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

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March a so-so month for local housing market

March was a ho-hum month for the Fredericksburg-area housing market, according to data out Tuesday, but there were signs of future improvement.

There were 297 homes sold in the Fredericksburg area through the Multiple Listing Service in March, according to data from Metropolitan Regional Information Systems Inc.

That was down about 12.9 percent year-over-year. About 28 percent of the sales were foreclosures.

Median prices rose slightly year-over-year to $195,000, which is around where they’ve been for the past three years. In Stafford County median prices rose 16.7 percent to $245,000.

Homes spent about 77 days on the market in the Fredericksburg area before selling and sold for about a 6.4 percent discount to list price on average.

The inventory of homes on the market remained low in March, leaving just a 4.6-month supply of homes. The number of new listings to hit the market that month, 687, represented a two-year high.

There were 585 new pending sales in March, also a two-year high.

The higher-end housing market continued to suffer in March in the local area. No homes were sold for $600,000 or more last month.

The Fredericksburg area comprises the city and Caroline, King George, Stafford and Spotsylvania counties.

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Permalink: http://news.fredericksburg.com/businessbrowser/2012/04/10/march-a-so-so-month-for-local-housing-market/

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