It would appear that real estate in the Greater Fredericksburg area is making great strides year over year and continues to show strong improvement. Both anecdotal and empirical evidence point to the fact that the heat is on in the Fredericksburg market.
Here is what the number crunchers are telling us about the Fredericksburg Market.
- February 2013 is outperforming February 2012.
- Home prices increased some 7.3% from February 2012 compared to February 2013.
- The total number of homes sold in February 2013 compared to February 2012 increased 16.3%.
- In February 2013 the average house spent 67 days on the market.
- Sellers gave an average discount off asking price of 5.4% in February 2013.
- There is currently a 4.7 month supply of homes on the market (a 5 month supply is considered a healthy balance).
Here is what the word on the street is telling us… If the house is priced right and is of good quality and in the right price range there is some significant competition. One standard sale in a moderately priced somewhat older neighborhood had a line multiple times during the weekend and had three offers by Sunday night. WOW!
If you are looking to sell now might be a good time as it seems like the worst of the market is in the far distance. If you are looking to buy you will want to be quick and have an agent on your side.