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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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Area housing market shows encouraging signs

Data released Monday for November paint a picture of a Fredericksburg-area housing market that has improved over the past year.

The local housing market fared better in just about every category compared with November 2011, according to data from Metropolitan Regional Information Systems, though the performance is still far from what was seen during the boom.

The Fredericksburg area comprises the city and Caroline, King George, Stafford and Spotsylvania counties. Among the November data showing improvement over the past year were:

  • Area homes spent 68 days on the market on average, down almost 30 percent year-over-year.
  • Total transaction volume for the month exceeded $78 million, up 23 percent.
  • The median sales price, about $215,000, was up about 3 percent.
  • The total number of sales through the Multiple Listing Service, 315, rose about 16 percent.
  • Homes sold for about a 6 percent discount to average list price, compared with about a 7.5 percent discount at this time last year.
  • Foreclosures made up about 18 percent of the sales compared with 24 percent a year ago.
  • The total number of homes on the market at the end of the month was 1,383, down about 8 percent.
  • There was about a 4.4-month supply of homes at the end of the month, compared with 5.5 months a year ago. Anything under five is considered a healthy balance between supply and demand.

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Permalink: http://news.fredericksburg.com/businessbrowser/2012/12/10/area-housing-market-shows-encouraging-signs/

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