Although home sales have begun to exceed new inventory for several weeks, because of the excess inventory prices have not yet stopped declining. Should the sales trend continue we can expect prices to level off soon and begin to climb back up. Most areas of Springfield have seen increased activity. Here is a snapshot of the November activity:
New Listings 61
Active Listings 179
Under contract 128
Sold in November 53
Average Sold Price $358.244
Average DOM 72
Prices in this market continue to be on a downward trend indicating a strong buyer’s market. However as sales increase and inventory declines watch prices as the market transitions.
Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.
Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com