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Business Insider

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

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Number of local homes for sale keeps falling

The number of homes actively listed for sale in the Fredericksburg area fell to its lowest point since June 2005 last month, according to Metropolitan Regional Information Systems data released Thursday.

There were 1,326 homes for sale through the Multiple Listing Service at the end of December. With 290 houses sold through the MLS that month, there was about a 4.6-month supply of homes.

Any ratio under five months is considered a healthy balance between supply and demand. The low inventory of existing homes could bode well for  builders.

The median sales price in the Fredericksburg area last month, $211,500, was about flat from December 2011. Homes spent about 70 days on the market before selling on average, and sold for about a 6 percent discount to the list price.

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

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