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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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Housing continues its comeback in Fredericksburg area

The Fredericksburg-area housing market continued to show signs of recovery in January, with median sales prices rising 24.4 percent from the year prior.

The median price of a home sold through the Multiple Listing Service was about $230,000 in January, according to Metropolitan Regional Information Systems Inc. data released Monday.

That’s still 30 percent lower than prices from seven years ago, but well above levels from the past couple of years.

There were 258 homes sold through the MLS last month in the Fredericksburg area, about 2 percent higher than January 2012.

There were 1,258 homes on the market locally at the end of January, the lowest since June 2005.

Based on January’s sales pace there was about a 4.7-month supply of homes on the market. Anything below five is considered the sign of a healthy balance between supply and demand.

Government-backed financing was used for less than half of the homes purchased locally through the MLS last month. During the peak of the recession, that figure routinely hovered around 60 percent as traditional bank financing dried up.

Homes spent about 66 days on the market on average before being sold, down almost 19 percent from a year prior. There was about a 5 percent discount to the list price on average.

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

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Permalink: http://news.fredericksburg.com/businessbrowser/2013/02/11/housing-continues-its-comeback-in-fredericksburg-area/

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