Springfield, VA Market Report – 2/6/12

06 Feb
February 6, 2012

Think things aren’t selling in the Springfield Market, think again!

If you’re planning on selling, now just might a good time to talk to one of our experienced agents at Avery Hess.  Inventory is low and demand seems to be increasing.

Prices have increased over the same time last year and the average days on market have come down from the month before.   If you look at the statistics from the last five years, you’ll find a steady increase in purchase prices and a steady decrease in days on market.

December 2011 December 2010 November 2011
Total Revenue $24,264,175 $19,810,795 $14,684,950
Average Sold Price $345,186 $339,633 $378,151
Units Sold 70 60 38
Days on Market 60 50 78
Active Listings 91 125 118
New Listings 34 45 64
Pending Sales 114 104 147

Did you know interest rates are at an all-time low?  With interest rates hovering below 4% for a 30 year fixed rate, buying might be cheaper than renting.

Waiting for that move-up moment?  Now may be just the time to do it.  Indications show that the low seems to have passed, don’t miss the boat!  Banks do have money to lend and with attractive interest rates and programs available with little or no money down, what are you waiting for?

Market data and commentary by Pattie Mancini, Manager at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

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