This Springfield home market report analyzes sales of detached, single family homes in Springfield (not townhome or condo sales) in Springfield, Virginia 22150.
- Homes in Springfield currently for sale: 18
- Closed sales for Springfield homes in October 2013: 12
- Average sale price: $405,667
- Average list price: $409,765
- Sales price to list price ratio: 99.0%
- Average days on the market: 31
- Number of sales currently pending: 20
- Springfield 22150 Absorption rate for homes: 1.5 months 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 Springfield VA Single Family Homes for Sale
With only 1.5 months of inventory as of today, December 3rd, Springfield home sales in 22150 are in an extreme seller’s market. Despite the arrival of the usually slower winter months, Springfield home inventory has actually decreased in this area since the last time I blogged about it on November 8th, when inventory was at 2.18 months. The average number of days on the market for Springfield home sales was 31 days in October, which was slightly lower than the September average of 33 days, and significantly lower than the average over the past five years in October, which was 45 days. A lower average can often point to higher demand, but it can also be reflective of competitive home pricing. It's also interesting to note that the sales price to list price ratio went up over the last month - it was 96.8% in September.
Another important market indicator is contract ratio, which is the number of pending home sales compared to the number of active listings that haven’t gone under contract yet. The contract ratio for Springfield home sales in 22150 in October was 0.88, which was significantly lower than the contract ratio in October 2012, which was 1.31. The average contract ratio over the last five years in October was 1.32. Generally, a lower contract ratio signifies market movement toward buyers, while a higher contract ratio shows market movement toward sellers.
Sellers of Springfield homes are still in a good position to take advantage of low inventory in this area. If you own a home in Springfield and are considering selling, call me on my cell phone at 703-462-0700 – I’ll provide you with a free comparative market analysis that will give you a good idea of the fair market value of your home.
Springfield home buyers should seek out a great buyer agent to help them negotiate the best deal possible. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Springfield real estate market very well. I’m an expert with contracts and a skilled negotiator who will work hard to get you into your dream home.