Springfield, VA Market Report – 5/14/12

14 May
May 14, 2012

Looks like good news is in the making for sellers and buyers alike! Thinking of moving up or moving out?  This may be your time to move!

Have you heard of the law of “Supply and Demand” as it pertains to the housing market? When there isn’t enough housing inventory to go around for the amount of buyers wanting homes, prices start to rise. We’re seeing this in the Springfield market, at least in the zip codes of 22151, 22152 and 22153.

Traditionally, listing agreements are defaulted to last six months because that is the average number of days it takes most homes in the United States to sell. With inventory getting tighter, our average days’ on market in Springfield is less than two months! Some would say it’s becoming a seller’s market again.

April 2012 April 2011 March 2012
Total Revenue $30,668,138.00 $32,649,265.00 $24,493,910
Median Sold Price $394,966.66 $383,466.66 $346,666.66
Units Sold 77 84 66
Average Days on Market 40 45 79
Active Listings 138 190 138
New Listings 129 160 148
New Pending Sales 129 120 113

So….if you’re thinking of selling, now would be a perfect opportunity to get your home on the market. Open houses are seeing a record number of people coming through and multiple offers are again being received.

If you’re looking to buy, interest rates are still at an all-time low with lenders now advertising very attractive financing below 4%. If you can qualify as a “first time home buyer”, there are programs with zero down payment and mortgage rates that could very well be cheaper than your rent! Just remember with renting, you still have to come up with a security deposit and the first month’s rent!

Our agents at Avery-Hess, Realtors are experts in the field of real estate and can help you whether you’re buying or selling. Visit our website at www.AveryHess.com to get started today. With home prices on the rise, why wait any longer to purchase instead of rent?

Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Pattie Mancini, Sales Manager, at the Springfield office of Avery Hess, Realtors.

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