AveryHess, Realtors® Blog

City of Fredericksburg, VA Market Report – 9/29/09

The following table represents the market in the City of Fredericksburg, Virginia:

Fredericksburg Aug-09 Aug-08 % Change
New Listings 28 49 -42.9%
Closed Sales 13 18 -27.8%
Pending Sales 22 16 37.5%
Median Price $230,000 $306,200 -24.9%
Percent of Original Price 95.5% 90.0% 6.1%
Average DOM 114 92 23.9%
Single-Family Inventory 122 144 -15.3%
Townhouse/Condo 28 40 -30.0%

As with most area localities, the City of Fredericksburg is showing a year-to-date increase in pending sales due to the number of short sales in various stages of negotiation. Though not reflected in the data above, there has been a year-to-date drop in sale price of about 28% that can be attributed to the number of foreclosure sales. However, sale prices in the historic district have decreased at a lesser rate.

The percent of original listing price received at sale is showing a steady increase, indicating a reduction in inventory and increase in buyer confidence. With all things considered, now is still a great time for move-up buyers to seize the opportunity to live in this charming, historic city.

Market data, commentary and statistics provided by Judi Jones, Managing Broker, Avery-Hess, Realtors

Search for homes in Fredericksburg, and all of the DC Metro: www.averyhess.com

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