Springfield, VA Market Report – 4/18/11

18 Apr
April 18, 2011

A year ago we were nearing the end of the government’s tax credit for 1st time buyers. There was a frenzy to be under contract before the end of April. Comparing this year’s 1st quarter to 2010 is a bit skewed because of that.

However, figures for March of this year seem to be improving from February so the spring market looks promising.

Market Statistics for Springfield, VA:

March 2011 March 2010
Number of Units Sold 83 109
Total Dollar Volume $29,781,026 $42,102,192
Average Sold Price $359,819 $373,645
Days on Market 51 32
Currently Active 201 181
New Listings 194 180
Pending Contracts 251 282

 

Look for improving markets this spring as Springfield rejuvenates, making it a very desirable place to live.

Springfield is strategically located at the confluence of 3 major highways, Routes 95, 395 and 495. Major highway construction over the last several years was completed making commuter routes more bearable. Most commuters drive north into D.C. but with the nearing completion of the military BRAC program at Fort Belvoir and the supporting locations at the Mark Center and the National Geospatial Agency, more commuters are heading to those locations as well. Traffic coming north on the Fairfax County Parkway in the morning also indicates a growing number of commuters going to western Fairfax County employment centers along the Dulles corridor. Commercial construction continues and the redevelopment of the Springfield Mall is ongoing.

Springfield boasts some of the top schools in the county. All of this bodes well for a return of increasing property values.

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

 

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