Fredericksburg City:

• 67 days on market – this is 15 days more than in March 2009
• Sellers received, on average, 87.02% of their list price when the home sold
• There is 13.07 months of inventory on the market
• 13 homes sold in March 2010 – this is 1 less than in March 2009
• The most popular price range was $200,000-$249,999.   
• The median sold price was $218,750, compared to $185,000 in March 2009
• Financing Terms:  Conventional – 3, FHA – 3, VA – 3, Cash – 3, Assumption 1

Orange County

• 89 days on market – this is 48 days less than in March 2009
• Sellers received, on average, 90.74% of their list price when the home sold
• There is 11.48 months of inventory on the market
• 33 homes sold in March 2010 – this is 8 more than March 2009
• The most popular price ranges were $200,000-$249,999.
• The median sold price was $197,500, compared to $149,000 in March 2009 
• Financing Terms:  Conventional – 10, FHA – 6, VA – 4, Assumption – 2, Cash – 10, Other – 1

Spotsylvania County

• 77 days on market – this is 46 less than March 2009
• Sellers received, on average, 92.79% of their list price when the home sold
• There is 5.94 months inventory on the market
• 153 homes sold in March 2010 – this is 2 more than in March 2009 
• The most popular price range was $200,000-$249,999
• The median sold price was $185,000, compared to $188,000 in March 2009 
• Financing Terms:  Conventional – 29, FHA – 60, VA – 27, Cash – 27, Assumption – 5, Other – 5

Stafford County

• 79 days on market – this is 32 less than March 2009
• Sellers received, on average, 92.09% of their list price when the home sold
• There is 7.36 months inventory on the market
• 116 homes sold in March 2010 - this is 22 less than in March 2009 
• The most popular price range was $200,000-$249,999
• The median sold price was $226,889, compared to $229,900 in March 2009 
• Financing Terms:  Conventional – 22, FHA – 30, VA – 44, Cash – 12, Assumption – 5, Other – 3

Prince William County

• 44 days on market – this is 55 less than March 2009 
• Sellers received, on average, 96.18% of their list price when the home sold
• There is 4.53 months inventory on the market
• 641 homes sold in March 2010 - this is 244 less than in March 2009
• The most popular price range was $300,000-$399,999
• The median sold price was $230,000, compared to $167,900 in March 2009
• Financing Terms:  Conventional – 142, FHA – 275, VA – 94, Assumption – 38, Cash – 89, Other – 3

All data provided by MRIS.

Fredericksburg City:

• 52 days on market – this is 144 days less than in March 2008
• Sellers received, on average, 86.51% of their list price when the home sold
• There is 11.36 months of inventory on the market
• 14 homes sold in March 2009 – this is 1 more than in March 2008
• The most popular price range was $100,000 and under. 
• The average sold price was $235,850, compared to $265,100 in March 2008

Orange County

• 137 days on market – this is 30 days less than in March 2008
• Sellers received, on average, 82.15% of their list price when the home sold
• There is 16.56 months of inventory on the market
• 25 homes sold in March 2009 – this is 5 more than in March 2008
• The most popular price range was $140,000-159,999
• The average sold price was $169,908, compared to $255,868 in March 2008 

Spotsylvania County

• 123 days on market – this is 8 less than March 2008 
• Sellers received, on average, 86.55% of their list price when the home sold
• There is 6.85 months inventory on the market
• 151 homes sold in March 2009 – this is 22 more than in March 2008 
• The most popular price range was $140,000-$159,999
• The average sold price was $211,146, compared to $263,469 in March 2008 

Stafford County

• 111 days on market – this is 34 less than March 2008 
• Sellers received, on average, 89.51% of their list price when the home sold
• There is 6.66 months inventory on the market
• 138 homes sold in March 2009 - this is 55 more than in March 2008 
• The most popular price range was $200,000-$249,999
• The average sold price was $230,573, compared to $318,644 in March 2008 

Prince William County

• 102 days on market – this is 32 less than March 2008 
• Sellers received, on average, 90.43% of their list price when the home sold
• There is 4.11 months inventory on the market
• 750 homes sold in March 2009 - this is 248 more than in March 2008
• The most popular price range was $300,000-$399,999
• The average sold price was $210,060, compared to $299,586 in March 2008

The most common asked question in the last month has been, “So, when’s the market gonna turn around?” My answer is usually the same.  “The market will turn around when consumer confidence is up, employment numbers are up, the world’s confidence in the U.S.’s economy is up, when banks have either restructured or short sold the majority of their bad loans, when consumers stop thinking they can get something for nothing, and when we all finally take responsibility for each of our roles in the housing market collapse.  So, about 3-4 more years.” 

These are alot of variables that need to fall into place before we start to see a huge improvement in the housing market.  We are making strides toward stabalization in this area.  Many banks involved in the predatory lending market have now streamlined their short sale process; making it easier to either restructure a predatory loan product or sell the house at a loss.  The easier it is to sell a home and buy a home, the more confident a consumer will be to enter this market.  We are also seeing a decrease in the number of days homes are staying on the market.  I chalk this up to marketability and price.  If the house is in good condition and priced well, it won’t be on the market long.  Now, I’m not saying to price a home under market value, but to realize what market value is.  We are holding steady at the sales price to list price ratio, averaging in the mid-80% range.  And, the number of homes we are selling every month continues to rise across the board. 

The larger part of the equation is convincing consumers that not everyone deserves to own their own home.  I know!  This is blasphemy!  The American Dream is to be a homeowner.  But, nowhere in the American Dream does it say that everyone deserves to a homeowner, hence the dream.  I get calls every week from consumers who are still looking for a “great deal.”  They have caviar dreams, but a Happy Meal budget.  If there is one lesson we can learn from this market it is that we need to purchase homes for our needs, not our wants.  It is important that consumers are realistic about the market and what they can afford.  It is equally important for REALTORS to advise their clients on the market and help set realistic expectations within the limits of the client’s financial situation and current market availability. 

When’s the market gonna turn around?  When we finally learn from our mistakes and get back to old fashion values of working for the American Dream, not just taking it for granted.

For the second time in 2 weeks, Fredericksburg residents experience a late winter snow.  Although today’s snow is just a dusting, the March 1st snow fall measured up to 9 inches!  It’s hard to believe that spring starts in just 7 days!