List/Sold Ratio (%) | 76.60% | 101.63% | 92.60% | 93.94% | -- |
| Price/SqFt ($) | $43.10 | $221.62 | $139.73 | $130.68 | -- |
| Days on Market | 58 | 608 | 274 | 289 | -- |
In this market, there are more NEW LISTINGS than Sales. I found that 45 new residential listings hit the market in March with the following highlights:
| Low | High | Average | Median | |
| List Price | $127,000 | $3,295,000 | $506,407 | $349,000 |
To be fair, you cannot use one month alone (such as March) to give you the complete picture of where the market is headed. You need a longer period of time, say 6 months or more, to be more accurate and descriptive, but March provided some interesting statistics:
- The Average Sales Price per home was still pretty high at $282,735.
- The Average List Price to Sales Price ratio is 92.6% indicating that negotiations are occurring. The typical ratio is about 95-96%.
- The Average Days on Market of 274 days is higher than I like to see. Typically, 180 days or less indicates a healthier supply/demand ratio.
- The Average List Price of the new listings, $506,407, is influenced by 3 or 4 multi-million dollar listings that hit the market in March. Of the 45 new residential listings, 13 were under $250,000 and 24 were under $350,000.
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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