Business news from the Fredericksburg region.
New listings on rise in local housing market
Fredericksburg homeowners listed their properties for sale with gusto during the second quarter of 2014, according to the Fredericksburg Area Association of Realtors quarterly report.
“Limited supply has long been an issue in many parts of the Fredericksburg-area market, but statistics from the second quarter indicate that the issue is easing as homeowners who delayed putting their homes on the market have begun listing their properties,” said FAAR.
During the second quarter of 2014, there were 2,576 new listings added to the regional real estate market. That is a 40.1 percent increase over the first quarter and a 15.4 percent increase from last year’s second quarter.
The average increase between the first and second quarter over the past five years has been 17.4 percent. The second-quarter average of new listings for the past five years has shown an increase of 6.8 percent from the previous year.
April was an especially big month for new listings, according to the report, with 894 added. This was the highest number of any single month since August 2007.
There were 1,672 new contracts signed during the second quarter of 2014, as well, representing the highest level for any quarter since the third quarter of 2005 when 1,715 new contracts were ratified.
The median home sale price also increased in the second quarter, up 2.4 percent from a year ago and 5.4 percent from the previous quarter to $253,000.
Total sales in the second quarter were higher than last year, increasing 1.5 percent. The 1,295 properties sold in the second quarter of 2014 represented a 56.8 percent increase from the first quarter of 2014.
The number of days properties were on the market decreased from 59 days in the first quarter of 2014 to 32 days in the second quarter of 2014.
This 45.8 percent decrease is consistent with the seasonal decrease from first to second quarter. However, the report noted that this year’s decline is exaggerated due to the impact of inclement weather during the first quarter.
The report also found that many area property managers are also seeing owners listing their homes for sale instead of re-renting them.
Lindley Estes: 540/735-1976