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How hot can the local real estate market get?
Potential buyers in the Fredericksburg-area housing market are asking themselves, how high can it go? The market posted another sizzling month with dramatic increases in total sold dollar volume and units sold coupled with plummeting days on market. Sold dollar volume was up 68% year-over-year, increasing from approximately $149 million in November of 2019 to nearly $250 million in November of this year. The increase was fueled by a nearly 50% uptick in units sold with 664 transactions this November compared to 450 last year. Median price was up over 9% settling at $340,000, up from $311,700 last November.
Is it possible for houses to spend zero days on market? In this market, it is becoming more and more prevalent. In the month of November, 24 homes spent zero days in active status on the market. A whooping 435 of the 664 homes sold in November spent between 1 and 10 days on the market. Average 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 over nearly 64% with houses averaging just 16 days on the market in November 2020 compared to 44 days in November 2019.
Supply is the major issue in the market and has been for the entire year. November closed out the month with just 572 homes on the market, compared to 1,435 in November of last year. With 664 homes sold in the month, that demonstrates the quick churn through existing inventory. New pendings were up again in November, with 28% more homes under contract in November of 2020 versus last year.
“The November market was much the same as the rest of the year. Multiple offers on homes are still happening a lot of the time,” states 2020 FAAR President Drew Fristoe. “I have buyers who are still searching for the right home and the home where our offer will be picked. On the listing side, my sellers are waiting until the New Year so that they can get through the holidays.”
FAAR Installs 2021 Leadership Team
The Fredericksburg Area Association of REALTORS® (FAAR) installed its 2021 Leadership Team in a virtual ceremony on Thursday, December 10, 2020. Despite the year’s many challenges, the Association under 2020 President Drew Fristoe remained committed to serving the more than 1,700 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 2021, incoming President Carrie Danko of 1st Choice Better Homes and Land is focused on keeping those values strong and is committed to “rethink, reenergize, and rebound” together.
Incoming President Carrie Danko and her leadership team were installed by Ann Black, broker and owner of 1st Choice Better Homes and Land.
Several awards were also given out, including:
Realtor® Emeritus
Recognizing members who have attained 40 years of continuous membership in FAAR.
| Chris Kaila Exit Elite Realty |
Patsy Thompson Rappahannock Properties, Inc. |
Silver Circle Awards
Recognizing members who have attained 25 years of continuous membership in FAAR.
| Tracy Bilodeau BHHS Select Realty |
Falco Bruno United Real Estate Premier |
| Kathleen Elim Samson Properties |
Joyce Lamantia A Home 4 U |
| Richard Snow Exit Realty Expertise |
Faith Strong Valere Real Estate |
| Denise Vrabel Help U Sell Grein Group |
Kenneth White Century 21 Redwood |
Affiliate of the Year
Recognizing the FAAR affiliate member that provides exceptional service to FAAR, its members, and the general public.
Tim Murphy
C&F Mortgage
Good Neighbor Award
Recognizing members who give back to the community.
| Patti Murphy Long and Foster |
Denise Smith Century 21 Redwood |
| Deb Ellis Coldwell Banker Elite |
Spirit Award
Recognizing the participation of a member who supports FAAR behind the scenes.
Sherrie Shaw
Universal Title
Raising the Bar Award
Recognizes the member who has gone above and beyond to improve their knowledge of the business and professional standards.
Matthew Rathbun
Coldwell Banker Elite
Icon Awards
Recognizing members who have made a significant mark on the real estate profession.
| Alex Long Weichert, Realtors® |
Janel O’Malley Coldwell Banker Elite |
The 2021 FAAR Leadership team is:
President Carrie Danko, 1st Choice Better Homes and Land, LC
President-Elect Deb Ellis, Coldwell Banker Elite
Vice President Carol Sondrini, Coldwell Banker Elite
Secretary Randy Walther, Nest Realty
Treasurer Clay Murray, Pathway Realty
Directors Lynn Lenahan, 1st Choice Better Homes and Land, LC
Sandy Pearce, Pathway Realty
Dawn Josemans, Coldwell Banker Elite Property Management
Lauren Tate, Century 21 Redwood
Kardin Lillis, Weichert, Realtors®
Pia Contreras-Sanchez, Prime Realty
Donna Schmidt, 2-10 Home Buyers Warranty
Immediate Past President, Drew Fristoe, Coldwell Banker Elite, will join the 2021 Leadership Team on the Board of Directors.
Say NO to Stafford County downzoning!
UPDATE AS OF FEBRUARY 22, 2021: Downzoning is expected to be back on the agenda for the Board’s meeting on Tuesday, March 2 at 3:00pm. The building will be reopen to the public so the Board will have the chance to hear public comment. There are three ways to get involved if you or your clients are concerned about this issue.
1. Email all of the Stafford County Board of Supervisors members and tell them how you feel. A sample email and contact information is provided below.
2. Attend the Board Meeting on Tuesday, March 2 at 3:00pm. The opportunity to speak is at the very start of the meeting and each person making a public comment will have 3 minutes. Sample talking points are posted below. The meeting will take place in the Board Chambers at 1300 Courthouse Road, Stafford, Virginia.
3. Submit public comments prior to the meeting. If you cannot make the meeting or do not wish to attend in person, but want your comments as part of the public record, you can submit your comments via the County’s website. Use the button below to access the comment portal. Please note, the site is ONLY ACTIVE starting at 8:00am on Friday, February 26 through 4:30pm on Monday, March 1.
UPDATE AS OF JANUARY 20, 2021: The downzoning item was removed from the Consent Agenda and was discussed at length at the Tuesday, January 19, 2021 Board of Supervisors meeting. After competing motions to dismiss downzoning and to send it back to the Planning Commission, the ultimate decision was to defer the item again until the public can safely return to the Board Chambers and fully engage. The item is expected to be back on the agenda for the Tuesday, February 16, 2021 meeting. FAAR will continue to monitor this situation closely and keep our members apprised of any Board action. While downzoning remains on the table, there was interest expressed in looking at some of the Planning Commission’s other ideas.
Interested members can access more materials related to downzoning below including a sample letter to send directly to the Board of Supervisors. Click here to read an article in the Free Lance Star about the Board’s action from January 19.
Downzoning is still on the table, so we need our members to keep letting elected officials know that we care! Consider sending emails to the Stafford County Board of Supervisors to let them know of your opposition.
Supervisor Meg Bohmke: mbohmke@staffordcountyva.gov
Supervisor Tom Coen: tcoen@staffordcountyva.gov
Supervisor Cindy Shelton: cindyshelton@staffordcountyva.gov
Supervisor Tinesha Allen: tallen@staffordcountyva.gov
Supervisor Gary Snellings: gsnellings@staffordcountyva.gov
Supervisor Crystal Vanuch: cvanuch@staffordcountyva.gov
Supervisor Mark Dudenhefer: mdudenhefer@staffordcountyva.gov
UPDATE as of January 2021: Due to ongoing concerns about COVID-19, Stafford County is deferring action on downzoning until the public can safely engage at County Board of Supervisors meetings. The issue is still on the table, but we expect consideration to be mid-February or later. FAAR continues to monitor this situation and provide input to the Board. It is important that our members do the same! Consider using the sample letter linked below to send an email to the Stafford County Board of Supervisors. Click here to read an article posted in the Free Lance Start about this issue on January 18, 2021.
UPDATE as December 2020: Stafford County has posted the agenda for the 12/15 Board Meeting. The agenda has been posted here for anyone who wants to check it out. The Board has added a resolution stating their desire to see an exemption for Family Subdivision.
SAY NO TO STAFFORD COUNTY DOWNZONING!
Stafford County continues to pursue efforts to downzone property in the A-1 agricultural zoning district. This effort will now require more acreage to create a buildable lot, changing the minimum lot size from 1 house per 3 acres to 1 house per 10 acres. This action will reduce land values in the rural areas, decimate decades of wealth creation for Stafford County families, and will rob landowners of the right to do with their land as they see fit.
The County’s own Commissioner of the Revenue estimates that a 10-acre downzoning could reduce rural land values between 50% and 60%. (Check out his video explaining how that will happen here.) Those that would be most impacted are smaller landowners who typically use their acreage to subdivide for family or to sell off a lot or two to fund college or retirement. In fact, the County is only off 94 homes from their Comprehensive Plan target for rural housing development. The vast majority of development in the County happens in suburban areas so any reduction in rural housing growth will be negligible.
FAAR debuts NEW monthly housing report
FAAR has a new monthly report provided through the Virginia Realtors® that is chock full of detailed information about the local market. Use this data for your listing presentations, communication with your sphere and for your social media posts.
Fredericksburg-area Real Estate Market Shows No Sign of Slowing Down
The local real estate market shows no signs of slowing down despite the ongoing pandemic, fears of another wave of the virus, continued economic contraction, and cooler weather approaching. Total sold dollar volume was up a whopping 63% from last year, coming in at approximately $291.1 million this October compared to $178.1 million last October. The region’s median price increased for the 19th straight month, soaring more than 13% year-over-year going from $310,000 in October of 2019 to $352,000 in October of this year. Units sold increased a record breaking 42% with 760 homes sold this October compared to 535 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, fell 50% with houses averaging a mere 20 days on the market in October 2020 compared to 40 days in October 2019.
“With the listing inventory still at an all-time low, the October market resulted in higher sales volume and increased sale prices,” comments FAAR Board of Director and affiliate member Donna Schmidt. “Escalation clauses were insane, with buyers foregoing home inspections and all other contingencies taking us back to the 2004-05 market. However, appraisers and Realtors® have tried to keep things in check and are doing an amazing job keeping up with the times.”
The region’s supply issues continue to frustrate buyers as the market saw another huge drop in active listings compared to last year at the same time. The region closed out October with just 653 homes on the market, a 59% decrease from last year. Realtors® would have said a year ago that supply was the biggest issue facing the market and that was when active listings were over 1,600. New listings provided a glimmer of hope again this month with a more than 13% increase in homes coming on the market over the same time last year. New listings are quickly being absorbed into current demand leading to higher units sold the next month. New pending transactions were strong again this month with a 44% increase, indicating that things are not slowing down.
Evictions now require a 14-day notice and other new laws…
From the Virginia Realtors…
Critical updates to help YOU operate within the law
Governor Northam called a special session of the General Assembly, which began on August 18, 2020. Throughout this session, Virginia REALTORS® worked to maintain the status of “essential” for our members, enabling them to remain open for business. The 2020 Special Session was limited in scope to legislation to assist with the pandemic response and police reform. Because housing is closely related to the pandemic, eviction legislation was a top priority.
Your Virginia REALTORS® Government Relations team worked tirelessly with senators, delegates, and the Governor’s office to strike a balance for our property managers, owners, and their tenants, as we all continue to rebuild our economy. Within that discussion and debate, we successfully shared the plight of small “mom and pop” owners, many of whom own just a couple of rental homes. In addition, we helped secure approximately $62 million of rental relief that is available for owners and tenants if they have been impacted by the COVID-19 pandemic.
Yesterday, the General Assembly concluded the 2020 Special Session. Some of the Governor’s Amendments to the Budget were not adopted which means the Governor has until December 9, 2020 to address the Budget (so the Budget is not yet final). The Budget contains language that controls legal processes for evictions, including language that dovetails with the federal eviction moratorium through December 31, 2020 issued by the Center for Disease Control (“CDC”). Although we do not anticipate the Budget language on evictions to change, it is important for members of Virginia REALTORS® to understand what is coming.
But first, it is important to be aware of one piece of legislation that has an emergency clause was signed into law by the Governor and is therefore effective on November 9, 2020. HB 5064 amends the Virginia Residential Landlord Tenant Act (“VRLTA”) to require a landlord who owns four or less dwelling units to give the tenant a 14-day notice instead of a 5-day notice for nonpayment of rent. For landlords who own five or more dwelling units, the VRLTA now requires a 14-day notice instead of a 5-day notice for nonpayment of rent, with the additional requirement that the tenant shall be offered the opportunity to enter a payment plan for the back-rent owed, with payments spread out over six months. Landlords and property managers should carefully review the provisions of HB 5064 by clicking this link. HB 5064 sunsets on June 30, 2021.
The major changes in landlord-tenant law are contained in the State Budget, which again is not yet effective but will be sometime in December.
Under this new language in the State Budget, Virginia will continue to operate under the CDC’s eviction moratorium until December 31, 2020. In Virginia, no landlord shall terminate a residential tenancy, or take any action to obtain possession of a dwelling unit, for non-payment of rent through December 31, 2020, unless such an eligible tenant refuses to apply for Virginia Rent and Mortgage Relief Program (“RMRP”) assistance and refuses to cooperate with the landlord in applying for rental assistance through the Virginia RMRP. If the tenant refuses to apply for rent relief or refuses to cooperate with the landlord in applying for rent relief, the landlord can proceed with the eviction process within 14 days of receipt of the written notice. However, no eviction is allowed to occur under the CDC eviction moratorium until after December 31, 2020. In addition, landlords must do the following:
If the owner owns LESS THAN 5 residential rental units, the owner or their agents MUST:
- Provide a notice to the tenant, if late on the rent:
- informing the tenant of the total amount due and owed;
- informing the tenant of the web-address of the Virginia Rent and Mortgage Relief Program – https://www.virginiahousing.com/RMRP – and the phone number to call to inquire, 2-1-1;
- informing the tenant that the landlord, owner, or agent SHALL apply on behalf of the tenant to the Virginia Rent and Mortgage Relief Program and that the landlord will cooperate with the tenant, if the tenant is applying; and
- comply with the 14-day notice provisions of HB 5064:
https://lis.virginia.gov/cgi-bin/legp604.exe?202+ful+HB5064ER2+pdf.
If the owner owns 5 OR MORE residential rental units (or more than a 10-percent interest in more than four rental dwelling units, whether individually or through a business entity), the owner or their agent MUST:
- Provide a notice to the tenant, if late on the rent:
- informing the tenant of the total amount due and owed;
- informing the tenant that if the tenant provides to the landlord a signed statement certifying that the tenant has experienced additional expenses or a loss of income due to the declared state of emergency (COVID-19), the tenant may, but is not required to, enter into a payment plan under which the tenant shall be required to pay the total amount due and owed in equal monthly installments over a period of the lesser of six months or the time remaining under the rental agreement. The total amount due and owed cannot include late fees, nor can late fees be assessed during the payment plan period so long as the tenant is making timely payments;
- informing the tenant of the web address of the Virginia Rent and Mortgage Relief Program – https://www.virginiahousing.com/RMRP – and the phone number to call to inquire, 2-1-1;
- informing the tenant that the landlord, owner, or agent SHALL apply on behalf of the tenant to the Virginia Rent and Mortgage Relief Program or that the landlord will cooperate with the tenant, if the tenant is applying; and
- comply with the 14-day provisions and the payment plan requirements of HB 5064:
https://lis.virginia.gov/cgi-bin/legp604.exe?202+ful+HB5064ER2+pdf.
The deadline for landlords to apply for rent relief on behalf of their tenants is November 30, 2020. It is vital that landlords begin the process of setting up a profile with the Rent and Mortgage Relief Program AS SOON AS POSSIBLE. Information on the program, how to create your profile, tenant eligibility, and how to apply for rent relief is available on the Virginia Housing website. The profile approval process can take up to 5 days before applications can begin, so please set up your profiles now. Funds are available for 100% rent relief for tenants who are making 80% AMI 30 days prior to the application. Funds can be proactively applied for through December 2020 so long as there is a lease in place.
In the coming days, we will send more information on how to proceed with your owners and tenants and what changes will go into effect after the federal eviction moratorium expires on December 31, 2020. Until then, we will continue working for you and your clients.
2020 Realtor Cereal Collection Drive Results
REALTORS® and Affiliates did a tremendous job of seeking out cereal this year! YOU CRUSHED the goal of 16,000 boxes and ended up collecting 28,022 boxes of shelf-stable food for our community.
Who won?
Affiliate collecting the most boxes – 4-way tie!
Tim Liddy with Charden – 200 boxes
Donna Schmidt with 2-10 Home Buyers Warranty – 200 boxes
Tony Bolding with Alcova Mortgage – 200 boxes
Katie Williams – First American Home Warranty – 200 boxes
Most Cereal Per Agent
1st Choice Better Homes and Land – 10,118 boxes total
Most Improved
Long and Foster – from 3,361 boxes in 2019 to 7,256 boxes in 2020
Runner-ups Most Cereal
Century 21 New Millennium – from 2,772 boxes in 2019 to 3,699 boxes in 2020
Weichert Realtors – from 527 boxes in 2019 to 3,303 boxes in 2020
United Real Estate Premier – from 806 boxes in 2019 to 1,554 boxes in 2020
Honorable Mention
Hometown Realty – first time participating and collected 325 boxes!
Grand Prize
1st Choice Better Homes and Land – 10,118 boxes!
Thank you also to these cereal collectors!
CTI Real Estate
Berkshire Hathaway Home Services
Century 21 Redwood
Universal Title
Coldwell Banker Elite King George/Colonial Beach
Topside Federal Credit Union
Regarday
Stafford County to consider downzoning on October 29
The Stafford County Board of Supervisors will host a joint public hearing with the Stafford County Planning Commission on Thursday, October 29 at 6:30pm on downzoning. This meeting will be held at Colonial Forge High School, located at 550 Courthouse Road, to allow for physical distancing. The only item on the agenda for the meeting will be Stafford County’s proposal to downzone land in the A-1 category from a minimum lot size of 1 home per 3 acres to 1 home per 10 acres. The Board can adjust that acreage down at that meeting, but cannot increase it and cannot consider any other alternatives to the downzoning. Check out Stafford’s website dedicated to downzoning for more details on the meeting.
The FAAR Board of Directors approved sending a letter to the Board of Supervisors and the Planning Commission in opposition to the proposed downzoning. The Association is concerned about the financial impacts to longtime landowners that have used the increasing value of their land as wealth creation over many years. For many, the security of their retirement is directly tied to the value of their land. In addition, many landowners are looking to family subdivision as the only affordable way to help their children stay in Stafford County and achieve the dream of homeownership in the place that they were raised.
FAAR requested 3 specific items be considered when looking at downzoning:
- Change the proposed minimum lot size from 10 acres to 6 acres
- Exclude A-1 properties that are located in the Urban Services Area from the downzoning as County planners have already identified those regions as capable of handling future growth
- Consider special considerations for family subdivisions such as reducing the required minimum lot size so that it remains viable for properties with lesser acreage
If you or your clients are concerned about what a downzoning could mean for property owners’ ability to do as they see fit with their land, consider attending the public hearing and letting your voice be heard. FAAR has created a special webpage related to downzoning that includes a sample letter of concern that can be emailed directly to each Supervisor. If you are unable or unwilling to attend the meeting in person, emailing your thoughts and concerns to the Stafford Board Members is a great way to convey your message. Once an action like downzoning is taken, it is very unlikely that it would be reversed, impacting both current and future landowners in the County.
Congratulations FAAR members appointed to 2021 NAR committees
Congratulations to these FAAR members
Please join us in congratulating the esteemed FAAR members who have been appointed to NAR committees for 2021. As of publication, 76 Virginia REALTORS® have been selected to serve on NAR committees, and several individuals received multiple appointments.
Congratulations to the following FAAR REALTORS® on being selected for NAR committee positions
Committee Appointments
Suzanne Brady – Consumer Communications Committee
Barbara Castillo – Professional Development Committee
Drew Fristoe – Sustainability Advisory Group
Kim McClellan – Land Use Property Rights and Environment Committee
Christine Singhass – Public Policy Coordinating Committee
Michael Straley – Real Property Valuation Committee
More of the Same in the Fredericksburg-area Real Estate Market
The local real estate market continues to experience high transaction volume, low inventory, and rising prices. As summer faded into early fall, inventory shrunk to just under one month of supply. A healthy, balanced market is generally considered to have a 6-month supply of homes. Total sold dollar volume was up nearly 49% from last year, coming in at approximately $275.9 million this September compared to $185.4 million last September. The region’s median price increased for the 18th straight month, soaring nearly 10% year-over-year going from $305,000 in September of 2019 to $335,000 in September of this year. Units sold also increased significantly, rising nearly 35% with 755 homes sold this September compared to 560 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, fell over 55% with houses averaging just 22 days on the market in September 2020 compared to 49 days in September 2019.
“The market is challenging right now in that it’s such a seller’s market and we desperately need more listings to help with the inventory shortage,” states FAAR Board Member Carol Sondrini. “Interest rates remain historically low which is encouraging for buyers as they have more purchasing power, but since the market is moving so rapidly, it often takes buyers a few offers on different properties to get a ratified contract.”
The region’s supply issues continue to frustrate buyers as the market saw another huge drop in active listings compared to last year at the same time. The region closed out September with just 609 homes on the market, a whopping 63% decrease from last September. New listings provided a glimmer of hope with an 8% increase in new listings over the same time last year. In September of 2019, 755 homes came onto the market, while 817 new listings came on this September. New pending transactions were strong again this month with a more than 34% increase, indicating that things are not slowing down.
Press Releases
FAAR Announces Endorsements for 2019 Local Elections
The Fredericksburg Area Association of REALTORS® (FAAR) announces endorsements for local Board of Supervisors and Commissioner of the Revenue races on the ballot for the November 5 general election. The endorsed candidates represent areas throughout FAAR’s service...
July Housing Market is a Scorcher
July proved a hot month for both the weather and the local housing market. “The July real estate market started with a bang and was hot all month,” states FAAR Board of Director Cindy LeBrun. Total sold dollar volume increased nearly 18%, coming in at approximately...
June Housing Market Posts Strong Numbers Despite Fewer Sales in Key Localities
June posted strong numbers despite a double-digit sales reduction in market leader, Stafford County. Total sold dollar volume increased 5.8%, settling at approximately $236.8 million in June of this year, compared to $223.9 million in June of 2018. Units sold...
FAAR Partners with NAR in Amicus Brief Supporting AHPs
The Fredericksburg Area Association of Realtors® (FAAR) has agreed to join the National Association of Realtors® (NAR) amicus brief in defense of the Department of Labor’s (DOL) Association Health Plan rule. Amicus briefs are legal documents filed in appellate court...