February 2023 saw more of the same in the local real estate market with falling demand, rising prices, and increasing days on market. Total sold dollar volume was down 20% coming in at approximately $158.7 million compared to nearly $200 million in February of 2022. Units sold was off 22% from last year with 358 homes sold in February versus 457 last year. Despite the continued dip in demand, prices rose more than 2% year-over-year, settling at $419,900 compared to $410,000 in February of 2022. Stafford County led the pack with its median price coming in just shy of $500,000.
FAAR Board of Director Tamar Myers-Moffatt comments, “February was an interesting month. Most of my clients and prospective clients were looking to either sell or rent their home. It was as if everyone has a “looking ahead approach”, eagerly anticipating what the spring and summer markets will bring. What I find promising is that sellers are getting back to normal with the effort needed to present their home on the market for sale. From trash cleanouts to pre-listing inspections, sellers are making informed decisions about how to best position their homes to maximize their final sales price.”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased 74% up to 40 days this February compared to 23 days last year.
Inventory was up nearly 50% in February, finishing out the month with 649 active listings compared to just 446 last February. New listings were down nearly 41% from last year with 664 homes coming on the market in February of 2022 compared to just 393 this past month. While overall active listings continue to show increases from last year, lack of supply in the market continues to pose challenges as would-be buyers cannot find what they are looking for. New pending sales were down nearly 33% in February, with 433 pending contracts compared to 645 last February.
