The past month showed encouraging signs in the real estate market for Springfield, Virginia. The following figures reflect the upturn in activity:
- New listings: 111
- Sold listings: 80
- Pending sales: 116
- Average sales price: $358,024
- Average DOM: 42
As October drew to a close there was some uncertainty regarding whether the First-Time Homebuyer Tax Credit would be extended. This may account for the increase in pending sales as buyers were hurrying to get under contract. On another positive note, the average sales price increased by nearly 5% to $358,024, and the average days on market (DOM) decreased 50% to just 42 days. One of the most telling signs was the list price to sales price ratio. This figure also increased by 5% to over 97%. Last week the President signed the bill extending the tax credit until April 30, 2010. Buyers now have until then to be under contract and an additional 2 months to settle. The bill also provides for a tax credit for step-up buyers who have been in their homes for five consecutive years and are ready to move up to another home. Contact me or any Avery-Hess agent for all the information you need for your next real estate transaction.