AveryHess, Realtors® Blog

Caroline County, VA Market Report – 7/16/10

Boy are we living in interesting times!  Our market has been all over the place this year!  We started off the year with snowy weekends which then moved on to the February blizzard!  We then experienced the frenzy of activity from Buyers qualifying for the tax credit.  Then May 1st came around and the market came to a screeching halt.  June was a welcome change and we started to have more of a normal activity level.  Looking at the activity over the past year, things for the most part remain relatively unchanged.   Here is a snapshot:

June 09 June 10 Change
New listings 90 68 -24.40%
Closed sales 46 40 -13%
Pending sales 23 21 -8.70%
Median sales price $148,450 $148,100 -0.20%
%of orig. list price received at sale 92.10% 92.80% 0.80%
Average days on market until sale 92 73 -20.90%
Single family detached inventory 253 253 0.00%
Townhouse – condo inventory 20 20 0.00%

The most noticeable change is the drop in new listings.  Inventory has declined all across the Fredericksburg region.  When inventory decreases so does the average days on market for homes that are listed on the MLS.  We will need to see a continued reduction in inventory before our market starts evening out.  While we still have a long road ahead of us, the decrease in inventory makes this market a little bit better for Sellers.  Sellers that are priced right, show well and are in good locations are selling their houses for close to their list prices and quicker than in seasons past.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

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

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