Real Estate
Fewer Homes on the Market in Fredericksburg
Increased activity in March suggests a turn toward the busy spring season, according to the Fredericksburg Area Association of Realtors.
FREDERICKSBURG, VA — A limited number of homes on the market in the region may be impacting overall sales, and increasing the average sale price.
But that may soon change, according to analysis by the Fredericksburg Area Association of Realtors.
The market saw $105 million in sales in March, a 6.62 percent decrease over the same period in 2015. The median sale price, $270,000, was a $10,000 increase over the same month last year.
Find out what's happening in Fredericksburgfor free with the latest updates from Patch.
Those numbers may be due to a lack of inventory, according to FAAR. The market had nearly 200 fewer listings than it did a year ago.
New listings were up in March, suggesting the trend may be turning around as we get into the busy spring season.
Find out what's happening in Fredericksburgfor free with the latest updates from Patch.
The month of March saw a tremendous spike in activity, according to FAAR Board of Director Laura Fangman.
"Competing against multiple offers was very common on the buying side," she said in a statement. "The selling side saw properties going under contract very quickly with full or above list price offers in some cases."
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.