Brief Market Update

As the Fredericksburg Texas real estate market continues its rapid cool-down, here are a few more statistics to evidence the current state of the market (figures are YTD through 8/20/07 and only reflect properties sold within the city limits of Fredericksburg, TX and not the county or entire MLS):

Through 8/20/07                                                          01/01/2006 through 8/20/06

Total Units Sold:  298                                                             454

Total Dollars Sold:  $57,574,000                                            $75,500,000

Average Dollars Sold:  $193,200                                            $166,300

So, the number of units sold is DOWN 34.6% over the same time last year, total dollars sold are DOWN 23.7% and the average price of a property sold in 2007 is UP 16.2% (evidence that not everyone in the game is aware of the raw data and the trends they foretell…this will change).

There are inherent deficiencies in the way our MLS rolls-up its sale figures that can distort the information presented above; however, the trend is clear.  If you read previous posts to this blog you will see that this “softening trend” has been addressed and even (if only in limited ways) explained.

Suffice to say, if you are a buyer (and not in too big a hurry) I suspect things will get a bit worse before they get better. If you are a seller, I hope the pricing strategy (devised with the factual support of an experienced agent) you settle on takes these facts into consideration.