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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

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

The Fredericksburg Area Association of REALTORS® Member Spotlight feature allows members of the community to get to know each other before working with each other in a transaction. Each member answers a series of questions to reveal more about themselves as people.  It is FAAR’s hope that learning about an individual may spark connections that blossom via email, phone conversations or in-person meetings at events and classes.

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.

adarsh parbadia realtor
#MemberMonday Meet Broker Evelyn Martin

#MemberMonday Meet Broker Evelyn Martin

The Fredericksburg Area Association of REALTORS® Member Spotlight feature allows members of the community to get to know each other before working with each other in a transaction. Each member answers a series of questions to reveal more about themselves as people.  It is FAAR’s hope that learning about an individual may spark connections that blossom via email, phone conversations or in-person meetings at events and classes.

Name
Evelyn Martin

Hometown
Bronx, NY

Current Location
Stafford

Title
Principal Broker at The Martin Team Property Management LLC

Number of Years in the Industry
12

Why do you love working in real estate?
I believe home ownership is one of the best way to start acquiring generation wealth. it’s the best building block in getting ahead.

What are you most proud of in your career?
Proud of being a source of information to buyers and sellers and agents.

Do you have a special cause or volunteer your time?
Grievance and Diversity Committee

Fun Fact
I recently completed David Goggin’s 4x4x48. I ran 4 miles every 4 hours for 48 hours!

PJ moore donofrio inspections

Post-Election Recap

Election Night 2021 contained many surprises for candidates and those watching the elections alike.  Several seemingly “safe” Democratic Virginia Delegates were ousted by their newcomer Republican challengers.  Those victories rode on the coattails of the statewide upset with Republican and first-time candidate Glenn Youngkin defeating the one-time strongly favored Terry McAuliffe to win the Governor’s Mansion.  While the Youngkin win was a surprise for many, the election shifted in late September and Republicans across all races gained steam in the last 6 weeks of the election focused mostly on parental anger over education and the state of the economy.  For some of our local candidates, those Republican headwinds were too hard to overcome.  The charts below indicate the outcomes of races in the FAAR service territory.

FAAR-endorsed Candidates are denoted in bold, results below.

Office Incumbent Name Challenger Name FAAR Outcome
HD-28 Josh Cole, D Tara Durant, R WINNER Loss
HD-88 (Open Seat)   Phil Scott, R WINNER
Kecia Evans, D
Tim Lewis, L
Win
City of Fredericksburg, Ward 2 (Open Seat)   Jon Gerlach, WINNER
Andy Reese
Win
City of Fredericksburg, Ward 3 Tim Duffy WINNER Rene Rodriguez Win
City of Fredericksburg, Ward 4 Chuck Frye WINNER Amber Peebles Win
King George County, Shiloh District Cathy Binder WINNER Cedell Brooks Win
Orange County, District 2 Jim Crozier WINNER   Win
Spotsylvania County, Battlefield District Chris Yakabouski WINNER Baron Braswell
Nick Ignacio
Loss
Stafford County, Aquia District Paul Milde defeated incumbent Cindy Shelton in the primary Monica Gary WINNER Loss
       
The races below are ones that FAAR declined to make any endorsements in.      
City of Fredericksburg, Ward 1 Jason Graham WINNER    
King George County, Monroe District TC Collins WINNER    
Orange County, District 1 Mark Johnson WINNER    
Spotsylvania County, Lee Hill District (Open Seat)   Lori Hayes WINNER
Todd Rump
 
Stafford County, Hartwood District (Open Seat)   Darrell English WINNER
Keith Jones
 
Stafford County, Falmouth District Meg Bohmke WINNER Sandy Cole  
Stafford County, Garrisonville District (Open Seat)   Bart Randall
Pam Yeung WINNER
 

FAAR Releases Q3 Housing Report

As the third quarter of 2021 came to a close, the regional real estate market saw a 13% increase in median price, 187 more home sales than the same time last year, and a 28% increase in active listings from a year ago. Get all the details along with great graphics for you to use with your clients by accessing the report below.

Virginia REALTORS announces 2022 Committee Appointments

Virginia REALTORS announces 2022 Committee Appointments

Drew Fristoe
Economic Advisory Board and Strategic Planning Workgroup

Dawn Josemans
Property Managers Council

Judith Laxague
Professional Development Committee

Jenny Lloyd
Economic Advisory Board

Evelyn Martin
Property Managers Council

Stephanie Michael
Property Managers Council

Tamar Myers-Moffatt
Economic Advisory Board

Donald Pett
Property Managers Council

Carol Sondrini
Virginia Leadership Academy Alumni Council

Sha Williams-Hinnant
Professional Development Committee

FAAR hosts annual cereal drive

FAAR hosts annual cereal drive

FAAR members were definitely up for the challenge and then some!!!  Thank you to everyone who participated and helped us not only reach our goal, but blow it out of the water!!!  FAAR members collected a nearly unbelievable 31,032 boxes of cereal!  Check out the official press release below for all the details. 

The Fredericksburg Area Association of REALTORS® (FAAR) hosted its annual Cereal Drive to benefit the Fredericksburg Regional Food Bank and other food pantries throughout the area.  This year proved to be another record-breaker with FAAR members collecting a whopping 31,032 boxes of cereal, blowing previous cereal drive totals out of the water.

Realtors® from across the region collect cereal from their clients, family, and friends and a friendly competition inspires each office to beat their prior year totals. FAAR would like to recognize the amazing efforts of this year’s Cereal Drive participants.

  • Most Cereal Collected: 1st Choice Better Homes and Land (10,872 boxes)
  • Most Cereal Per Agent: Cropper Home Sales (1,115 boxes)
  • Most Improved: Century 21 Redwood (from 28 to 971 boxes)
  • Affiliate Office: Universal Title-Fredericksburg (1,364 boxes)

Distributed across multiple food banks in the region, the cereal from this annual cereal drive is making a difference in the lives of families struggling with hunger in our community. Assuming each box can provide at least 10 meals, that’s over 310,000 meals in our region. Cereal was also delivered to food pantries in Westmoreland County and Louisa County.

 

Thank you to all of these participants for their involvement and collection efforts!

 

Century 21 Redwood Locust Grove
1st Choice Better Homes and Land
Avery Hess
Coldwell Banker Elite King George
Century 21 New Millennium Fredericksburg
Century 21 Redwood Fredericksburg
Coldwell Banker Elite Bragg Road
Coldwell Banker Elite Downtown
Cropper Home Sales
CTI Real Estate
Exit Elite
Keller Williams Capital Properties
Long and Foster Fredericksburg
MacDoc
Remax-Gillies team
The Title Professionals
Topside Federal Credit Union
Ulta Realty
United Real Estate Premier
Universal Title

 

 

Listen to how your efforts continue to make a difference!

 

 

Press Releases

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...

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...

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...

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...

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