Springfield, VA Market Report – 8/29/11

29 Aug
August 29, 2011

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
Sales Volume $38,413,988 $38,214,149 41,764,194
Units Sold 98 89 108
Avg. Sold Price $390,755 $430,314 $386,705
Days on Market 34 48 31
Active Listings 196 204 208
New Listings 115 128 149
Pending Sales 173 164 194

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

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