november 2016

Condo market update for Springfield, Burke, Annandale, and Lorton






Springfield, VA

The median sold price for Condo & Coop properties for September was $265,000, representing an increase of 12.9% compared to last month and an increase of 33.2% from Sep 2015.
The average days on market for units sold in September was 22 days, 37% below the 5-year September average of 35 days.
There was a 44.4% month over month increase in new contract activity with 13 New Pendings; a 27.3% MoM increase in All Pendings (new contracts + contracts carried over from August) to 14; and a 5.3% decrease in supply to 18 active units.
 

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Burke, VA

The median sold price for Condo & Coop properties for September was $321,500, representing an increase of 9.2% compared to last month and an increase of 14.8% from Sep 2015.
The average days on market for units sold in September was 8 days, 73% below the 5-year September average of 29 days.
There was no month over month change in new contract activity with 6 New Pendings; a 40% MoM increase in All Pendings (new contracts + contracts carried over from August) to 7; and a 75% increase in supply to 14 active units.

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Annandale, VA

The median sold price for Condo & Coop properties for September was $191,950, representing a decrease of 1.5% compared to last month and a decrease of 10.3% from Sep 2015.
The average days on market for units sold in September was 50 days, 83% above the 5-year September average of 27 days.
There was a 76.9% month over month increase in new contract activity with 23 New Pendings; a 33.3% MoM increase in All Pendings (new contracts + contracts carried over from August) to 28; and a 16.7% increase in supply to 28 active units.





Lorton, VA

The median sold price for Condo & Coop properties for September was $177,450, representing a decrease of 35.5% compared to last month and a decrease of 26.2% from Sep 2015.
The average days on market for units sold in September was 19 days, 59% below the 5-year September average of 46 days.
There was a 75% month over month increase in new contract activity with 7 New Pendings; a 57.1% MoM increase in All Pendings (new contracts + contracts carried over from August) to 11; and a 37.5% decrease in supply to 5 active units. 

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Karrina Taylor Brown
Karrina Taylor Brown
Associate Broker
8442 Old Keene Mill Road Springfield VA 22152