Commercial Real Estate Market Up, Residential Gives Reason for Worry in Fredericksburg

Fredericksburg realtors had a good quarter despite buyers taking more time to close a deal, according to the Fredericksburg Area Association of Realtors (FAAR).

Of the 2,199 new listings put on the Fredericksburg market over the past four months, 1,318 sold. The total dollar amount of those sold listings topped every quarter since the end of 2006, with an increase of 1.8 percent compared to the same time last year.

Listings stayed on the market an average of 40 days, up 25 percent from the 32 day average last quarter. Realtors expect this number to increase in the next quarter, following seasonal patterns.

Overall, real estate agents see an improvement in commercial markets but they see a slowdown in residential buying activity, according to the FAAR.

“Seasonal fluctuations can account for some of the issue, but agents report some erosion in consumer confidence with the continuing stagnation in the national economy and fears about further government spending reductions and how that would impact Virginia,” stated Debbie Irwin, 2014 FAAR President.

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