Springfield, VA Market Report – 2/6/12

Think things aren’t selling in the Springfield Market, think again!

If you’re planning on selling, now just might a good time to talk to one of our experienced agents at Avery Hess.  Inventory is low and demand seems to be increasing.

Prices have increased over the same time last year and the average days on market have come down from the month before.   If you look at the statistics from the last five years, you’ll find a steady increase in purchase prices and a steady decrease in days on market.

Did you know interest rates are at an all-time low?  With interest rates hovering below 4% for a 30 year fixed rate, buying might be cheaper than renting.

Waiting for that move-up moment?  Now may be just the time to do it.  Indications show that the low seems to have passed, don’t miss the boat!  Banks do have money to lend and with attractive interest rates and programs available with little or no money down, what are you waiting for?

Market data and commentary by Pattie Mancini, Manager at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Springfield, VA Market Report – 12/2/11

The Springfield area has remained relatively stable with some increases in particular zip codes.

The majority of originated mortgages were conventional financing indicating homes in the higher price range were moving more quickly than the lower priced properties. This too, would indicate that there could be more first time buyers rather than move-up buyers since the lower priced homes are not selling as quickly.

Cash purchases were insignificant which might imply that investor purchases were also down.  Following are comparative statistics for year over year and month to month:

There will likely be a slow down in December as this is typically a slower month but we should begin to see continued increases with the start of the new year. The spring market actually begins in late January and early February.

Employment and moving decisions are being made in December for moves occurring during the first 2 quarters of 2012. There are compelling reasons for both buying and selling at this time. If you have been giving thought to making a real estate decision, be sure to contact a professional Realtor for guidance.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Springfield, VA Market Report – 8/29/11

The Springfield area is undergoing significant change in the commercial real estate realm. With the opening of the National Geospatial Intelligence Agency and the Mark Center as part of the BRAC operation, several defense related government contractors have moved into commercial space from Alexandria to Fort Belvoir.

Commercial space in Springfield along the I-95 corridor is at a premium. Unfortunately, the influx of residential activity that was anticipated has not quite materialized. The sales revenues from last month are unchanged from the previous year but the average sold price is down substantially. Numbers from the previous 30 days are relatively unchanged.

Market Statistics from Springfield Zip Codes: 22151, 22152 & 22153:

The Dog Days of Summer are coming to an end. Earthquakes, Hurricanes, a poor economy, job insecurity and several other factors have led to a lack of consumer confidence. We survived the natural disasters, let’s hope this autumn season we can overcome the man-made disasters and begin the road back to normalcy.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Springfield, VA Market Report – 4/18/11

A year ago we were nearing the end of the government’s tax credit for 1^st time buyers. There was a frenzy to be under contract before the end of April. Comparing this year’s 1^st quarter to 2010 is a bit skewed because of that.

However, figures for March of this year seem to be improving from February so the spring market looks promising.

Market Statistics for Springfield, VA:

Look for improving markets this spring as Springfield rejuvenates, making it a very desirable place to live.

Springfield is strategically located at the confluence of 3 major highways, Routes 95, 395 and 495. Major highway construction over the last several years was completed making commuter routes more bearable. Most commuters drive north into D.C. but with the nearing completion of the military BRAC program at Fort Belvoir and the supporting locations at the Mark Center and the National Geospatial Agency, more commuters are heading to those locations as well. Traffic coming north on the Fairfax County Parkway in the morning also indicates a growing number of commuters going to western Fairfax County employment centers along the Dulles corridor. Commercial construction continues and the redevelopment of the Springfield Mall is ongoing.

Springfield boasts some of the top schools in the county. All of this bodes well for a return of increasing property values.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Springfield, VA Market Report – 12/20/10

Although home sales have begun to exceed new inventory for several weeks, because of the excess inventory prices have not yet stopped declining. Should the sales trend continue we can expect prices to level off soon and begin to climb back up.  Most areas of Springfield have seen increased activity. Here is a snapshot of the November activity:

New Listings                               61

Active Listings                            179

Under contract                           128

Sold in November                       53

Average Sold Price                     $358.244

Average DOM                             72

Prices in this market continue to be on a downward trend indicating a strong buyer’s market. However as sales increase and inventory declines watch prices as the market transitions.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

“Great American” Cooking In Washington D.C.

Washington D.C. has seen an explosion in haute cuisine recently, with celebrity chefs and elaborate menus taking over the city. But sometimes simple cooking is all a stomach needs. That’s where Great American Restaurants and their numerous locations come in handy, satiating the desire for great food without fuss.

The company began in 1976 with an eatery in Annandale and has expanded to nine distinct restaurants in twelve locations. While each locale varies in terms of style and menu, every spot operates on the same principle of good yet reasonably priced food.

There’s wide variety in the group, from a seafood restaurant in Fairfax to a steakhouse in Springfield to a tavern in Merrifield. Wherever you choose, you can expect a great meal.

Silverado

Red brick walls lend an adobe feel to the interior of Silverado, which was the company’s first location. The décor matches the restaurant’s style of cooking, a Southwestern/Tex-Mex/Southern blend.

What seems like a hard range to tackle is done deftly in the kitchen. Fajitas come out crackling on cast iron plates, blackened chicken breasts ring with Cajun spices and beef tips are married with tequila creating one of the most unique pasta dishes in D.C.

Whatever you order, be sure to grab a side of shoestring fries, which, cut paper thin, might be the area’s best.

Sweetwater Tavern

There are a decent number of breweries in the D.C. area, but not many can compare with the beers crafted at Sweetwater Tavern, which brews lagers and ales at three locations: Merrifield, Centreville and Sterling. The drafts rotate on a frequent basis, but almost any variety they make pleases the palate.

The cooking is as strong as the brewing. Aiming for a tavern feel, Sweetwater serves large portions of hearty food packed full of taste. Among their finer plates is the Drunken Rib Eye, a large slice of marbled beef marinated in the brewery’s Great American Pale Ale. It’s served with a side of whipped redskin potatoes that can leave an eater full for days.

Mike’s American

If the thought of steak tantalizes you, head to Mike’s American in Springfield. The large, sandy brick building is simple and unpretentious, just like the restaurant inside. The dining room is trimmed with dark mahogany, similar to most high-end steakhouses. But at Mike’s the fuss and pomp are nonexistent. All that matters is quality meat at affordable prices.

The prime rib is outstanding, on par with some of D.C.’s top restaurants. The biggest cut here costs just $35, and it is cooked to perfection, succulent and tender despite its size.

Coastal Flats

If meat is not to your liking, Great American offers something for the piscivore in everyone. Coastal Flats opened several years back in Fairfax and has already opened a second location in Tyson’s Corner. Fresh catches rotate daily, but be sure to order an appetizer staple of the restaurant,  the sweet and spicy calamari. A different take on the traditional squid dish, Coastal Flats eschews heavy breading and lets red pepper flakes shine and bite.  It’s served with pepper jelly, a blend of sweet jam and hot peppers that is unlike anything else out there.

These are just a few of the delicious places Great American Restaurants operates. Among the other locations are Ozzie’s Corner Italian, an Italian-style restaurant in Fairfax; Jackson’s Mighty Fine Food and Lucky Lounge in Reston, which also has a seafood slant; and Best Buns, a bakery in Shirlington.

And with nine different restaurants, Great American Restaurants can please anyone on any given night.

-David