The Springfield area has remained relatively stable with some increases in particular zip codes.
The majority of originated mortgages were conventional financing indicating homes in the higher price range were moving more quickly than the lower priced properties. This too, would indicate that there could be more first time buyers rather than move-up buyers since the lower priced homes are not selling as quickly.
Cash purchases were insignificant which might imply that investor purchases were also down. Following are comparative statistics for year over year and month to month:
|Oct. 2011||Oct. 2010||Sept. 2011|
|Total Revenue||$ 422,795,399||$19,274,300||$418,735,678|
|Avg. Sold Price||$391,650||$364,585||$380,540|
|Days on Market||53||43||50|
There will likely be a slow down in December as this is typically a slower month but we should begin to see continued increases with the start of the new year. The spring market actually begins in late January and early February.
Employment and moving decisions are being made in December for moves occurring during the first 2 quarters of 2012. There are compelling reasons for both buying and selling at this time. If you have been giving thought to making a real estate decision, be sure to contact a professional Realtor for guidance.
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