Fredericksburg City:

• 188 days on market – this is 46 days more than in October 2007
• Sellers received, on average, 84.26% of their list price when the home sold
• There is 10.18 months of inventory on the market
• 17 homes sold in October 2008 – this is 7 more than in October 2007
• The most popular price range was $200,000-$249,999
• The average sold price was $332,562, compared to $499,723 in October of 2007

Orange County

• 171 days on market – this is 26 days more than in October 2007
• Sellers received, on average, 85.24% of their list price when the home sold
• There is 17.88 months of inventory on the market
• 26 homes sold in October 2008 – this is10 less than in October 2007
• The most popular price range was $200,000-$249,999
• The average sold price was $212,148, compared to $259,683 in October 2007

Spotsylvania County

• 98 days on market – this is 35 less than October 2007
• Sellers received, on average, 91.47% of their list price when the home sold
• There is 9.26 months inventory on the market
• 130 homes sold in October 2008 – this is 16 more than in October 2007
• The most popular price range was $200,000-$249,999
• The average sold price was $253,837, compared to $316,219 in October 2007

Stafford County

• 126 days on market – this is 6 less than October 2007
• Sellers received, on average, 87.8% of their list price when the home sold
• There is 9.76 months inventory on the market
• 117 homes sold in October 2008 – this is 27 more than in October 2007
• The most popular price range was $300,000-$399,999
• The average sold price was $261,028, compared to $338,175 in October 2007

Prince William County

• 114 days on market – this is 14 less than October 2007
• Sellers received, on average, 90.31% of their list price when the home sold
• There is 5.02 months inventory on the market
• 841 homes sold in October 2008 – this is 514 more than in October 2007!
• The most popular price range was $300,000-$399,999
• The average sold price was $258,581, compared to $357,061 in October 2007

Overall the market was pretty brisk in October, although we did see the customary drop-off in activity that is typical with the fall market.  Interest rates remained fairly stable, although we did see some spikes in the mortgage market, through October which allowed buyers to maintain a higher level of confidence and decide to go ahead and purchase a home.  The average days on market are continuing to steadily decrease from last year.  Fredericksburg City is harder to track based on the dichotomy of the city, having the historic downtown area compared to the outskirts of the city.  Fredericksburg City also saw several high end homes sell last year as compared to the lower priced homes that have been popular this year.  Prince William County continues to be very active and is being fueled by the foreclosure market.  If interest rates remain at around 6% we will continue to see this trend. 

If you would like additional market information, or if you would like a zip code or neighborhood market analysis, please contact me at Sarah@BuyInFredericksburg.com.