90 Seconds of Real Estate Gold-Fredericksburg VA Real Estate Update

February 08, 2023

Broker, Brooke Miller, shares the facts from our local market in the last 7 days to keep you up to date on what's happening locally!

Video Transcript

Speaker: Brooke Miller-Realtor

How many houses are for sale and what is buyer demand this week?

Brooke Miller-Realtor: The week of February 6, 2023, there are currently only 226 houses on the market. Only 45 houses came on the market this last week, but 83 houses went under contract. So the trend we are seeing is our total inventory is going down. As a matter of fact, the demand in the week was the higher demand than we saw in May of 2022.

How long is it taking for the average house to sell this week?

Brooke Miller-Realtor: You're not going to believe it. But the average time on market is going down. As a matter of fact for the homes that went under contract last week. They've been only on the market for 11 days now. Of the 226 houses that are on the market, they've been on the market for an average of 62 days and the ones that are current Under contract and pending, they're only on the market for 25 days. The trend of the houses that are actually selling is the days on market is starting to go down. But overpriced listings there days on market are going up and that is skewing the entire average for all of the homes on the market.

How do these numbers compare to this time last year?

Brooke Miller-Realtor: Last year, during this week, we had over 100 houses hit the market. This year we only had 45, so less than half of the homes are hitting the market. But the ratio between the homes going on the market and the numbers coming under contract is greater this year than it was last year. That's not something you're hearing in the news. As a matter of fact, our total inventory is simply 100 houses more than this time last year. But we have 100 and 36% of houses are selling in a week. And last year. At this time we are right around 100. So the demand is much higher this year than last year. Days on market on average, taking longer to sell. But the homes that are selling are selling quicker and they're starting to match up with the days on market that we saw at this time last year.

Best advice?

Brooke Miller-Realtor: Don't listen to the National media Real estate is local and these numbers are just our local area. It is an amazing time to be a smart seller. Now you can't go out there and overpriced your home like you are able to do as the market was creeping up. That is not going to work. But if you do need to sell you price it right, you present it right and you will find a buyer in a pretty good amount of time. If you're interested in making a move, please get with me today. It's a great time to buy. It's a great time to sell and we can help you develop your own strategy moving forward.

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