Many often wonder what is selling this year and how it is going. The most common sale in the Fredericksburg / Gillespie County area through May 29, 2012, is the RESIDENTIAL SALE where some 77 listings were sold for $20.298 million. The Average Residential Sale was $264,000 or $144/SF. The Average DOM ("Days on Market") is 210 days. These numbers include both in the City of Fredericksburg and those outside the city but inside Gillespie County, so we really need to break this down to understand it better because the land size varies significantly once you get outside the city limits. After all, there are some 270 Residential Listings available in Gillespie County where list prices range from $89,000 up to $4,000,000, so here is a short breakdown:

In the table above, you can see that the Average/Median RESIDEDNTIAL Sales Price this year to date in Fredericksburg is $209,000 to $205,000 or $132 - $121/SF. By far, the largest price category of Residential sales goes for less than $300,000 where 51 of 56 sales (91%) of the sales are made.

Compared to the same time in 2011, there were 57 RESIDENTIAL Sales for a cumulative sales price of $12,678,000. The Average Sales Price was $222,417 and the Median Sales Price was $195,000.

So, while the number of Residential sales is running close to the same as last year, the Average Price slipped some 6% or $13,000 and change and the Total Cumulative Sales Price slipped from $12,678 million to $11,686 million (8%).

CURRENT RESIDENTIAL INVENTORY LEVEL

IN THE CITY OF FREDERICKSBURG

MAY 29, 2012

Residential sales are running at about 11.2 sales per month this year giving Fredericksburg a supply of approximately 12.5 months. Typically for values to rise, the inventory level would need to be closer to six (6) months' supply. As we approach the best selling season of our cycle, I anticipate these numbers to improve because we are coming off of our slower period in the cycle. For you Buyers out there, rates are still low and I suspect now is a great time to buy before prices start firming up and heading north!

The next largest category of sales is our LAND AND FARM category with 34 sales amounting to $7.448 million in sales in Gillespie County. The Average Sale is $219,000 and the Median Sale for this category is $119,000. By far, the bulk of sales in the Land and Farm category are under $200,000 where 28 of the 34 sales (82%) this year-to-date have occurred.

The smallest category of sales occurred in the COMMERCIAL category where we have had three (3) sales since January 1, 2012 for a total of $1,245,000. So, this year-to-date in 2012, sales are categorized as follows:

If you have other questions about the market, please do not hesitate to ask us and we will provide you with the best, objective market information we have available.

The information provided in this article is deemed to be reliable, but specifically NOT GUARANTEED. Prior to making any business decisions, you should contact professionals in the field in question and do your own due diligence specific to your particular needs.