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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Housing prices up slightly, sales improve

Median sales prices rose slightly last month for homes in the Fredericksburg area, and sales continued to pick up, data released this morning by the Metropolitan Regional Information Systems Inc. show.

The median sales price for the Fredericksburg area–the city and King George, Caroline, Spotsylvania and Stafford counties–rose from $190,000 in February to $199,000 in March. The March median is still 25 percent off levels from March 2008 and 38 percent off the median from March 2006.

There were 341 homes sold in the area last month, the highest total since September. It was 19 percent more than were sold last March. There is now a 7.8-month supply of homes on the market, the best since May 2006. It’s inching closer to the five-month supply that housing experts usually cite as the sign of a healthy market.

Homes continue to stay on the market for long periods before selling–the average was about four months in March. Conventional mortgages made up just 20 percent of the financing used in the home sales, the lowest percentage this decade. Homes were selling for about a 12.5 percent discount to list price on average.

Here is an Excel spreadsheet with area data back to 2000. For more on this see tomorrow’s FLS.

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Permalink: http://news.fredericksburg.com/businessbrowser/2009/04/10/housing-prices-up-slightly-sales-improve/