Springfield, VA Market Report – 10/20/09

20 Oct
October 20, 2009

Most indicators for Fairfax County continue to show signs of improvement and Springfield is right in line with that prognostication. The recent highway improvements at the Mixing Bowl have made the confluence of the three major highways along the 1-95 corridor an important part of the future growth of the area. With the base relocation project forecasted to bring thousands of new jobs to Fort Belvoir, Springfield will surely see an influx of buyers moving to the area. It appears that through three quarters in 2009 the housing market has continued to improve and opportunities for both buyers and sellers are available. The following are significant statistics for Springfield in September:

  • Active listings: 300
  • Closed sales: 93
  • New listings: 117
  • Pending sales: 103
  • Average sales price: $371,264

As with most areas in Northern Virginia, the available inventory of housing has declined from previous years. The number of units sold in September was down 8% from 2008, but the average sales price was up by nearly 4%. The average days on market declined dramatically by 30% from last year. These last three statistics are significant for buyers and sellers. The amount of inventory is down (supply) and the average sales price is up (demand). Buyers are facing multiple offer situations so they must be aware of what they are competing against. For sellers, the low inventory translates to less competition and houses are selling 30% faster. Properties are being sold at 95% of the original list price, up 2% from last year. Conditions at this time reflect win-win situations for buyers and sellers. Be sure to contact your Avery-Hess Realtor to get all of the up to date information you need to help you make the most intelligent and informed real estate decisions.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

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