Rappahannock County – Fauquier County – Madison County – Culpeper County
In aggregate, the overall market (Rappahannock, Fauquier, Culpeper, Madison) remains strong and the year over year growth that we reported at the end of the first quarter has continued. For the first quarter transaction and sales were up 15% and 11% respectively. The second quarter was even strong with transactions up 21% and sales up 33%. Year to date, transactions are up 18% over prior year and sales are up 25%.
Looking at each segment individually, residential transactions are up 17% and the average home price has increased by 5% ($17,099). Similarly, land sales are up 42% (though that is only 36 more sales) and the average price per acre has increased by 19%. Commercial transactions are flat for the year. While the general trends are interesting, it is important to remember that each market is quite small and a handful of sales can dramatically effect the overall averages.
Fauquier Home Sales
355 residential properties sold in the second quarter of 2016 ($158 million) as compared to 286 ($112 million) last year. The attached chart shows cumulative sales for the year by price range. For the year to date, the dollar volume of sales is up 26% compared to the prior year. The growth is mostly in the mid segments of the market between $250,000 and $1,000,000.
On average, homes are selling 4% below list price. There are currently 719 homes for sale in Fauquier County which is about a nine month supply. The average list price is $796,222 with an average of 147 days on market.
Fauquier Land Sales
For the quarter, land sales were up compared to last year including the sales of several large (100+ acre) tracts. A total of 33 lots ($11.6 million) sold in the second quarter of 2015 as compared to 15 ($3.9 million) in the second quarter of 2015.
On average, about 85 lots sell each year in Fauquier. There are currently 289 lots on the market, which is more than a three-year supply.
Of the 289 lots currently on the market, the average price/acre is $15,265. Small lots (under five acres) are asking over $90,000/acre while large lots, which trend to the mean, average $12,700/acre.
Click Here to view a complete list of everything sold in April – June 2016. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Madison County – Culpeper County
Review the Q1 Market Trends Report for Fauquier.