Springfield, VA Market Report – 11/19/12

19 Nov
November 19, 2012

While Springfield as a whole encompasses a large area, these statistics are based on the recent sales activity for zip codes 22151, 22152 and 22153.

Total revenue, so far, has remained steady this year.  If you’re thinking about selling – now would be a good time since average days on market continue to decrease because demand is high in our area and inventory remains low.  The election is over and the news is good.  Interest rates will remain at an all- time low giving first-time home-buyers an opportunity to enter a market they would normally be priced out of.  With an influx of new home-buyers and high demand for decent housing, sellers are seeing higher prices for their homes and will finally have that opportunity to move up taking advantage of these low interest rates, as well.

October 2012 October 2011 September 2012
Total Revenue $30,045,745.00 $22,795,399.00 $31,154,137
Average Sold Price $388,377.00 $391,650.00 $388,822.00
Units Sold 77 62 82
Average Days on Market 37 53 47
Active Listings 109 199 130
New Listings 86 92 107
New Pending Sales 91 60 73

I’ve said it before and I’ll continue to say it…If you’re planning to purchase, do it NOW while interest rates are low.   Home prices are going to increase again with the spring market.   They always do!   If you’re planning to sell, find out what your home would be worth in today’s market.  I think you will be pleasantly surprised.

Our agents at Avery-Hess, Realtors are experts in the field of real estate and we want to help.   We’re available to answer any questions you may have so don’t hesitate to contact us.  Visit our website at www.AveryHess.com.

Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Patricia Mancini, Sales Manager at the Avery Hess, Realtors Springfield Office

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