September 2016

Springfield, VA - Condo & Coop


In 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.




This activity resulted in a Contract Ratio of 0.78 pendings per active listing, up from 0.58 in August and a decrease from 1.06 in September 2015. The Contract Ratio is 15% lower than the 5-year September average of 0.92. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.
Karrina Taylor Brown
Karrina Taylor Brown
Associate Broker
8442 Old Keene Mill Road Springfield VA 22152