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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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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New faces
Antiques Considered...
These two small pitchers are part of a larger pitcher collection that belongs to a Northern Neck family. The cream pitcher on the left is marked “Hall”, and the lustreware one on the right is u n m a r k e d . The Hall piece is 3” high, and the other is 4”. Both are in excellent Henry Lane condition. The Hall Hull pitcher comes from The Hall China Co., a firm founded in East Liverpool, Ohio by Robert Hall in 1903. It remains in production today, and is famous for several of its iconic motifs, such as Jewel Tea china. This brown pitcher is typical of the Hall china of the early twentieth century. Hall pieces have a large following, and may be termed “collectible.” The production has been quite extensive, thus in many cases the values are affordable. This pitcher is worth $20. The lustreware pitcher is especially
nice, with excellent modeling and decoration. This piece dates from the mid-nineteenth century, and comes from Staffordshire in England. Lustreware does not sell as well as it did a few years ago, but still has a good market. Obviously, the more heavily decorated a piece is, the greater its value, most notably when the scenes depict historical figures or recognizable places. The Sunderlund lustre plaques are the most popular form of lustreware, and bring high prices both at auction and in retail settings. As with Hall pieces lustreware has collector clubs that keep the market fluid. They are available over the Internet, and usually have members who are willing to share their knowledge with other collectors. The late Carroll B. Barnes, a son of the Northern Neck who died two years ago, was a nationally recognized authority on lustreware as well as all other forms of Staffordshire. His collection was sold several years before his death, and still in auction advertisements, when a piece comes on the market, it will be listed as having been his. —Happy Antiquing!
We’re Number 1 with Number 2! Some exhibitors at the Home & Craft Show are there year after year. But each year new vendors and crafters sign up. Here are some of this year’s new faces from computer classes and repair to bubble shooters, it was a good variety of vendors and exhibitors.
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The King George Home & Craft Show is organized by The Journal and the King George Builders Association. Electronic Equipment to Locate Hard to Find Tanks
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165 Ft. of Hose We Install Filters
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Blue Phoenix Computer Repair Learn to Build Your Ultimate Custom PC
• Learn Basic Computer maintenance skills • Learn the different parts of a PC and what they do • Go home with a custom-built PC that you built yourself
• This class is for both young and old. We can also schedule a one-onone lesson. Thanks for visiting us at the Home & Craft Show
10252 Kings Hwy. • (cell) 775-378-0259 The Journal — Your weekly paper The Journal’s news is about our community — that’s it. We don’t try to be anything but local. It’s all about our community and what makes it GREAT!
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25th annual home & craft show Review
King George improved ISO ratings effective March 1 Phyllis Cook The King George Board of Supervisors heard a report from an Insurance Services Office (ISO) representative on Feb.18, who provided information about the results of the rating process for the county that was performed over a 10-month period last year. The county’s ISO ratings were improved in all three areas surveyed. The higher ISO ratings went into effect on March 1. King George Fire & Rescue Chief David Moody introduced Phillip Leitma, Senior Field Representative from Verisk Analytics for ISO. ISO performs surveys in the county about every ten years that can be used by insurance companies when setting premiums charged on home and business insurance policies. ISO ratings are often used by insurance companies as a factor when determining property and casualty insurance risk. Leitma told Supervisors, “There’s been a significant change in the fire insurance classification for the county.” He added, “The county is to be commended for the hard work through the fire department, the water department, and emergency communications. This is good news. There are a lot of communities where they go backwards and get a worse classification or stay the same. But here in King George, it actually improved its insurance rating.” Supervisors had received copies of the ISO reports in December from county administrator Travis Quesenberry during a board meeting on Dec. 3. The reports are lengthy and the rating schedule is complex. The reports also note that the way an insurance company uses ISO’s
information may also depend on other considerations, such as its fire-loss experience, ratemaking methodology, underwriting guidelines and marketing strategies. CLASSIFICATION PROCESS During ISO field surveys conducted in localities, ISO objectively evaluates four major areas. They are emergency communications systems, fire department, water supply, and community risk reduction. After completing the field survey, ISO analyzes the data and calculates a Public Protection Classification. ISO ratings are based on a scale of 1 through 10, with 1 being the best and 10 the worst rating. FIRE DEPARTMENT SUPPLY (FDS) The Fire Department Supply report has to do with fire suppression delivery systems for structures within five road-miles of a fire station. The county’s rating went from a ‘9’ to a ‘6’. That means that insurance companies that use the ISO ratings may use the rating when determining the premiums they charge customers whose houses and other structures are within five miles of a fire station. However, ratings for homes and other structures farther than five miles from a fire station would be rated a 10. Fire stations located outside of the county operated by adjacent localities also count for individual homes and businesses within five miles of them. FIRE PROTECTION SERVICE AREA (FPSA) The Fire Protection Service Area report has to do with fire suppression capabilities for structures within five road-miles of a fire station and
within 1,000 feet of a fire hydrant. The latest ISO report in this regard indicates that the county’s new rating will be a ‘5’ compared to its last rating by ISO in 2002, which was a ‘6’. The King George County Department of Fire, Rescue & Emergency Services is a combination volunteer and paid department which has three locations in the county. Company 1 is located on Route 3 (Kings Hwy) next door to the Citizens Center and across the street from the Food Lion Shopping Center. Company 2 is the Dahlgren Fire/ Rescue station located in Dahlgren on Dahlgren Road. Company 3 is the Fairview Beach Fire/Rescue station located in Fairview Beach. BUILDING CODE EFFECTIVENESS RATING SCHEDULE (BCERS) ISO’s Building Code Effectiveness Rating schedule indicates the county’s classification is a ‘3’ for oneand two-family residential properties and also a ‘3’ for commercial and industrial property. Quesenberry noted that the county’s effectiveness had improved from a ‘4’ in this category from ISO’s 2002 report. According to ISO’s website, its Building Code Effectiveness Grading Schedule assesses the building codes in effect in a particular community and how the community enforces its building codes, with emphasis on the mitigation of losses from natural hazards. Municipalities with well-enforced, up-to-date codes are expected to have better loss experience due to such things as high wind events and earthquakes that can be reflected in lower insurance rates, depending on the insurance company’s use of the data.
was conducted at the industrial park this past summer and was a timed event in which the ISO representative conducted a field analysis. This process allowed our The Journal asked King George Fire & Rescue Chief County to have a separate ‘Fire Department Supply’ David Moody what’s changed since the last ISO survey (FDS) rating that would include all buildings/houses was conducted in 2002 that provided improvement in that are within 5 road miles, but in excess of 1000 ft. the county’s classifications for fire department supply from the closest fire hydrant. The ISO rating in 2002 for this category was a class 9 and starting in March and protection. of 2014 is a class 6. This reduction was a significant This is what he told us: “There have been many improvements to our Fire/ improvement and demonstrates the ability of our Fire/ Rescue and water systems since our last ISO rating in Rescue Department to effectively distribute water for 2002. Fire/Rescue has added additional 24 hour on- fire suppression to areas of our County that are not duty staff that are available to respond to emergencies protected by fire hydrants. We were very pleased to around the clock. We have added two additional mobile learn of this reduction and it was well worth the effort tankers to our fleet which increases our mobile water to demonstrate our ability. “The Fire Protection Service Area (FPSA) are all tender fleet to a total of four trucks in accordance to ISO. There has been more emphasis on record keeping, fire areas of the County in which a building/home is hose annual inspections, ladder inspections, SCBA flow within 5 road miles from a fire station and within testing, training standards, personnel accountability, 1000 ft from a fire hydrant. The 2002 rating for this class was a class 6 and as of March of 2014 is a class 5. emergency response procedures, etc. since 2002. “Both these reductions in the ISO rating “In addition, the King George Service Authority has also expanded its service areas to include water demonstrate the enhancements on fire suppression, distribution lines and storage capacity and the King water supply, and communications. These reductions George Sheriff ’s Office has changed some of their should ultimately allow for lower property insurance premiums although the exact reduction is unknown operations within Communications.” Moody also said, “In 2002 we were only provided since each insurance company sets their own prices.” Moody also said mutual aid fire stations outside of one rating and that was a 6/9, meaning all areas of a class 6 were properties within 5 road miles from a fire the county are also identified by ISO. He stated, “Any buildings/houses that are outside station and 1000 ft from a fire hydrant. The class 9 properties were within 5 road miles of a fire station, of 5 road miles from the closest fire station are but in excess of 1000 ft from a fire hydrant. All automatically in a class 10 in accordance to ISO. We properties outside of 5 road miles from a fire station do utilize our other mutual aid fire stations for this distance requirement too. For example, if a building/ are automatically in a class 10 in accordance to ISO. “During this ISO rating the Fire/Rescue Department house is within 5 road miles from Stafford County’s conducted a thorough water shuttling exercise that White Oak Fire Station, and outside of 5 road miles mocked how we would retrieve and deliver water for from our Company 3 Fire Station in Fairview Beach the purposes of structure fires. This exercise included then the mutual aid station is counted since we have a total of all four mobile water tenders (T-1, T-2, T-3, an automatic mutual aid agreement in place with all E-31) and also a pumper truck (E-11). This exercise surrounding counties.” IMPROVEMENTS SINCE PREVIOUS ISO SURVEY
Mark your calendar for next year’s show March 7 & 8
Community Groups
Community groups from the Irish Viet Nam Veterans Memorial Project (above) to KG Fire, Rescue & ES and the Rotary Club (l) attended the show.
Virginia Center for Learning and Achievement LLC
Tutoring K-12 Study Skills K-12 Writing Workshops 10081 Kings Highway • King George, VA 22485 carolynberry@vclatutoring.com
(540) 625-2184 • vclatutoring.com
Landscaping By
Bakker’s Acres LLC
Thanks for visiting us at the Show - The Bra Fairy
Residential & Commercial • Lawn Maintenance
� Celebrating 33 Years in King George Shrubs, Trees, Planting, Pruning, Landscape Design, Retaining Walls, Skid Steer & Backhoe Service
(540) 663-5510 • email: dkbakker@verizon.net
(540)775-1155
KING GEORGE DRILLING SERVICE, INC. Thank you for visiting our booth at the 2014 King George Home & Craft Show. See you next year!
www.cliffsofkinggeorge.com
Drilled Wells • Water Pumps Submersible Pumps
1-800-336-9355 804-224-9130
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Familiar faces from other shows
Many of the exhibitors and vendors at the Home & Craft Show have been participating for many years even if they are there in different roles. Top Left: Jason Hollowell (on the right) now represents his own business at the show. Top right: Tommy Burrell (center) started the show 25 years ago with help from Journal publisher Ruth Herrink.
N GE
ERAL CONTRACT
OR
Above left: Union First Market Bank has been at the shows through the years. Above right: Dixie Washington was back this year with ReMax Supercenter.
Thank you for visiting our booth at the 2014 Home & Craft Show!
Above: Arc Angel is a regular with his salsas. Left: Koontz Campbell was showing off the t-shirt from the KG Historical Society this year. Below: We can still picture Surveyor David Deputy’s spot when the show was at King George Elementary School - on the gym floor in front of the stage.
No Job Too Small Or Too Large!
Class A Licensed & Insured
Cell: 540-809-9414 • Fax: 540-775-1374 TommyBurrellinc@msn.com 10459 Edgewood Drive, King George, VA 22485
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