Rappahannock County – Fauquier County – Madison County – Culpeper County
In aggregate, the overall market (Rappahannock, Fauquier, Madison, Culpeper) is slightly up (14%) in residential transaction and significantly up in raw land (20%). Looking at a county by county basis, Rappahannock is significantly down from prior year (37%) in residential transactions, Fauquier is up slightly (8%) while Culpeper and Madison are both up significantly, 25% and 53% respectively. Raw land paints a slightly different story with Rappahannock flat to last year, Fauquier up 85%, Culpeper up 25% and Madison down 60%. However, it is important to remind everyone that most of these markets are quite small and a handful of sales can radically change results.
Fauquier Home Sales Report
194 residential properties sold in first quarter for a total of $74.9 million compared to 179 properties ($74.9 million) in 2015.
The chart below shows cumulative sales for the year by price range. For the year to date, the dollar volume of sales is up 4% compared to the prior year.
The majority of the sales increase can be found in the $250,00 – $500,000 range which was up 18%. The million dollar plus market is down significantly, but with on average 22 sales annually in this segment a few sales can significantly affect the averages.
There are currently 712 homes for sales in Fauquier County which is about a one year supply. The average list price is $862,857 with an average of 147 days on market.
Fauquier Land Sales Report
With only about 80 transactions annually, you will find that there is still quite a bit of variability in price per acre based on views, water features and location. There are currently 303 lots on the market, which is a 3.5 year supply. For the quarter, land sales were up 81%.
The majority of the sales growth is in the small to medium size lots between 5-25 acres. About 1/3 of the properties currently listed are under 5 acres. These properties have an average list price of $229,300 and have been on the market for almost one year. Another 1/3 of the market is in lots between 5-25 acres. The average list price is $280,922. It is easier to normalize the acreage difference in the last segment to look at the price/acre sold rather than the average sale price. In this segment, the average list price is almost $12,000 acre. With only 4 sales in this segment it is virtually impossible to draw conclusions on sales trends.
Click Here to view a complete list of everything sold in January – March 2016.
Check out our market trends report for Rappahannock, Madison and Culpeper Counties.
As always, we hope you find this report informative and interesting. Please let us know if you have any questions concerning the report or the value of your property.
Regards,
Vice President Sales & Marketing
Cheri Woodard Realty