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Wednesday’s Virginia REALTORS® awards event in Richmond was a night to remember, filled with excitement and celebration. We are thrilled to announce and congratulate our very own Fredericksburg Area Association of REALTORS® (FAAR) members who received well-deserved honors and recognition. Their hard work, dedication, and outstanding contributions to the real estate community have not gone unnoticed.
Clay Murray – 2023 Virginia REALTORS® Good Neighbor Award
Clay Murray was honored with the prestigious 2023 Virginia REALTORS® Good Neighbor Award. This award recognizes individuals who go above and beyond to make a positive impact in their communities. Clay’s commitment to helping others and his dedication to improving the lives of those around him make him a true Good Neighbor. We are incredibly proud of you, Clay!
Sha Williams-Hinnant – 2023 Virginia CRS of the Year
Another shining star of the night was Sha Williams-Hinnant. Sha was named the 2023 Virginia Certified Residential Specialist (CRS) of the Year. This award recognizes excellence and expertise in residential real estate, and Sha has proven time and again that she is at the top of her game. Congratulations, Sha, on this incredible achievement!
Tamar Myers-Moffatt, 2024 Virginia REALTORS® Board of Directors
Drew Fristoe, 2024 Virginia REALTORS® Board of Directors
Tamar Myers-Moffatt and Drew Fristoe have been installed to the 2024 Virginia REALTORS® Board of Directors. This is a testament to their leadership, dedication, and commitment to advancing the real estate industry. We have no doubt that they will continue to serve with excellence.
Congratulations to all our FAAR honorees! Your achievements are a source of inspiration to us all, and we are proud to have you as part of our FAAR family. Thank you for your hard work, passion, and unwavering commitment to the real estate profession. Here’s to a bright future filled with continued success and accomplishments!
The Fredericksburg Area Association of REALTORS® (FAAR) announces endorsements for local Board of Supervisors and City Council races on the ballot for the November 7th general election. The endorsed candidates represent areas throughout FAAR’s service territory including the counties of King George, Orange, Stafford and Spotsylvania, and the City of Fredericksburg.
“As active members of our local communities, REALTOR® and affiliate members of FAAR have a strong interest in this year’s elections. I am pleased with the impressive slate of candidates that FAAR has endorsed. If elected, these individuals will contribute much to our local communities by working to address issues like lack of available housing supply, traffic congestion, and infrastructure improvements,” stated FAAR’s 2023 Public Policy Committee Chair Matthew Young. “FAAR strongly supports each of the candidates endorsed for public office and looks forward to working with these individuals at the local level. The real estate industry is an integral part of our local economy, and it is vital that REALTORS® help elect candidates who understand those connections and are willing to work with our industry on issues of importance.”
FAAR has endorsed the following candidates:
City of Fredericksburg
Will Mackintosh (At-Large)
Kerry Devine (Mayor)
King George County
Carrie Gonzalez (Board of Supervisors, At-Large)
Bryan Nicol (Board of Supervisors, District 5)
Dr. Deborah Frazier (Board of Supervisors, Salem District)
Gerald Childress (Board of Supervisors, Chancellor District)
Howard Rudat (Board of Supervisors, Rock Hill District)
Tom Coen (Board of Supervisors, George Washington District)
Scott Mayausky (Commissioner of the Revenue
2024 FAAR Board of Directors announced
Electronic balloting began August 11 and ended September 13 at noon
Results were announced at a general membership meeting at 3 PM at the FAAR Expo.
Gary Gardiner Jr.
Immediate Past President
The regional median home price was up again in August, with every locality seeing increases. The median sold price settled at $450,000 in August of 2023 compared to $427,000 in August of 2022, representing a nearly 6% year-over-year increase. Units sold were down 25%, coming in at 516 compared to 691 units sold last August. Total sold dollar volume was down over 18%, posting approximately $256.2 million in sales for August of 2023 compared to $313 million in sales last year.
“In the thriving real estate landscape of the Fredericksburg region, a fascinating interplay between factors is shaping the current market conditions,” states FAAR Board of Director Matthew Rathbun. “The realm of rising home prices harmonizing with gradually increasing interest rates has unquestionably left its mark on the real estate landscape. We are observing a small, but notable rise in the months supply of available housing, along with sales prices commanding an average of 103% of the initial asking prices.”
The City of Fredericksburg posted its highest median sales price on record, coming in at $535,000 in August, up 31% from last year. The City is a smaller market so more subject to fluctuations in the housing stock sold, but that number is still notable. The City’s lowest median price in the last ten years came in May of 2015 with a median sold price of just $210,575.
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, remained static from last year. Houses were on the market for an average of 23 days this August compared to 22 days last year.
Inventory was also down again in August, finishing out the month with 848 active listings compared to 979 last year, a 13% decline. After trending up into the 1,000+ homes on the market for the second half of 2022, the market seems to have settled into a consistent 700-900 homes on the market. This new normal is about 1,000 homes short of pre-2020 levels. New listings were down 16% from last year with 603 homes coming on the market in August of 2023 compared to 722 last year. New pending sales were down 12% in August, with 521 pending contracts compared to 591 last year.
Rathbun continues, “Home sellers are exhibiting a degree of caution in the idea of selling their residences due to the desire to retain historically low interest rates they’ve secured over the past decade. This inclination is, in turn, contributing to the limited inventory of available homes. Prospective homebuyers are navigating a landscape that elicits a sense of exhaustion because of the scarcity of options. While the trend of multiple offers persists for freshly-listed homes, the fervor and urgency seen in buyers over the last three years are undergoing a gradual reduction. As the year unfolds, it’s foreseeable that sales prices will maintain their slight upward trajectory due to the scarcity-driven competition, even as buyer activity tapers off as the year draws to a close. The convergence of an early start to the school season, a constrained housing inventory, and the upward movement of interest rates collectively suggest a notable slowing of the market’s momentum as we transition from the vibrant autumn season into the winter months.”
Your copy of the August Newsletter, the FAARside is here! Crack open a copy for updates on local real estate and so much more!
Inside you will find
- Message from the 2023 FAAR President, Carol Sondrini
- Message from the CEO, Page Browning
- 2024 Leadership candidate bios
- Thank you to RPAC investors
- Information on rollback taxes
- How Real Estate Compensation Works
- RPR how-tos
Right click here or the image and click “Save as” to download
Flip through the directory to see all of FAAR’s affiliate members organized A to Z by company and also by service in the annual directory.
Not only will this guide you to some of the best companies in the local area, but the directory also contains committee contacts, member benefits, upcoming event calendar, how to make additions to your FAAR profile, and more!
Download your copy here or pick up a print copy of the directory at FAAR today!
Looking to search within all FAAR members? Use the member search function at faarmembers.com/member-search to sort by member type, languages spoken, and more
See anything missing or incorrect? Let FAAR know via email at firstname.lastname@example.org
The REALTOR® Cereal Drive is back!
2022 was an amazing year for the annual REALTOR® cereal drive. Help us beat our 2022 numbers and reach the 2023 goal of 20,000 boxes, all of which go to local area food banks! Use the cereal drive as a way to reconnect with your sphere and look for REALTOR®-branded marketing pieces (post-card and flyer) to enhance efforts of collecting cereal from clients and customers.
Let us know if your office plans to participate by emailing Barbara Castillo McGrath with your office and contact information by October 3rd.
Collected cereal can be dropped off at the October 26th Halloween Mixer at Wilderness Run Winery from 5-7 PM or for large pick-ups, the Fredericksburg food van can be scheduled to pick up from your location!
Download this square image to help with your marketing
Download this square image to help with your marketing
*Not attending the mixer? Just drop directly at the food bank and inform Barbara Castillo McGrath of your box count by October 26 at email@example.com.
* Want your cereal to go to a different food bank/pantry? No problem, take it wherever you like and send cereal counts by October 26 to firstname.lastname@example.org.
*Collecting cash instead? That’s fine, bring to the Halloween Mixer or FAAR by October 26th and it will be counted as 1 box per $1.
Cereal Drive Office Contest Sign Up 2023
Yes.. I want my office to participate in the annual FAAR Cereal Drive.
On Thursday, September 7, FAAR will host candidate interviews where members of FAAR’s Public Policy Committee will meet with individuals seeking election throughout the region to discuss issues and talk about their priorities should they be elected.
The goal of FAAR’s public policy program is to create lasting, positive relationships with elected officials through early outreach and support of those candidates who understand the value of real estate to the local economy and are willing to work with Realtors® on issues of vital importance to the industry and to property owners. The Association accomplishes this goal through making RPAC contributions to endorsed candidates with the goal of helping those candidates win in their elections. Running for office is very expensive, even at the local level, so any financial support is a big deal for candidates.
FAAR bases those endorsements on candidates’ responses to a detailed survey about real estate issues that can be reviewed here. The Public Policy Committee then follows up on those surveys with an interview that aims to dig deeper into their written responses by sharing information about the market and our Legislative Positions, which can be accessed here. This process is a long one but gives the Committee members a great introduction to potential new elected officials.
The Public Policy Committee decides which candidates to interview and often declines to interview challengers in seats of those incumbent elected officials who have been long-time supporters. Those decisions are made each election cycle and on a case-by-case basis. In the event of an open seat where the previous incumbent is retiring, FAAR makes every effort to touch base with all candidates running and give them the opportunity to interview. The Committee also decides endorsements on a case-by-case basis and does not always endorse in every race.
Members are invited to observe these interviews. They are taking place in the FAAR Board Room located in the Annex on the 1st floor of the building. Only members of FAAR’s Public Policy Committee are permitted to ask questions of the candidates. If you would like to attend any of the interviews listed below, please contact FAAR Public Policy Director Kim McClellan.
September 7 Candidate Interview Schedule
9:00am J. Bryan Nicol, Orange County District 5
9:30am Gerald Childress, Spotsylvania County Chancellor District
10:00am Howard Rudat, Stafford County Rock Hill District
10:30am Kerry Devine, City of Fredericksburg Mayor
11:00am Matt Kelly, City of Fredericksburg At-Large
11:30am David Sullins, King George County At-Large
12:30pm Michael Bush, Spotsylvania County Courtland District
1:00pm Deborah Frazier, Spotsylvania County Salem District
1:30pm Jannan Holmes, City of Fredericksburg At-Large
2:00pm Anne LeHuray, King George County At-Large
2:30pm Deuntay Diggs, Stafford County George Washington District
3:00pm Carrie Gonzalez, King George County At-Large
3:30pm Tom Coen, Stafford County George Washington District
4:00pm Will Mackintosh, City of Fredericksburg At-Large
The FAAR Board of Directors recently sent a letter to the Stafford County Clerk of the Court expressing concerns about the significant delays many are experiencing getting an estate through the probate process. Families detail waits of 6 months or more with bills and late fees piling up and issues getting needed information from creditors since probate is not complete. Agents fear that some impacted families may face foreclosure if they are not able to pay the mortgage, losing all of the potential equity in that sale.
FAAR copied the letter to the Board of Supervisors and two immediately responded saying that additional funding for the Probate Division had been approved as part of the budget and that our agents should start to see some relief soon. Click the button below to read FAAR’s letter to the County.
The regional median home price was up again in July, with all but one locality seeing increases. The median sold price settled at $462,450 this month compared to $438,200 in July of 2022, representing a nearly 6% year-over-year increase. Units sold were down 20%, coming in at 502 compared to 631 units sold last July. Total sold dollar volume was down nearly 21%, posting approximately $243.6 million in sales for July of 2023 compared to $308 million in sales last year.
Caroline County posted its highest price on record, coming in at $385,000, an 18% increase from last year. King George County posted a second-month straight loss in median price, which came in 16% lower than last year. All other jurisdictions in the FAAR footprint saw strong price growth ranging anywhere from 4% in Stafford County up to 46% in the City of Fredericksburg.
FAAR Board of Director and property manager Dawn Josemans comments, “The rental market has slowed down since the first quarter of this year. We are no longer experiencing multiple applications when first listing a property for rent. The supply is fairly high as properties are sitting on the market longer. I am seeing an increase of days on market as each month passes. However, rents remain higher than this time last year. Home sales are still strong despite the time it is now taking to get under contract in an average situation. Contracts are asking for higher amounts in seller concessions to the buyer than last year as well. The market is just more complex now due to the changing interest rates that are scaring off inexperienced buyers and sellers worried about the time it is taking to go under contract.”
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 17% up to 21 days this July compared to 18 days last year.
Inventory was also down again in July, finishing out the month with 822 active listings compared to 1,016 last year, a 19% decline. New listings were down 32% from last year with 587 homes coming on the market in July of 2023 compared to 859 last year. New pending sales were down 21% in July, with 539 pending contracts compared to 679 last year.
Wednesday's Virginia REALTORS® awards event in Richmond was a night to remember, filled with excitement and celebration. We are thrilled to announce and congratulate our very own Fredericksburg Area Association of REALTORS® (FAAR) members who received well-deserved...
The Fredericksburg Area Association of REALTORS® (FAAR) announces endorsements for local Board of Supervisors and City Council races on the ballot for the November 7th general election. The endorsed candidates represent areas throughout FAAR’s service territory...
The regional median home price was up again in August, with every locality seeing increases. The median sold price settled at $450,000 in August of 2023 compared to $427,000 in August of 2022, representing a nearly 6% year-over-year increase. Units sold were down...
The regional median home price was up again in July, with all but one locality seeing increases. The median sold price settled at $462,450 this month compared to $438,200 in July of 2022, representing a nearly 6% year-over-year increase. Units sold were down 20%,...