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Springfield, VA Market Update

The Long & Foster Market Minute
Focus On: Springfield Housing Market June 2012
Zip Code(s): 22151, 22150, 22152 and 22153
Units Sold
145
Active Inventory
200
Median Sale Price
$410,000
Days On Market
25
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 10%
Vs. Year Ago
Down -37%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -17%
Vs. Year Ago
Units Sold
There was an increase in total units sold in June, with 145 sold this month in Springfield Real Estate versus 116 last month, an increase of 25%. This month’s total units sold was higher than at this time last year, an increase of 10% versus June 2011.
Active Inventory
Versus last year, the total number of homes available this month is lower by 119 units or 37%. The total number of active inventory this June was 200 compared to 319 in June 2011. This month’s total of 200 is lower than the previous month’s total supply of available inventory of 206, a decrease of 3%.
Median Sale Price
Last June, the median sale price for Springfield Homes was $384,250. This June, the median sale price was $410,000, an increase of 7% or $25,750 compared to last year. The current median sold price is 8% higher than in May.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

New Listings
151
Current Contracts
127
Sold Vs. List Price
99.1%
Months of Supply
1.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -15%
Vs. Year Ago
Up 9%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -43%
Vs. Year Ago
Months of Supply
In June, there was 1.4 months of supply available in Springfield, compared to 2.4 in June 2011. That is a decrease of 43% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 151 homes newly listed for sale in Springfield compared to 178 in June 2011, a decrease of 15%. There were 127 current contracts pending sale this June compared to 117 a year ago. The number of current contracts is 9% higher than last June.
Sale Price to List Price Ratio
In June, the average sale price in Springfield was 99.1% of the average list price, which is 0.7% higher than at this time last year.
Days on Market
This month, the average number of days on market was 25, lower than the average last year, which was 30, a decrease of 17%.