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Regional Home Sales Price Keeps Increasing
The regional median home price was up again in June, with all but one locality in the FAAR footprint seeing increases. The median sold price settled at $474,093 this month compared to $450,000 in June of 2023, representing a more than 5% year-over-year increase. Units sold were down 14%, coming in at 537 compared to 625 units sold last June. Total sold dollar volume was down nearly 12%, posting approximately $271.4 million in sales for June of 2024 compared to $308 million in sales last year.
Orange County posted its highest price on record, coming in at $434,557, a 10% increase from last year. Colonial Beach was the only jurisdiction in the FAAR footprint that did not see a median price increase in July.
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 11% up to 20 days this June compared to 18 days last year.
Inventory was up slightly this June, finishing out the month with 877 active listings compared to 851 last year, a nearly 3% increase. New listings were down 3% from last year with 652 homes coming on the market in June of 2023 compared to 631 this year. New pending sales were down nearly 4% in the last month, with 542 pending contracts compared to 564 last June.
The regional rental market remains competitive with continued elevated prices. “The rental market is pretty steady,” comments FAAR Board of Director and Property Manager Dawn Josemans. “We continue to see high rents with renewal increases in the triple digits. We were seeing more application competition in the second quarter with it waning a bit recently. Properties are still renting fairly quickly in the moderate rent range with the $3,000-$5,000 per month rentals taking longer to lease up.”
Sean Carpenter headlines the annual FAAR REALTOR® Expo
Sean Carpenter is the former Director of Training and Development for NRT Ohio who has been a licensed REALTOR® with Coldwell Banker King Thompson since 1998. Sean led a successful career in real estate prior to becoming a branch manager in 2003. He loved the training and coaching part of the job and was elevated to the Agent Development role in 2005. During the 11 years in that role, he was the co-creator of the company’s highly regarded Pro Start Academy, and also developed programs such as the Elevation Workshops, Boost Your Business sessions, B.A.S.I.C Training workshops and co-created the Success Track Coaching Program.
Sean has been recognized as one of Inman News 100 Most Influential People in Real Estate (2013), he’s been one of the Swanepoel’s Top 20 Most Influential Social Media Voices in Real Estate since 2016 and was recently added to Homespotter’s Top 100 List and Contactually’s 10 Influencers to Have on Your Radar.
In the summer of 2016, Sean made the decision to retire as the Director of Agent Development and return to his roots in sales in Central Ohio while seeking to expand his public speaking opportunities on a national and global level. Sean’s hope is to educate, motivate and inspire agents to achieve the levels of success they desire as they enter the real estate business and continue to encourage and challenge experienced agents to reach their goals and exceed their wildest expectations in the real estate business and life.
Register now to attend Sean’s two sessions the morning of the FAAR Expo at faarmembers.com/expo! Thank you to our Keynote Sponsor Union Home Mortgage and our Seminar Sponsor Nationwide Mortgage Bankers for helping us bring Sean to you!
It’s GAME ON at the annual FAAR REALTOR® Expo
FAAR REALTOR® Expo
The 2024 FAAR REALTOR® Expo will bring together more than 400 real estate professionals, affiliates and expert speakers at one exciting event! Don’t miss the unique opportunity to take advantage of hot-topic educational classes, meet local real estate service providers, win raffles, prizes & more!
Top 5 Reasons to Attend
- Connect with real estate professionals and service providers
- Educational offerings
- Get up to date on industry trends
- Find business solutions
- Opportunity to win next year’s membership dues
Join us on September 4th at the Fredericksburg Convention Center!
Click the flyer above to see the full schedule!
Do you provide services to REALTORS®?
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Interested in participating as a vendor at the 2024 FAAR Expo?
Real Estate related companies (non-REALTOR® firms) can request more information on reserving a booth for the September 4, 2024 FAAR Expo.
FAAR approves state legislative agenda for 2025
FAAR recently approved a suite of issues that comprise the 2025 Legislative Agenda. These are issues that the Public Policy Committee discusses and motions and then the Board approves that impact the real estate industry. These issues are then submitted up to the VAR Public Policy Committee for potential inclusion in their statewide agenda. Check out our agenda by clicking the button below.
Have an issue that you’re concerned about? Submit it through our online portal here.
Clients having trouble getting taxes paid out of escrow?
FAAR has received reports from agents that some property tax payments are seeing delays in being paid by third parties working with mortgage servicers. This can lead to sellers or buyers having to pay the local property taxes for a second time and then receiving a refund or returned check to address the duplicate payment.
While no one is paying double the tax, it does cause stress and confusion for buyers and sellers who think that payment has already been made. If anyone has clients who have experienced this delay, you may want to consider reporting it to the Consumer Financial Protection Bureau (CFPB) which might have an interest in investigating the delays from these third-party vendors. Use the button below to file a complaint with the CFPB.
Local home prices continue to accelerate amid supply shortfall
The Fredericksburg-area housing market continued to march on with the conditions that have been persistent for a long time now: constrained supply, rising prices, and no end in sight. Median price soared to its highest point ever reaching $474,000 this May compared to $454,950 last year, representing a 4% year-over-year increase. Leading the pack in May on price was Stafford County, coming in at a record-breaking $551,000, the highest price point ever seen in the County. Units sold trended down again this month with 577 sales compared to 606 in May of 2023. High prices fueled a slight increase in total sold dollar volume, coming in at approximately $292.4 million compared to $287.6 last May.
“The residential real estate market in May 2024 continues to experience moderate price growth, although at a slower pace compared to the rapid increases seen during the pandemic years,” comments FAAR President-Elect Lauren Smith. “This can be attributed to higher mortgage rates, which have tempered buyer demand. Despite this, inventory remains tight in many areas, leading to competitive offer bidding.”
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 11% going from 19 days last May to 21 this year.
Inventory was up a scant 3% from last May with 814 homes for sale at the end of the month compared to 788 last year. New listings plunged nearly 12% with 609 homes coming on the market this May compared to 688 last year. New pendings sales also dipped in May posting an 8% decrease with 614 new ratified contracts on properties versus 668 last year.
Fredericksburg Area Association of REALTORS® Supports First Annual Run For RPAC Virtual 5k
FREDERICKSBURG, VA – June 3, 2024 – The Fredericksburg Area Association of REALTORS® (FAAR) is thrilled to announce our enthusiastic support for the Virginia Association of REALTORS®’ first annual Run For RPAC Virtual 5k. This exciting event will take place from June 4th through July 2nd, offering a fantastic opportunity for local REALTORS® to get active, connect with colleagues, and support the REALTORS® Political Action Committee (RPAC).
Why Participate?
By participating in this virtual 5k, FAAR members will receive a race bib and a commemorative medal, symbolizing their commitment to the cause and their achievement. The registration fee for this event is $50, and it directly supports RPAC’s mission to advocate for policies that benefit our industry and community.
We encourage all FAAR members to join this event and promote it within your networks. Share your experience on social media by tagging Virginia REALTORS® and using the hashtag #RunForRPAC. This will help create a lively, supportive online community and provide a chance to be featured on “Medal Monday.”
Consider organizing a small group meet-up with fellow REALTORS® to complete the 3.1 miles together, fostering camaraderie and support for RPAC.
Spread the Word
To help you spread the word, we have provided a promotional image of the medal, a banner, and a QR code. You can use these materials to share the event with your clients, colleagues, and friends. The registration link for run participants is https://ai360.aristotle.com/AI360FormBuilder/Form.aspx?dbid=2e166870-894a-423a-a6f7-6560a8904c6c&page_id=12884.
All race bibs and medals will be fulfilled by the Virginia REALTORS®, ensuring participants receive their items within two weeks of registration.
Questions?
Please feel free to reach out to Virginia REALTORS® with any inquiries or for more information about the benefits of RPAC.
We are excited to see our local REALTORS® come together to support RPAC through this fun and meaningful event. Let’s make this inaugural Run For RPAC Virtual 5k a huge success for our community!
IMAGE OF MEDAL PARTICIPANTS RECEIVE
QR CODE FOR PROMOTION
Apply for the 2025 FAAR Board of Directors
You can make a difference! This year has been a significant one, marked by challenges to our industry and a new strategic plan for our association. Leaders have brought fresh perspectives and energy to FAAR. As we continue to build on this momentum, we welcome new members to our Board of Directors—individuals who are passionate, driven, and ready to take on meaningful roles. This is your opportunity to leverage your skills and experience in an organization that values growth, innovation, and collaboration. Join us on our mission to make a lasting impact in the real estate sector and help members achieve success in their careers.
Are you interested in serving?
The Nominating Committee is accepting nominations until June 30th.
What is the Board anyway, and what does it do?
The Board is made up of 13 members (12 REALTORS® and 1 Affiliate) who set policy for the entire association. The group meets every other month (third Tuesday of even months) to address issues, solve problems, and keep the association financially solvent by carefully managing funds and investments.
How many members are nominated and elected?
The Nominating Committee shall select one but not more than three nominees for each Director position to be filled. Member vote decides who receives the open positions.
How long are the terms?
Director positions are for two years. Officer positions are for one year, except Treasurer, which is for two years. The Affiliate Director position is for one year.
How do I express interest?
- The Candidate Profile Form to be reviewed by the Nominating Committee is here.
- Board Job Descriptions are here.
Return the completed Profile Form to:
Page Browning, CEO of FAAR
What’s next after I apply?
Eligible applicants will be notified of an interview time to occur in person at the FAAR office on Tuesday, July 9.
Questions?
Please contact Page at pbrowning@faarmembers.com or reach out to any of our current leadership team at www.faarmembers.com/leadership.
FAAR Sends Letter to Spotsylvania County on changes to subdivision ordinance
FAAR recently sent a letter to the Spotsylvania County Board of Supervisors expressing concerns about potential changes to the Annual Exempt Subdivision ordinance. President Randy Walther expressed concerns about reducing the number of allowable lots for annual exempt divisions from five lots to just one, which could seriously infringe upon property owners’ rights to utilize their land as they see fit. Many people bought land under the current rules with the intention of subdividing in the future to fund retirement, college funds, or medical bills and will now not be able to realize the full value of their asset. Click the button below to read the letter that FAAR sent.
This issue is slated to come before the Spotsylvania County Board of Supervisors on Tuesday, May 28, 2024. FAAR will publish the official notice when it’s available.
Local Housing Market Posts Large Increases in Units Sold
The spring housing market is off to a swift start with April numbers posting considerable increases in units sold and total sold dollar volume coupled with modest price appreciation compared to April of 2023. Median home prices were up 3% from last year, settling at $450,000 this April compared to $435,000 last year. Units sold increased by more than 26%, with 522 units sold this April compared to 414 last year. This increase is just the second time the market has experienced year-over-year growth since May of 2022 and eclipses the 6% increase posted in January of 2024. The growth in homes sales fueled a nearly 30% increase in total sales volume with the market boasting over $256.7 million in transactions compared to $197.7 million last April. The volume increase was seen in every jurisdiction in the FAAR footprint.
“April 2024 proved to be positive for sellers as the increase in sales pricing continues trending upward by percentage,” comments FAAR Director Gary Gardiner. “Buyers are competing to secure a home in this low inventory market. As a result, sellers have been able to maximize their equity. Mortgage interest rates remain higher. Home affordability continues to be a challenge for most buyers who struggle to find a home and the market is highly competitive financially.”
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 decreased 3% going from 27 days last April to 26 this year.
Inventory was up by 10% from last April with 791 homes for sale at the end of the month compared to 717 last year. New listings remained static with just 3 more than last April for a total of 649 new homes coming on the market. New pendings sales were also steady from last year with a slight 1% dip from 615 to 608. “Today’s market proves that there remains a very low inventory of homes available for sale,” continues Gardiner. “Buyers and would-be sellers considering a move are hoping for lower interest rates as we continue through the second and third quarter of the year.”
Press Releases
No End In Sight to Continued Price Increases
The regional median home price was up again in July, with most localities seeing increases. The median sold price settled at $473,740 this month compared to $462,450 in July of 2023, representing a more than 2% year-over-year increase. Despite persistent high...
Regional Home Sales Price Keeps Increasing
The regional median home price was up again in June, with all but one locality in the FAAR footprint seeing increases. The median sold price settled at $474,093 this month compared to $450,000 in June of 2023, representing a more than 5% year-over-year increase. ...
Local home prices continue to accelerate amid supply shortfall
The Fredericksburg-area housing market continued to march on with the conditions that have been persistent for a long time now: constrained supply, rising prices, and no end in sight. Median price soared to its highest point ever reaching $474,000 this May compared...
Local Housing Market Posts Large Increases in Units Sold
The spring housing market is off to a swift start with April numbers posting considerable increases in units sold and total sold dollar volume coupled with modest price appreciation compared to April of 2023. Median home prices were up 3% from last year, settling at...