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How to Submit your School as an Approved NAR Ethics Provider
NAR has made several changes in the Code of Ethics requirement effective January 1, 2022. If your brokerage has a school, and you would like its Ethics class to be considered for approval, please fill out and return the linked application along with a copy of the class slides and materials.
Beginning January 1, 2022 – the start of the 7th cycle:
- Courses must include content on professional conduct, courtesies, business etiquette, and real-life scenarios.
- Only those courses and equivalencies provided by a local, state, or national REALTOR® association can satisfy the Code of Ethics training requirement. The Commitment to Excellence (C2EX) endorsement satisfies the requirement. Local associations may, however, partner with a third-party training provider to create a course that satisfies the requirement.
- Download a comprehensive implementation chart for these changes (PDF 128.79 KB)
- Please note that FAAR Academy and CE shop both offer Ethics courses that meet both NAR and DPOR guidelines.
FAAR accepts the following schools for the NAR Code of Ethics requirement:
- FAAR Academy (classroom and Zoom options)
- CE Shop (online only)
- NAR (Online only, does NOT count at DPOR) https://www.nar.realtor/about-nar/governing-documents/code-of-ethics/code-of-ethics-training
Dahlgren Environmental Cleanup Input
From Naval Support Facility Dahlgren:
The Navy is gathering information from our community for consideration in preparing a Community Involvement Plan for the ongoing environmental cleanup program at Naval Support Facility Dahlgren. This Environmental Restoration Program involves investigating and, if needed, cleaning up sites where past releases of hazardous substances have occurred.
The information you provide will be used to design a plan to engage, inform, and involve the community throughout this cleanup process. Your input is critical to the development of this plan and the environmental cleanup effort. Any information you provide will be kept strictly confidential. The survey usually takes between 10-15 minutes to complete and will be available through March 20, 2022.
You may provide your input by either:
- Completing an online survey at https://tinyurl.com/DahlgrenSurvey
- Participating in a telephone interview. Call the NSASP Public Affairs Officer, 540-653-8153, for more info.
Low Inventory Continues to Plague Housing Market
January 2022 continues to see the same issues that have been plaguing the local real estate market for many months, namely low supply. A lack of choice in the market coupled with steadily rising prices and a brutal blast of winter led to decreased sales in the month and a significant decline in pending sales. Despite the factors working against the market, total sold volume and prices both climbed handily. January closed out with a total sold dollar volume of approximately $202.6 million which represents a nearly 10% increase over January of 2021. The market saw a significant 15% year-over-year increase in median price, going from $345,000 in January of 2021 to just shy of $400,000 at $396,000 this January. Units sold decreased for only the second time since May of 2020, coming in at 468, a nearly 4% decrease from last January’s total of 486.
FAAR Board of Director Randy Walther comments, “This winter has seen the market become lean and mean. Homes for sale have fallen to record lows in terms of supply. While some of this is seasonal, a portion is outright fatigue from the stress of the past year or two. It’s difficult for some sellers to motivate themselves to prepare their home for the market when they realize that finding a new place could be a long, drawn-out endeavor. However, if they do move forward, they are more often than not seeing good returns for their effort. Current buyers, on the other hand, seem to be active but not fixated on a quick result. There may be fewer people looking in the winter so it’s not as hectic of a market. Realtors® are doing a good job of helping both sellers and buyers understand the present landscape.”
Most jurisdictions in the FAAR footprint saw a decrease in units sold with the City of Fredericksburg leading the way at a 40% reduction. January of 2021 saw 43 sales, compared to 26 this year. Caroline County also saw a steep decline, with over 27% fewer sales than last January. Stafford County saw a modest increase of 9% but two of our most rural jurisdictions, Orange County and Colonial Beach, saw sizable increases in units sold at 20% more and 38% more respectively, compared to last January. Orange County saw 63 sales this January compared to 53 last year, while Colonial Beach had 22 this year compared to 16 last year.
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 30% up to 26 days. While it’s still a brief amount of time considering historical real estate trends, it is still double the number of days at the lowest part of the market from July of 2021, which stood at just an average of 1o days on the market.
Inventory remains low, but was still up 22% from last year’s historic bottom of supply. There were just 396 homes on the market at the end of January 2021. That number ticked up to 484 homes at the end of this January, but the good news was tempered by a more than 23% reduction in new listings coming on the market. In January of 2021, 600 sellers put their homes up for sale. In January of 2022, just 461 new listings came onto the market.
FAAR Releases 2021 4th Quarter Home Sales Report
Fredericksburg Area Association of REALTORS®
Market Report Key Takeaways
Economic Conditions
- Economic conditions in Virginia continued to improve in the fourth quarter, with broad-based job
gains and another drop in the unemployment rate. The employment picture also improved in
the Fredericksburg region, with the unemployment rate falling to near pre-pandemic levels. - Despite steady economic progress, consumer confidence remains weak, as individuals and
families face rising prices and a surge in COVID-19 cases. The measure of expectations of future
economic conditions fell to a 16-month low in December 2021. - Mortgage rates began to tick up at the end of 2021. Persistently high inflation will prompt the
Federal Reserve to raise the federal funds rate in 2022, which will push mortgage rates even
higher in the months to come.
Housing Market Conditions
- There were 2,319 homes sold in the FAAR region during the fourth quarter. Sales declined slightly
compared to a year ago, the first year-over-year drop in sales in the region since early 2019. - Despite cooler sales activity, home prices continued to rise quickly in the FAAR area. The fourth
quarter median sales price was $380,000, which is 12% higher than a year ago, a gain of $40,000. - Inventory fell again in the FAAR region. There were just 671 active listings in the region at the end
of the fourth quarter, 12% fewer listings than a year ago. There is less than a month’s supply of
inventory in the FAAR market.
FAAR Community Service Committee’s Charity Share-a-thon
Show the love and help bring awareness to your favorite charity for free!
Nominate a charity for recognition, then explore the various charities REALTORS® and Affiliate members support here!
View the submitted charities below!
MANARC Borne the Battle
Deborah Franks
Ruyts Foundation of Veteran Suicide Prevention
Marcus Toler
Feed the Gap
Denise Smith
Mental Health America of Fredericksburg
Laurie Black
Hub of Hope and Central Virginia Housing Coalition
Matthew Rathbun
For This Child Foundation
Deanna Joy Beltran
Mary’s Shelter
Johanna Merino
Fairy Godmother Project
Stephanie Lyles
Fredericksburg Regional Food Bank
Amariah Alphonso
Micah Ministries and Empowerhouse
Cara Harris
Greater Fredericksburg Habitat for Humanity
Sherrie Shaw
High Prices, Continued Low Supply Close Out the 2021 Housing Market
While many Realtors® have experienced moderating of the real estate market in recent months, 2021 as a whole was a more frenetic market than its record-setting predecessor of 2020. “2021 saw the trend continue of extremely low inventory coupled with very strong buyer demand, leading to a chaotic and often disappointing market for many local homebuyers,” states 2022 FAAR President Deb Ellis. The first half of the year was marked by intense bidding wars with home inspections falling by the wayside, buyers bringing serious cash to the table when homes didn’t appraise, and multiple offers as the norm. These dynamics all conspired to make 2021 another record-breaking year in the real estate market.
The year closed out with a total sold dollar volume of nearly $4 billion which represents a more than 26% increase over the year-end totals for already red-hot 2020. The market saw a nearly 13% year-over-year increase in median price, going from $339,520 in 2020 to $382.000 in 2021. Units sold increased over 11%, finishing out the year at 9,266 units compared to 8,310 units sold in 2020. Stafford County led the pack with a 2021 median price of $445,000, a staggering $135,000 increase from just five years ago. Rural localities also saw significant increases with Orange County seeing a nearly 40% increase in units sold in 2021, with 990 sales. That represents a more than 45% increase from just 2 years ago when Orange closed out the year with 677 closed sales.
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, fell a whopping 48% with houses averaging a mere 15 days on the market in 2021 compared to 29 days in 2020. More than 68% of homes sold in just 10 days or less. The vast majority of sales were of 3 or more-bedroom single family homes, with that segment making up nearly 82% of the total units sold.
“The super-charged real estate market of 2021 resulted in many disappointed buyers as there were not enough homes to go around.,” continues Ellis. “Many buyers temporarily exited the market to wait for calmer times. However, we saw some moderation in the market in late 2021 and while the market remains very competitive, we did see a slowdown more in line with seasonal trends.”
December saw sold dollar volume and median price increase, but units sold was flat with 6 less houses selling in December of 2020 versus December of 2021. The month closed out with over $294 million in total sold volume, representing a 13% increase from last year. Median price climbed to $385,500, an 11% increase from the $347.222 price point of December 2020. Units sold clocked in at 689 compared to 695 sold in 2020. However, December is a historically weaker home sales month and December of 2020 was up over 44% from 2019, so 2021 held strong compared to historical averages.
While December of 2021 ended the year with 13% more listings than 2020, it wasn’t enough to change the narrative of consistent constrained supply. December of 2020 saw the lowest level of listings for any December in recent years with just 511 homes to choose from. In December of 2019, a time when some would say the market was already having supply issues, there were over 1,200 homes for sale. December of 2021 closed with 579 homes available for purchase. Pending sales also continued to be strong with a 7% increase over last year.
Ellis points out that the highly competitive home sales market also drives up prices in the rental market as sellers cash in for big bucks and then elect to rent until they find their next place. Many renters are also staying put waiting for the market to settle down before buying a home, which leads to greater competition in rental rates. As a result, prices increase which squeezes out renters seeking more moderately-priced options. With rumored Federal Reserve rate hikes and the hope for a functional end to the pandemic, 2022 remains a very cloudy crystal ball. “Now more than ever, it is vital to work with a Realtor® who is an expert in our local market and can serve as a beacon of calm while navigating this turbulent market,” adds Ellis.
Local Home Prices Up Big in November
While some normalcy continues to return to the market, prices increased significantly in November with the area housing market flirting with a $400,000 median price. Total sold dollar volume increased by 22% fueled by a more than 16% rise in median sold price and a nearly 8% increase in units sold over last November’s equally hot market. Total sold dollar volume settled at approximately $305.6 million this November compared to $249.7 million in November of 2020. Median sold price came in at a near-record high $395,500, a more than 16% year-over-year increase from 2020. In November of 2021, 715 homes were transacted versus 664 in November of last year, representing an 8% increase.
“Things are slowing down, but not in the traditional sense,” states FAAR Board of Director Kardin Lillis. “We are still seeing a very fast-paced market, especially for accurately priced, well-maintained homes, but the days of large escalation clauses and dozens of offers seem to have passed.”
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, actually increased for first time since September of 2019. Average days on market rose from 16 days in November of 2020 to 20 days on market this year, representing a 25% year-over-year increase.
Overall active listings were up 23% this November compared to last year, with 704 homes available in the entire FAAR footprint at the end of November versus just 572 last year. New listings were up nearly 4%, with 668 homes coming on the market this November compared to 643 last November. New pending sales held steady with a slight 1% decrease, showing that buyer demand remains strong as we return to more normal market conditions.
FAAR installs 2022 Leadership Team and presents 2021 Awards
The Fredericksburg Area Association of REALTORS® (FAAR) installed its 2022 Leadership Team in a ceremony at Stevenson Ridge on Thursday, December 9, 2021. Despite the year’s many challenges, the Association under 2021 President Carrie Danko remained committed to serving the more than 1,800 Realtors® working throughout the region with top-notch educational offerings, wide ranging real estate services, and strong advocacy to protect the real estate industry.
Looking ahead to 2022, incoming President Deb Ellis of Coldwell Banker Elite plans to continue the trend of strong leadership at the Association. “We are very proud to celebrate the award recipients and FAAR leadership at this annual event. We have a team in place that is excited to get to work for the members of the association and people in our community,” stated Ellis.
Incoming President Deb Ellis and her leadership team were installed by Kevin Breen, broker of Coldwell Banker Elite.
Several awards were also given out, including:
Realtor® Emeritus
Recognizing members who have attained 40 years of continuous membership in FAAR and have served at the National Association of REALTORS.
Melanie Thompson
Century 21 Redwood Realty
Silver Circle Awards
Recognizing members who have attained 25 years of continuous membership in FAAR.
Sheila Johnson, IONE Realty
Connie Mulgrew, Century 21 Redwood Realty
Crystal Norbeck, Valere Real Estate
Andre “Rick” Perry, eXp Realty
Sharon Shade, RE/MAX Allegiance
Maureen Villalva, Coldwell Banker Elite
Affiliate of the Year
Recognizing the FAAR affiliate member that provides exceptional service to FAAR, its members,
and the general public.
Mike Lee
Summit Mortgage
Good Neighbor Award
Recognizing members who give back to the community.
Maribel Barker
Fawn Lake Real Estate
Spirit Award
Recognizing the participation of a member who supports FAAR behind the scenes.
Anne Overington
Century 21 Redwood Realty
Raising the Bar Award
Recognizes the member who has gone above and beyond to improve their knowledge of the business and professional standards.
Sha Williams-Hinnant
1st Choice Better Homes and Land
Hall of Fame Award
Recognizes a member with extensive leadership history and service at FAAR
Sherry Bailey
Century 21 New Millennium
Icon Award
Recognizes members who have made a significant mark on the real estate profession
Nick Calamos
Coldwell Banker Elite
The 2022 FAAR Leadership team is
President Deb Ellis, Coldwell Banker Elite
President-Elect Carol Sondrini, Coldwell Banker Elite
Vice President Randy Walther, Nest Realty
Secretary Dawn Josemans, Coldwell Banker Elite
Treasurer Lauren Tate, Century 21 Redwood
Immediate Past President Carrie Danko, Pathway Realty
Directors
Pia Contreras-Sanchez, Prime Realty
Abby Fitzsimmons, Coldwell Banker Elite
Gary Gardiner, Jr., Coldwell Banker Elite
Kardin Lillis, Weichert, REALTORS®
Clay Murray, Pathway Realty
Matthew Rathbun, Coldwell Banker Elite
Affiliate Director
Michele Freemyers, Ekko Title
Fredericksburg-area Home Sales Slow Slightly in October
The Fredericksburg-area real estate market showed indications of cooling with the first year-over-year decline in units sold since the start of the pandemic. Units sold posted a more than 3% decline this October versus last year with 736 home sales in 2021 compared to 760 in 2020. Those declines were nearly universal across the FAAR footprint with Spotsylvania leading the way with a 15% decline in sales. Orange County was a noticeable outlier with a sizeable increase in units sold. In October of 2020, Orange County saw 53 sales. In October of this year, the County posted 90 sales, representing a 70% year-over-year increase.
“The market we experienced in 2020 and first two quarters in 2021 was a sellers’ market on steroids,” comments FAAR Board of Director Clay Murray. “There was a huge imbalance between supply and demand providing incredible opportunities for sellers with crazy intense competition among qualified buyers. That being said, it’s not sustainable and what we’re seeing is a healthy calming, not cooling, of that intensity — from crazy to hot. It’s still a very strong and solid sellers’ market for appropriately priced homes as some normalcy comes into play between buyers and sellers. Home inspections and appraisal contingencies are more prevalent and that’s a good thing for all. We all know finding some balance and being healthy is vital, the same thing goes for our local real estate market.”
Total sold dollar volume increased nearly 5%, settling at approximately $305 million this October compared to $291 million last year. Median price saw a more than 9% increase, going from $352,000 in October of 2020 to $384,677 in October of this year. 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, fell 10% with houses averaging 18 days on the market in October 2021 compared to 20 days in October 2020. The reduction in DOM is the smallest metric the market has seen since July of 2020 when DOM declined 9%. The local market has consistently experienced double digit declines in days on market for most of the last two years.
While new listings were down nearly 10% this October compared to last year, overall active listings are up over 20%. There were 653 active listings at the end of last October compared to 784 this year. Last year saw 890 new listings come onto the market in October, compared to 802 this year. New pending sales are down nearly 4%, indicating a slower pace of sales headed into the holiday season.
#MemberMonday Meet REALTOR® Adarsh Parbadia
Name
Adarsh Parbadia
Hometown
Stafford
Current Location
Fredericksburg
Title
Realtor®, Christmarr Properties
Number of Years in the Industry
2
Why do you love working in real estate?
My family has been in real estate my entire life. My father and uncle run a construction company so I have had a chance to see the entire real estate process from development, building, to closing. To me it is incredible to see how many moving parts there are and all the individuals involved. We all make a living just on a portion of the timeline. From builder, to contractors, to lenders, to settlement companies, and so many more. But what I love the most (from being on the residential side) is you get to be a part of the purchasing journey for your clients. They have worked years to get to this point and you get the chance to make it happen for them.
Favorite Work Story
My favorite story happened this year. I joined the Young Professionals Network this year and got to meet some incredible people from REALTORS® to the team at the Association. Myself being the listing agent I got to work with the current chair of YPN who represented the buyers. It was the first time I worked across the table with an agent I knew. Needless to say, the transaction went very smoothly and both parties are very happy.
What are you most proud of in your career?
It was probably my first transaction which was a rental property. It was also my first listing and was in North Stafford. I probably called my broker every day to make sure I was doing and saying the right thing. But that transaction gave me the confidence on the next ones. And that even if you jumping into a new industry, product type, or area there is always a way to figure it out.
Fun Fact
Went to my first Washington Nationals game earlier this year.
Press Releases
Topside Federal Credit Union Awards Students Across the Area with $7,000 in Scholarships
FOR IMMEDIATE RELEASEFor More Information Contact:Lisa WilliamsLisa.Williams@TopsideFCU.org I 540.413.3889 DAHLGREN, VA (June 1, 2021) - Topside Federal Credit Union, the area's largest locally owned credit union, recently awarded scholarships to five students from...
April Sees More Real Estate Market Acceleration
Despite rising interest rates and dwindling supply, the real estate market continued its acceleration with increasing total sold volume, median price, and units sold and decreasing days on market and available inventory. Total sold dollar volume was up over 35% in...
Virginia’s Commercial Real Estate Market Resilient Amid COVID-19
From the Virginia Realtors®... Richmond, VA – According to the Q1 2021 Commercial Market Report released by Virginia REALTORS®, the commercial real estate market in Virginia has been surprisingly resilient, despite concerns about a serious downturn as a result of the...
FAAR Recognizes 2020 Realtor® Award Winners
The Fredericksburg Area Association of REALTORS® (FAAR) recognized 2020 Award Winners who have set themselves apart in the industry through their commitment to professionalism, education, and customer service. Awards were handed out for Rookie Salesperson of the Year,...