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Area Home Sales Strong, Inventory an Issue, FAAR Reports

The following analysis of the Fredericksburg, Virginia, area housing market has been prepared by the Fredericksburg Area Association of REALTORS®, based data provided by Bright MLS (formerly MRIS).

March ushered in a strong spring selling season, posting significant increases in sold dollar volume and units sold.

There was a total of $138,292,965 in sales for month of March, up over 31 percent from March 2016 levels.

Corresponding to that increase in dollar volume was an over 26 percent increase in total units sold. There were 466 units sold in March of 2017, nearly 100 more than the March 2016 level of 369 homes sold.

Median price was up 3.70 percent from March of 2016, increasing from $270,000 to $280,000 in March of 2017.

Average days on the market, the time it takes from when a listing enters the market until it is under contract, decreased by 21.43 percent from March of last year, going from 98 days on market in 2016 to just 77 days on market in March of 2017.

Inventory remains an issue, with March posting a 5.48 percent reduction in active listings compared to March of 2016.

There was a significant increase in new listings, indicating that sellers are feeling good about the spring season, according to FAAR Board of Directors member Carrie Danko. There were 912 new listings in March of last year, compared to 1,007 in March of 2017, representing a 10.42 percent increase. New homes under contract increased significantly, going from 313 in March of 2016 to 374 in March of 2017, a 19.49 percent year-over-year increase.

Founded in 1957, the Fredericksburg Area Association of REALTORS® is the trade association for more than 1,500 Realtor® and affiliate members serving the Fredericksburg region.
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