Sarahiously Speaking

Fredericksburg City:

• 58 days on market – this is 24 days less than in December 2008
• Sellers received, on average, 91.82% of their list price when the home sold
• There is 8.83 months of inventory on the market
• 18 homes sold inDecember 2009 – this is 8 more than in December 2008
• The most popular price range was $350,000-$399,999.   
• The median sold price was $279,923, compared to $306,134 in December 2008
• Financing Terms:  Conventional – 3, FHA – 8, VA – 2, Cash – 4, Assumption – 1

Orange County

• 157 days on market – this is 55 days more than in December 2008
• Sellers received, on average, 91.27% of their list price when the home sold
• There is 15 months of inventory on the market
• 23 homes sold in December 2009 – this is 2 more than December 2008
• The most popular price ranges were $120,000-$159,999.
• The median sold price was $143,900, compared to $183,950 in December 2008 
• Financing Terms:  Conventional – 7, FHA – 5, Assumption – 2, Cash – 6, Seller Financing – 1, Other – 1

Spotsylvania County

• 97 days on market – this is 14 less than December 2008 
• Sellers received, on average, 90.01% of their list price when the home sold
• There is 6.43 months inventory on the market
• 130 homes sold in December 2009 – this is 9 more than in December 2008 
• The most popular price range was $300,000-$399,999
• The median sold price was $188,250, compared to $198,000 in December 2008 
• Financing Terms:  Conventional – 36, FHA – 37, VA – 27, Cash – 18

Stafford County

• 63 days on market – this is 57 less than December 2008 
• Sellers received, on average, 94.06% of their list price when the home sold
• There is 6.59 months inventory on the market
• 116 homes sold in December 2009 - this is 23 less than in December 2008 
• The most popular price range was $250,000-$299,999
• The median sold price was $229,950, compared to $228,000 in December 2008 
• Financing Terms:  Conventional – 35, FHA – 34, VA – 33, Assumption – 4, Cash – 8, Other – 2,

Prince William County

• 36 days on market – this is 71 less than December 2008 
• Sellers received, on average, 96.27% of their list price when the home sold
• There is 4.55 months inventory on the market
• 578 homes sold in December 2009 - this is 418 less than in December 2008
• The most popular price range was $300,000-$399,999
• The median sold price was $220,000, compared to $165,000 in December 2008
• Financing Terms:  Conventional – 143, FHA – 225, VA – 100, Assumption – 23 Cash – 83, Seller Financing – 1, Other – 3

All data provided by MRIS.

Fredericksburg City:

• 166 days on market – this is 22 days less than in October 2008
• Sellers received, on average, 86.66% of their list price when the home sold
• There is 11.5 months of inventory on the market
• 14 homes sold in October 2009 – this is 3 less than in October 2008
• The most popular price range was $250,000-$299,999.   
• The median sold price was $222,500, compared to $242,500 in October 2008
• Financing Terms:  Conventional – 2, FHA – 5, VA – 1, Cash – 4, Other – 1

Orange County

• 121 days on market – this is 56 days less than in October 2008
• Sellers received, on average, 82.08% of their list price when the home sold
• There is 10.42 months of inventory on the market
• 38 homes sold in October 2009 – this is 12 more than in October 2008
• The most popular price ranges were $140,000-$159,999, $160,000-$179,999, and $200,000-$249,999
• The median sold price was $161,500, compared to $199,500 in October 2008 
• Financing Terms:  Conventional – 9, FHA – 14, VA – 5, Assumption – 1, Cash – 7, Other – 2

Spotsylvania County

• 66 days on market – this is 32 less than October 2008 
• Sellers received, on average, 92.36% of their list price when the home sold
• There is 6.19 months inventory on the market
• 139 homes sold in October 2009 – this is 9 more than in October 2008 
• The most popular price range was $200,000-$249,999
• The median sold price was $190,000, compared to $226,375 in October 2008 
• Financing Terms:  Conventional – 28, FHA – 48, VA – 24, Cash – 19, Other Financing – 4

Stafford County

• 54 days on market – this is 72 less than October 2008 
• Sellers received, on average, 94.53% of their list price when the home sold
• There is 6.17 months inventory on the market
• 127 homes sold in October 2009 - this is 10 more than in October 2008 
• The most popular price range was $200,000-$249,999
• The median sold price was $220,000, compared to $234,900 in October 2008 
• Financing Terms:  Conventional – 31, FHA – 45, VA – 31, Cash – 14, Other – 1

Prince William County

• 46 days on market – this is 68 less than October 2008 
• Sellers received, on average, 96.95% of their list price when the home sold
• There is 3.98 months inventory on the market
• 714 homes sold in October 2009 - this is 305 less than in October 2008
• The most popular price range was $300,000-$399,999
• The median sold price was $205,000, compared to $189,900 in October 2008
• Financing Terms:  Conventional – 180, FHA – 299, VA – 95, Assumption – 29, Cash – 107, Other – 4

Statistics provided and calculated using data supplied by MRIS.

Fredericksburg City:

• 114 days on market – this is 6 days more than in August 2008
• Sellers received, on average, 92.0% of their list price when the home sold
• There is 12.77 months of inventory on the market
• 13 homes sold in July 2009 – this is 1 less than in August 2008
• The most popular price range was $300,000-$349,999.   
• The median sold price was $230,000, compared to $306,200 in August 2008
• Financing Terms:  Conventional – 3, FHA – 2, VA – 4, Assumption – 1, Cash – 3

Orange County

• 132 days on market – this is 26 days less than in August 2008
• Sellers received, on average, 87.81% of their list price when the home sold
• There is 10.05 months of inventory on the market
• 42 homes sold in August 2009 – this is 11 more than in August 2008
• The most popular price ranges were $200,000-$249,999
• The median sold price was $171,,250, compared to $215,000 in August 2008 
• Financing Terms:  Conventional – 9, FHA – 14, VA – 4, Assumption – 2, Cash – 12, Other – 1

Spotsylvania County

• 75 days on market – this is 42 less than August 2008 
• Sellers received, on average, 94.64% of their list price when the home sold
• There is 6.43 months inventory on the market
• 146 homes sold in August 2009 – this is 9 less than in August 2008 
• The most popular price range was $250,000-$299,999
• The median sold price was $190,500, compared to $241,900 in August 2008 
• Financing Terms:  Conventional – 32, FHA – 64, VA – 25, Assumption – 5, Cash – 20

Stafford County

• 79 days on market – this is 28 less than August 2008 
• Sellers received, on average, 93.93% of their list price when the home sold
• There is 4.76 months inventory on the market
• 165 homes sold in August 2009 - this is 22 more than in August 2008 
• The most popular price range was $300,000-$399,999
• The median sold price was $220,000, compared to $264,894 in August 2008 
• Financing Terms:  Conventional – 28, FHA – 58, VA – 50, Assumption – 6, Other – 2, Cash – 21

Prince William County

• 60 days on market – this is 51 less than August 2008 
• Sellers received, on average, 96.14% of their list price when the home sold
• There is 3.92 months inventory on the market
• 758 homes sold in August 2009 - this is 242 less than in August 2008
• The most popular price range was $300,000-$399,999
• The median sold price was $215,000, compared to $205,600 in August 2008
• Financing Terms:  Conventional – 185, FHA – 291, VA – 114, Assumption – 21, Cash – 140, Other – 7

Statistics provided and calculated using data supplied by MRIS.

Fredericksburg City:

• 64 days on market – this is 107 days less than in July 2008
• Sellers received, on average, 89.65% of their list price when the home sold
• There is 7.48 months of inventory on the market
• 23 homes sold in July 2009 – this is 1 more than in July 2008
• The most popular price range was under $100,000 and $300,000-$349,999.   
• The median sold price was $218,000, compared to $317,950 in July 2008
• Financing Terms:  Conventional – 9, FHA – 5, VA – 2, Assumption – 1, Cash – 6

Orange County

• 155 days on market – this is 10 days less than in July 2008
• Sellers received, on average, 87.73% of their list price when the home sold
• There is 11.97 months of inventory on the market
• 36 homes sold in July 2009 – this is 10 more than in July 2008
• The most popular price ranges were $200,000-$249,999
• The median sold price was $209,000, compared to $202,950 in July 2008 
• Financing Terms:  Conventional – 13, FHA – 11, VA – 1, Assumption – 2, Cash – 6, Seller Financing – 1, Other – 2

Spotsylvania County

• 99 days on market – this is 44 less than July 2008 
• Sellers received, on average, 89.72% of their list price when the home sold
• There is 5.80 months inventory on the market
• 162 homes sold in July 2009 – this is 28 more than in July 2008 
• The most popular price range was $250,000-$299,999
• The median sold price was $218,450, compared to $252,500 in July 2008 
• Financing Terms:  Conventional – 47, FHA – 54, VA – 29, Assumption – 8, Cash – 21, Other – 3

Stafford County

• 74 days on market – this is 61 less than July 2008 
• Sellers received, on average, 94.32% of their list price when the home sold
• There is 5.06 months inventory on the market
• 156 homes sold in July 2009 - this is 13 more than in July 2008 
• The most popular price range was $300,000-$399,999
• The median sold price was $238,250, compared to $290,000 in July 2008 
• Financing Terms:  Conventional – 48, FHA – 42, VA – 37, Assumption – 11, Cash – 18

Prince William County

• 61 days on market – this is 51 less than July 2008 
• Sellers received, on average, 94.83% of their list price when the home sold
• There is 3.93 months inventory on the market
• 787 homes sold in July 2009 - this is 225 less than in July 2008
• The most popular price range was $300,000-$399,999
• The median sold price was $200,000, compared to $214,000 in July 2008
• Financing Terms:  Conventional – 181, FHA – 299, VA – 129, Assumption – 37, Cash – 133, Other – 7, Seller - 1 

Statistics provided and calculated using data supplied by MRIS.

Fredericksburg City:

• 106 days on market – this is 27 days less than in June 2008
• Sellers received, on average, 86.36% of their list price when the home sold
• There is 5.83 months of inventory on the market
• 29 homes sold in June 2009 – this is 15 more than in June 2008
• The most popular price range was under $100,000.   
• The median sold price was $259,900, compared to $319,000 in June 2008
• Financing Terms:  Conventional – 5, FHA – 7, VA – 6, Assumption – 2, Cash – 9

Orange County

• 150 days on market – this is 78 days less than in June 2008
• Sellers received, on average, 89.53% of their list price when the home sold
• There is 12.94 months of inventory on the market
• 34 homes sold in June 2009 – this is 14 more than in June 2008
• The most popular price ranges were $200,000-$249,999
• The median sold price was $212,500, compared to $226,000 in June 2008 
• Financing Terms:  Conventional – 9, FHA – 10, VA – 3, Assumption – 5, Cash – 5, Seller Financing – 1, Other – 1

Spotsylvania County

• 115 days on market – this is 23 less than June 2008 
• Sellers received, on average, 89.15% of their list price when the home sold
• There is 4.89 months inventory on the market
• 190 homes sold in June 2009 – this is 40 more than in June 2008 
• The most popular price range was $200,000-$249,999
• The median sold price was $196,500, compared to $262,450 in June 2008 
• Financing Terms:  Conventional – 42, FHA – 79, VA – 38, Assumption – 10, Cash – 20, Other – 1

Stafford County

• 93 days on market – this is 17 less than June 2008 
• Sellers received, on average, 92.05% of their list price when the home sold
• There is 4.36 months inventory on the market
• 186 homes sold in June 2009 - this is 33 more than in June 2008 
• The most popular price range was $300,000-$399,999
• The median sold price was $237,450, compared to $278,900 in June 2008 
• Financing Terms:  Conventional – 33, FHA – 60, VA – 67, Assumption – 6, Cash – 20

Prince William County

• 78 days on market – this is 44 less than June 2008 
• Sellers received, on average, 93.15% of their list price when the home sold
• There is 3.97 months inventory on the market
• 795 homes sold in June 2009 - this is 181 less more than in June 2008
• The most popular price range was $300,000-$399,999
• The median sold price was $195,000, compared to $232,250 in June 2008
• Financing Terms:  Conventional – 196, FHA – 295, VA – 123, Assumption – 32, Cash – 139, Other – 10

Statistics provided and calculated using data supplied by MRIS.

Num Num Num!  It’s almost turkey leg time again!  The Fredericksburg Fair will be in town again July 24 – August 2, 2009. This year will consist of some traditional attractions, as well as some new events to look forward to!  This year’s schedule includes the following activities (click here for a full list of activities):

More information about this year’s fair can be found at www.fredfair.com.  Hope to see you there! I’ll be the girl behind the turkey leg!

It’s that time of year again!  The Bluemont Concert Series will be starting again next weekend in Fredericksburg.  Admission is $5 per person, $4 for Bluemont Friends and Seniors, and $2 for children under 12.  The concert takes place at Maury Stadium on the corner of Hanover Street and Kenmore Ave in downtown Fredericksburg.  If there is inclement weather then the concert is moved to James Monroe High School on the corner of Fall Hill Ave and Washington Ave. 

This summer’s schedule is:

June 27            Black Sheep – a mix of Reggae, Jazz, Rhythm and Blues

July 4               Scott Ainslie – Blues

July 11             Junkyard Saints – blends New Orleans R&B, Zydeco, Latin, Ska, Jump Blues and Mardi Gras Funk.

July 18             Martinsburg Jazz Orchestra – 18 piece Jazz ensemble

July 25             John McCutcheon – Folk

August 1           Notorious – Traditional and Acoustic Contemporary

August 8           The Lindsay Family – a family of horn players

August 15         Knicely Jazz Combo – Jazz, Blues, Swing, and Bluegrass

August 22         The Daryl Davis Band – 5 piece Rhythm and and Blues Rock Band

Fredericksburg City:

• 124 days on market – this is 3 days more than in May 2008
• Sellers received, on average, 76.75% of their list price when the home sold
• There is 14.92 months of inventory on the market
• 12 homes sold in May 2009 – this is 2 less than in May 2008
• The most popular price range was $100,000 and under.  All houses that sold were priced under $250,000. 
• The median sold price was $103,500,000, compared to $275,000 in May 2008
• 5 homes purchased with cash, 4 were FHA, 2 were conventional financing, and 1 was “other” financing

Orange County

• 154 days on market – this is 22 days less than in May 2008
• Sellers received, on average, 81.16% of their list price when the home sold
• There is 22.25 months of inventory on the market
• 20 homes sold in May 2009 – this is 5 less than in May 2008
• The most popular price ranges were $100,000-119,999, $160,000-$179,999, and $200,000-$249,999 
• The median sold price was $164,950, compared to $235,000 in May 2008 
• 2 homes were purchased with cash, 10 with FHA, 5 were conventional financing, 1 was VA, and 2 loans were assumed 

Spotsylvania County

• 98 days on market – this is 29 less than May 2008 
• Sellers received, on average, 89.64% of their list price when the home sold
• There is 5.43 months inventory on the market
• 174 homes sold in May 2009 – this is 54 more than in May 2008 
• The most popular price range was $200,000-$249,999
• The median sold price was $202,500, compared to $248,500 in April 2008 
• 27 homes purchased with cash, 58 were FHA, 44 were conventional financing, 29 were VA, and 2 were “other” financing

Stafford County

• 103 days on market – this is 26 less than May 2008 
• Sellers received, on average, 91.51% of their list price when the home sold
• There is 4.96 months inventory on the market
• 171 homes sold in May 2009 - this is 22 more than in May 2008 
• The most popular price range was $300,000-$399,999
• The median sold price was $245,000, compared to $281,100 in May 2008 
• 13 homes purchased with cash, 44 were FHA, 37 were conventional financing, 68 were VA, 8 loans were assumed, and 1 had “other” financing

Prince William County

• 78 days on market – this is 50 less than May 2008 
• Sellers received, on average, 93.34% of their list price when the home sold
• There is 3.71 months inventory on the market
• 753 homes sold in May 2009 - this is 29 less more than in May 2008
• The most popular price range was $300,000-$399,999
• The median sold price was $207,777, compared to $256,124 in May 2008
• 114 homes purchased with cash, 310 were FHA, 161 were conventional financing, 131 were VA, 33 loans were assumed, and 4 were purchased using “other” financing

Statistics provided and calculated using data supplied by MRIS.

My initial thoughts when seeing the April report was that we were seeing February prices finally closing in April and that I would see quite a few short sales and foreclosures on the list. 

In April we had 15 homes sell in Fredericksburg City (22401).  Of these, 4 were short sales and 5 were foreclosures.  4 of these contracts were written in February or earlier.  4 settlements were also for cash.

Stafford County sold 128 homes in April.  18 homes were short sales and 66 homes were foreclosures.  That means that 44 homes were most advertised as traditional seller sales.  Believe it or not, that’s not too shabby.  42 contracts that settled were written in February or earlier.  14 closings were cash offers.

Spotsylvania County sold 156 homes in April.  19 homes were short sales and 95 were foreclosures.  The lower price range dominated these alternative markets.  42 homes were listed as traditional seller sales.  57 contracts were written in February or earlier.  A few contracts dated as far back as early December.  20 closings were for cash.   

What does all this mean?  It looks as though short sales are getting to the settlement table in a timely manner.  There could be several explanations for this.  For one, many banks have streamlined their short sale approval process.  Secondly, more agents are better trained at handling short sales successfully.  Even though many banks have streamlined their short sale process, we still have a ways to go to make it a truly effective alternative to foreclosure.  Many associations in areas hard hit by predatory lending are offering numerous opportunities for agents to be trained on the ins and outs of short sales.  Some agents are now being recognized as being experts in this niche market.  However, sellers are not required to disclose their short sale status until they are in substantive conversations with a buyer.  This means that not all short sales are disclosed in MLS. So, although the majority of our transactions were foreclosures and short sales, I think there were a few more than what shows up on the report.

I do think that the sales prices were accurate, but you have to look at it in context.  It is taking longer to get to the closing table than it used to.  We are seeing January and February prices closing in April.  We are also seeing investors jumping back into the market.  They are being lured by low prices and a hot and heavy rental market.  Many of these investors are able to pay cash which can help a buyer get a house much cheaper than list price.  From experience though, I can honestly say that there has not been alot to choose from in the most popular price ranges, predominately $250,000-$350,000.  There are many more buyers in today’s market than good housing options.  We are seeing more and more escalation clauses and sellers digging their heels in and holding out for a better offer.  I believe we are getting to a point where it is inevitable that the scales start to tip in the other direction.  It’s still a long way to recovery, but with low interest rates, the $8000 buyer tax credit, investors jumping back into the marketplace, and buyer confidence on an increase, we just may turn this ship around.  (But still give it another 4 years).

Fredericksburg City:

• 95 days on market – this is 85 days less than in April 2008
• Sellers received, on average, 90.50% of their list price when the home sold
• There is 12.85 months of inventory on the market
• 13 homes sold in April 2009 – this is 1 more than in April 2008
• The most popular price range was $100,000 and under and $200,000-$249,999 
• The median sold price was $210,000, compared to $277,500 in April 2008
• 4 homes purchased with cash 

Orange County

• 244 days on market – this is 106 days more than in April 2008
• Sellers received, on average, 83.20% of their list price when the home sold
• There is 22.32 months of inventory on the market
• 19 homes sold in April 2009 – this is 9 less than in April 2008
• The most popular price range was $180,000-199,999
• The median sold price was $195,000, compared to $240,500 in April 2008 

Spotsylvania County

• 91 days on market – this is 34 less than April 2008 
• Sellers received, on average, 85.19% of their list price when the home sold
• There is 6.33 months inventory on the market
• 155 homes sold in April 2009 – this is 28 more than in April 2008 
• The most popular price range was $140,000-$159,999
• The average sold price was $174,900, compared to $237,000 in April 2008 
• 20 homes purchased with cash 

Stafford County

• 113 days on market – this is 46 less than March 2008 
• Sellers received, on average, 89.57% of their list price when the home sold
• There is 6.91 months inventory on the market
• 129 homes sold in March 2009 - this is 1 less than in April 2008 
• The most popular price range was $300,000-$399,999
• The average sold price was $219,900, compared to $294,950 in April 2008 
• 14 homes purchased with cash 

Prince William County

• 87 days on market – this is 45 less than April 2008 
• Sellers received, on average, 92.8% of their list price when the home sold
• There is 3.97 months inventory on the market
• 741 homes sold in April 2009 - this is 102 more than in April 2008
• The most popular price range was $300,000-$399,999
• The average sold price was $175,000, compared to $262,000 in April 2008
• 163 homes purchased with cash 

Statistics provided and calculated using data supplied by MRIS.