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Fauquier housing market sees median sale prices drop in fourth quarter 2014

Wednesday, Jan. 28 | By Mark Grandstaff | Google+
Courtesy of Greater Piedmont Area Association of Realtors
The median sales price for all properties in the region rose 4.8 percent in the fourth quarter of 2014, but dropped in Fauquier, according to a release from the Greater Piedmont Area Association of Realtors.

In the fourth quarter of last year, median sale prices rose from $248,000 to $260,000. Total sales during 2014 reached their highest level in eight years with a total of $702.8 million compared to $681.6 million in 2013. GPAAR tracks real estate data from Fauquier, Culpeper, Rappahannock, Orange, and Madison counties.

"While mortgage interest rates were generally expected to slowly increase toward the end of 2014, the short-term expectation is for declining or flat rates for the next several months," according to the release. "Combined with greater inventory, we expect the pace of sales and new contracts to pick up in the greater Piedmont area."

In Fauquier County:

The median sold price for detached houses for Q4 was $349,450, representing a decrease of 0.4 percent compared to last quarter and a decrease of 5.3 percent from Q4 2013. There was a 9.8 percent year-over-year decrease in sales activity with 194 closed sales in Q4. There were 394 active listings at the end of the quarter, representing a 13.5 percent increase in supply compared to the same time last year. The average days on market for units sold in Q4 was 88 days, 12% below the 5-year Q4 average of 100 days.

The Average Sold to Original List Price ratio of 93.3 percent was less than the 95.6 percent level of the preceding quarter, indicating an increase in the negotiating power of the buyer.

The median sold price for attached/townhouse properties for Q4 was $226,250, representing a decrease of 9.5 percent compared to last quarter and a decrease of 0.8 percent from Q4 2013. There was a 47.4 percent year-over-year decrease in sales activity with 10 closed sales in Q4. There were 15 active listings at the end of the quarter, representing an 87.5 percent increase in supply compared to the same time last year. The average days on market for units sold in Q4 was 86 days, 88 percent above the 5-year Q4 average of 46 days.

The Average Sold to Original List Price ratio of 94.6 percent was less than the 97.1 percent level of the preceding quarter, indicating an increase in the negotiating power of the buyer.

The median sold price for condominium and coop properties for Q4 was $160,000, representing a decrease of 8 percent compared to last quarter and an increase of 35 percent from Q4 2013. There was no year-over-year change in sales activity with 12 closed sales in Q4. There were 6 active listings at the end of the quarter, representing a 20 percent increase in supply compared to the same time last year. The average days on market for units sold in Q4 was 45 days, 29 percent below the 5-year Q4 average of 63 days.

The Average Sold to Original List Price ratio of 95.7 percent was less than the 96.4 percent level of the preceding quarter, indicating a slight increase in the negotiating power of the buyer.

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