Local Real Estate Market Static in January, Compared to 2016
The Fredericksburg area residential real estate market posted fairly static numbers for January of 2017, compared to January of 2016.
Sold dollar volume increased nominally, going from $82,908,504 in January of 2016 to $84,608,188 in January of 2017, a 2.05 percent increase.
The median sold price increased 1.73 percent, going from $260,000 in January of 2016 to $264,000 in January of 2017.
Units sold fell slightly, from 305 units in January of 2016 to 300 units in January of 2017, a 1.64 percent decrease.
The average days on the market, the time it takes from when a listing enters the market until it has a ratified contract, decreased significantly, going from 92 days in January of 2016 to 74 days in January of 2017. This represents a nearly 20 percent decrease.
While active listings remain down from the previous year, a bright spot in January was the significant increase in new listings coming onto the market compared to last year. In January of 2016, 436 new listings came onto the market, but in January of 2017, 604 new listings were added, representing a 38.53 percent increase.
The commercial real estate market is faring well, according to FAAR Board Member Ben Keddie. “Some individual market segments are doing very well by enjoying low vacancy rates and rent growth,” he said. “Others may have room for improvement, but are certainly trending in the right direction. Construction starts and projects in development are increasing, however, most are specialized build-to-suit projects or projects with significant pre-leasing success.”
The Fredericksburg Area Association of REALTORS® is the trade association for more than 1,500 Realtor® and affiliate members.