Springfield, VA Market Report – 6/25/12

25 Jun
June 25, 2012

Last month we talked about what a great time it was to buy or sell your home, especially in the zip codes of 22151, 22152 and especially 22153, and this month — it still is!

If you’ve been listening to the news recently, you’ve heard that our housing inventory is down and homes are selling faster, most with multiple offers.  Our average days on market is now one month. With inventory shrinking, (even the homes on the market over the winter that were in bad shape are selling) want-to-be buyers are finding themselves priced out of the areas they had their eye on.   The bottom of the market is officially gone.

But it’s not too late yet!

May 2012 May 2011 April 2012
Total Revenue $38,094,925.00 $45,355,303.00 $30,668,138.00
Median Sold Price $387,500.00 $399,166.66 $394,966.66
Units Sold 97 110 77
Average Days on Market 30.666 48 79
Active Listings 138 205 138
New Listings 123 140 129
New Pending Sales 119 113 129

 

For so long we’ve been hearing about depressed sales prices and homes underwater (meaning your home is worth less than what is owed on the loan), people couldn’t sell their houses even though they wanted to.    Now buyers are finally listening and taking advantage of the “historically” low interest rates but they find themselves with less to choose from.

If you’ve been sitting on the fence about selling your home, you owe it to yourself to talk to a real estate professional about what your home might now be worth and if it would be a good time for you to sell.   You may be surprised.

Our agents at Avery-Hess, Realtors are experts in the field of real estate and can help you whether you’re buying or want to sell.   Give us a call at any one of our convenient locations.  Visit our website at AveryHess.com for a location closest to you.

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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