This Springfield home market report takes a look at detached, single family home sales (not condominium sales or townhouse sales) in Springfield, VA 22151.
- Homes in Springfield currently for sale: 12
- Closed sales for Springfield homes in October 2013: 12
- Average sale price: $439,379
- Average list price: $439,819
- Sales price to list price ratio: 99.9%
- Average days on the market: 18
- Number of sales currently pending: 20
- Springfield 22151 Absorption rate for homes: 1 month of inventory. A normal, or balanced absorption rate is 5-7 months of inventory. Less than 5 months of inventory is indicative of a seller’s market, while more than 7 months of inventory is indicative of a buyer’s market.
Currently Listed Single Family Homes in Springfield VA
Springfield home sales in 22151 are in an extreme seller’s market, as evidenced by low level of inventory, which is only one month as of today, December 12th. The average number of days on the market for Springfield home sales in 22151 in November was 18 days, which was a little lower than the average over the past five years in November, which was 25 days. A lower average can often point to increased demand, but it can also be caused by seller’s pricing their homes for a faster sale.
The contract ratio is another important market statistic to look at – it’s the number of pending home sales compared to the number of listings that haven’t yet gone under contract. In November, the contract ratio for home sales in Springfield 22151 was 1.00, which represented virtually no change from October, and a significant decrease from November of 2012, when it was 2.45. The November ratio was also lower than the average ratio over the past five years in November, which was 1.40. A lower contract ratio points to a market shift toward buyers, while a higher contract ratio shows market movement in favor of sellers.
Springfield home sellers are in a good position to take advantage of the extremely low inventory of homes for sale. If you own a home in Springfield and are curious about how much it's worth, call me on my cell phone at 703-462-0700 and I'll give you a complimentary market analysis.
If you’re looking to buy a home in Springfield, contact me so I can help you find the right property. I’m an experienced, hard working buyer agent who grew up in the area and knows the real estate market in Northern Virginia very well.