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.