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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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January not a strong month for local housing sales

HouseJanuary wasn’t a particularly robust month for housing sales in the Fredericksburg area, according to Metropolitan Regional Information Systems Inc. data released Monday.

There were just 220 homes sold in the region last month through the Multiple Listing Service. That was down 15 percent from January 2013 and was the lowest monthly sales tally since February 2008.

There was a seven-month supply of homes on the market in the Fredericksburg area at the end of January, the highest the ratio has been in three years.

January is typically one of the slowest months for housing sales. Activity typically picks up into the spring and summer.

The median sales price in January — $231,000 — was roughly flat from the year before. Homes spent 81 days on the market before getting a ratified contract on average, and sold for about a 6 percent discount to list price.

Conventional financing was used on 37.7 percent of the sales, the highest percentage since April 2008.

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

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Permalink: http://news.fredericksburg.com/businessbrowser/2014/02/10/january-not-a-strong-month-for-local-housing-sales/

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