Fredericksburg City:

• 156 days on market – this is 19 days less than in February 2008
• Sellers received, on average, 84.24% of their list price when the home sold
• There is 13.08 months of inventory on the market
• 12 homes sold in February 2009 – this is 1 less than in February 2008
• The most popular price range was $250,000-299,999 and $200,000. 
• The average sold price was $188,775, compared to $307,362 in February 2008

Orange County

• 195 days on market – this is 13 days more than in February 2008
• Sellers received, on average, 85.26% of their list price when the home sold
• There is 16.65 months of inventory on the market
• 23 homes sold in February 2009 – this is 5 less than in February 2008
• The most popular price range was $200,000-$249,999
• The average sold price was $197,291, compared to $280,107 in February 2008 

Spotsylvania County

• 118 days on market – this is 46 less than February 2008 
• Sellers received, on average, 87.27% of their list price when the home sold
• There is 10.23 months inventory on the market
• 105 homes sold in February 2009 – this is 25 more than in February 2008 
• The most popular price range was $250,000-$299,999
• The average sold price was $222,282, compared to $281,423 in February 2008 

Stafford County

• 120 days on market – this is 30 less than February 2008 
• Sellers received, on average, 88.63% of their list price when the home sold
• There is 7.38 months inventory on the market
• 126 homes sold in February 2009 - this is 41 more than in February 2008 
• The most popular price range was $200,000-$249,999
• The average sold price was $223,321, compared to $342,113 in February 2008 

Prince William County

• 91 days on market – this is 34 less than February 2008 
• Sellers received, on average, 90.97% of their list price when the home sold
• There is 5.22 months inventory on the market
• 614 homes sold in February 2009 - this is 227 more than in February 2008
• The most popular price range was $200,000-$249,999
• The average sold price was $204,378, compared to $307,392 in February 2008

Yep, it’s true, prices are continuing to fall.  Prices have fallen an average of $94,470 for the areas I mentioned above.  There are several reasons for the decrease in home sale prices.  First, there’s the whole mortgage/ housing collapse crisis this nation is experiencing.  As long as consumer confidence is down and the stock market is volatile, prices will continue to fall.  It’s the nature of the beast.  Second, there was a moratorium on foreclosures over the winter holiday.  This means less foreclosed homes came on the market and there was less inventory to choose from.  Many buyers opted to wait to purchase a home until inventory increases.  Or, they are waiting for the elusive 4.5% interest rates they were “promised.”  Less inventory and less buyers equals less competition and the buyers in the market made low offers because they could.  (However, if the house is in good condition, still expect competing offers, over list price).  The third reason prices keep dropping is it is the winter selling season.  We typically see a decrease in sales price this time of year because sellers get desperate and lower their prices.  These sellers fear the competition that will come on the market by the middle of April.  The added advantage for these sellers is that the buyers who are writing contracts during the winter months are serious about buying a home.  However, these buyers are also more likely to negotiate a contract in their favor. 

I’ve said it once, and I will continue to say it, the key to this market, if you are a seller is PRICE!  Price competitively the first time and you will have a much better chance of selling your home.  The key to this market if you are a buyer is good credit and patience!  If a buyer is in a popular price range, they should expect to be in a competing offer situation several times before they actually get a contract ratified. 

If you would like market statistics specific to your zip code or neighborhood, please feel free to email me.