The Long & Foster Market Minute

Focus On: Fredericksburg City Housing Market October 2018

Units Sold
16
Active Inventory
86
Median Sale Price
$367,500
Days On Market
66
Down
Vs. Year Ago
Down -17%
Vs. Year Ago
Up
Vs. Year Ago
Down -27%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in October, with 16 sold this month in Fredericksburg City Real Estate. This month's total units sold was lower than at this time last year, a decrease from October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 17 units or 17%. The total number of active inventory this October was 86 compared to 103 in October 2017. This month's total of 86 is lower than the previous month's total supply of available inventory of 89, a decrease of 3%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last October, the median sale price for Fredericksburg City Homes was $328,500. This October, the median sale price was $367,500, an increase of $39,000 compared to last year. The current median sold price is higher than in September.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
28
Current Contracts
26
Sold Vs. List Price
96.9%
Months of Supply
5.4
Down -46%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -2.1%
Vs. Year Ago
Up 36%
Vs. Year Ago

Months of Supply
In October, there was 5.4 months of supply available in Fredericksburg City, compared to 4.0 in October 2017. That is an increase of 36% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 28 homes newly listed for sale in Fredericksburg City compared to 52 in October 2017, a decrease of 46%. There were 26 current contracts pending sale this October compared to 24 a year ago. The number of current contracts is 8% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Fredericksburg City was 96.9% of the average list price, which is 2.0% lower than at this time last year.

Days on Market
This month, the average number of days on market was 66, lower than the average last year, which was 90, a decrease of 27%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.