2014 King George VA Home Show Review

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property types (short sale and foreclosures combined) which sold in 2013 was $181,150, a 31.6% discount off the nonbank mediated (a.k.a. “traditional”) sale price of $265,000.

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25th annual home & craft show Review

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Wednesday, March 5, 2014

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Property managers from the acrosshe the region report that 2013 was a stable year with lots of activity in the rental market. ournal Rental prices peaked over the summer and began to decline going into the third and fourth quarters of the year. Some property managers report a shift in the market in the fourth quarter with many more active rentals on the market, which could indicate that investors have saturated the market. In addition, government instability led to less rental activity at the end of the year as demand lessened from traditional consumers of rental properties as federal employees and military personnel were impacted by budget cuts and the sequester. FAAR 2014 President Debbie Irwin states, “FAAR members were busy in 2013 as many buyers and sellers who had delayed a home purchase began returning to the healthier market. Increasing home values and an active market have lured many would-be sellers to put their homes up for sale. Looking ahead to 2014, FAAR members are optimistic that this trend will continue with increased gains and brisk sales activity.”

Fredericksburg market posts 21% increase in sales volume in 2013 Fredericksburg — The following analysis of the Fredericksburg, Virginia area housing market has been prepared for the Fredericksburg Area Association of REALTORS® based on analysis of MRIS multiple listing data by RealEstate Business Intelligence, LLC (RBI). The Fredericksburg area market closed out 2013 with a double digit increase in sales volume and the highest median sales price in five years, fueled in part by a strong fourth quarter performance. Total sold dollar volume surpassed the $1 billion mark in 2013, increasing from $996,686,006 in 2012 to $1,209,820,573 in 2013, representing a 21% increase year-overyear. The median sales price for all residential property types in 2013 was $245,000, representing an increase of 11.4% from 2012. Total sales in 2013 were higher than 2012 as well, and the 6,744 new detached property listings added during the past year shows healthy inventory growth which is bringing the market back to a more

balanced state of about five months of inventory. Sellers continued to get very close to asking price in 2013 with an average ratio of list to sale price at 96.1%. During 2013, almost 1,200 properties were under contract in less than ten days. Another 1,035 sold between eleven and thirty days. Fully two-thirds of the available inventory in this market went under contract in less than 60 days. In the fourth quarter of 2013, the Fredericksburg area real estate market saw a continued increase in median sales price over the fourth quarter of 2012. The fourth quarter 2013 median sales price of $240,000 was 10.1% higher than the fourth quarter 2012 level of $218,000. Likewise, total sold dollar volume showed double digit growth of 13% from the same timeframe in 2012. There were 1,472 new listings added to the market in the fourth quarter of 2013, a 9.9% increase over 2012 levels but a 28.6% decline from the third quarter of 2013. While this

appears a dramatic decline, it is in line with seasonal declines in new listings taking place from the third quarter to the fourth quarter. The average decline during this time of year is -24.0%. Total new listings for 2013 were up 15.1% over 2012 as more sellers brought their properties to market recognizing increasing prices, shorter market time and still attractive mortgage rates. There were 7,559 properties listed for sale in 2013 compared to 6,568 in 2012. The median Days on Market (DOM), the number of days from when a listing enters the market until it obtains a ratified purchase contract, increased from 30 days in the third quarter of 2013 to 40 days in the fourth quarter. This represents a 33.3% increase from the previous quarter but is in line with the five year average median value of 40 days on market and is 20.0% lower than the ten year average of 50 days on market. Distressed properties continue to earn a smaller percentage of sales

RBI Quarterly Home Sales Index - Fredericksburg Area Association of REALTORS® Q4-2013

in the Fredericksburg area market. Closed short sale transactions dropped 26.2% year-over-year, decreasing from 749 in 2012 to 550 in 2013. Likewise, closed foreclosures dropped 26.1% from 801 transactions in 2012 to 592 transactions in 2013. The median sale price for all bank mediated Property types (short sale and foreclosures combined) which sold in 2013 was $181,150, a 31.6% discount off the non-bank mediated (a.k.a. “traditional”) sale price of $265,000. Property managers from the across Copyright © 2014 RealEstate Business Intelligence, LLC. All Rights Reserved. Data Source: MRIS. Statistics calculated January 5, 2014. the region report that 2013 was a stable year with lots of activity in About the Fredericksburg Area Association of REALTORS® Founded in 1957, the Fredericksburg Area Association of REALTORS® is the trade association for more than 1,300 REALTOR® and rental market. Rental prices peaked affiliate members serving the areas noted above. Members also work in the surrounding counties of Westmoreland, Louisa, Orange rental activityVirginia. at the of supports the the had delayed a home purchase began William and in Northern FAARend strongly availability of affordable housing for all market segments and over the summer and began to and de-Princeless supports government policies designed to enhance homeownership opportunities. For more information about FAAR, visit year as demand from tradi-Affairsreturning to the healthier ormarket. www.faarmembers.com or contactlessened Kim McClellan, Government Director at kmcclellan@faarmembers.com 540-373-7711. cline going into the third and fourth quarters of the year. Some property tional consumers of rental properties Increasing home values and an acmanagers report a shift in the mar- as federal employees and military tive market have lured many wouldket in the fourth quarter with many personnel were impacted by budget be sellers to put their homes up for sale. Looking ahead to 2014, FAAR more active rentals on the market, cuts and the sequester. FAAR 2014 President Debbie Irwin members are optimistic that this which could indicate that investors have saturated the market. In addi- states, “FAAR members were busy in trend will continue with increased tion, government instability led to 2013 as many buyers and sellers who gains and brisk sales activity.”

For a Great Home & Craft Show

Thanks to Ray Blazer, Charlie Ward and Stan Mitchell, KGHS teachers for getting their students to help with set up and tear down of the Home & Craft Show. Thanks to Ruritans for delicious menu and meals - including meat loaf with mashed potatoes and spaghetti. Comfort food on a cold day! Thanks to everyone who helped with set up (especially

Ella & Jen) and of course thanks to Tommy Burrell, Sr. for his expertise. Thanks again to The Journal and KGBA for putting on another great show and to all the folks who came out. We are looking forward to next year, March 7 and 8. Hopefully the later date will mean no snow! —Lori Deem

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