The Springfield area is undergoing significant change in the commercial real estate realm. With the opening of the National Geospatial Intelligence Agency and the Mark Center as part of the BRAC operation, several defense related government contractors have moved into commercial space from Alexandria to Fort Belvoir.
Commercial space in Springfield along the I-95 corridor is at a premium. Unfortunately, the influx of residential activity that was anticipated has not quite materialized. The sales revenues from last month are unchanged from the previous year but the average sold price is down substantially. Numbers from the previous 30 days are relatively unchanged.
Market Statistics from Springfield Zip Codes: 22151, 22152 & 22153:
|July 2011||July 2010||June 2011|
|Avg. Sold Price||$390,755||$430,314||$386,705|
|Days on Market||34||48||31|
The Dog Days of Summer are coming to an end. Earthquakes, Hurricanes, a poor economy, job insecurity and several other factors have led to a lack of consumer confidence. We survived the natural disasters, let’s hope this autumn season we can overcome the man-made disasters and begin the road back to normalcy.
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