Market Statistics January 2009
Fredericksburg City:
- 197 days on market – this is 57 days more than in January 2008
- Sellers received, on average, 81.6% of their list price when the home sold
- There is 9.86 months of inventory on the market
- 14 homes sold in January 2009 – this is 2 more than in January 2008
- The most popular price range was $100,000-149,999 and $200,000- 249,999 equally.
- The average sold price was $225,459, compared to $338,775 in January 2008
Orange County
- 153 days on market – this is 37 days less than in January 2008
- Sellers received, on average, 79.15% of their list price when the home sold
- There is 32.08 months of inventory on the market
- 12 homes sold in January 2009 – this is 4 less than in January 2008
- The most popular price range was $140,000-$159,999
- The average sold price was $218, 940, compared to $262,764 in January 2008
Spotsylvania County
- 135 days on market – this is 49 less than January 2008
- Sellers received, on average, 86.65% of their list price when the home sold
- There is 12.6 months inventory on the market
- 85 homes sold in January 2009 – this is 14 more than in January 2008
- The most popular price range was $250,000-$299,999
- The average sold price was $237,421, compared to $294,604 in January 2008
Stafford County
- 144 days on market – this is 14 more than January 2008
- Sellers received, on average, 85.62% of their list price when the home sold
- There is 10.24 months inventory on the market
- 91 homes sold in January 2009 - this is 34 more than in January 2008
- The most popular price range was $200,000-$249,999
- The average sold price was $254,804, compared to $314,285 in January 2008
Prince William County
- 103 days on market – this is 32 less than January 2008
- Sellers received, on average, 90.23% of their list price when the home sold
- There is 5.17 months inventory on the market
- 647 homes sold in January 2009 - this is 335 more than in January 2008!
- The most popular price range was $300,000-$399,999
- The average sold price was $210,255, compared to $318,859 in January 2008
January is typically a pretty slow month for several reasons. First, consumers are still getting over the holiday spending spree. Second, inventory is usually lower because most traditional sellers don’t want to market their homes during the holidays. The weather also plays a factor in the productivity for the month. But this January had three factors we haven’t seen in a while. The election of President Barack Obama has helped fuel consumer confidence and the real estate market. This confidence has flowed over to the lending industry and created lower interest rates and the availability of money to lend. The third factor is one of supply and demand. In November, at least two large lending institutions put a moratorium on foreclosures during the holidays. This created a decrease in available homes for prospective purchasers and an increase in demand for homes in good condition that were available for quick delivery. All of these factors created a perfect storm for a productive January market.
Now, there are always nuances to any real estate market. Fredericksburg City is always a tough market to read. Unless you consistently work or do real estate business in Fred City, the numbers look gloomy. However, the inventory in the City has been very low recently and what is available may not meet the needs of today’s home buyer. I am seeing more investment sales than owner occupied sales within the city limits. The good news is that with slow down in the overall pace in Fred City, there are still only 9.86 months inventory on the market. This is a much better number than what we have been looking at in recent months.
Prince William County is consistently racking up huge numbers in all columns except price. However, Prince William County has an abnormally high rate of foreclosures and short sales. Yes, this is most likely due to abnormally high incidences of predatory lending in that county. But don’t let the numbers fool you. Prince William County real estate is extremely competitive. There may be an abundance of listings, but not all of them are move-in ready. Buyers looking in Prince William need to be ready to compete with multiple offers and think about making offers higher than list price. You also better be ready to move fast if you like a house. The good ones go quickly.
