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Springfield Sees Rising Sales Prices; Hagerstown Sees Balanced Market In Sight

June 19, 2015  |  by Ellen

Have you heard the buzz about the MRIS R.O.A.D. Show?

We’ve enjoyed meeting our customers and helping them learn how to use our existing products (and ones we’re about to launch). There are only two events left, so if you can, we would love it if you would come join us in Springfield, Va on Monday June, 22nd or Hagerstown, Md on Thursday, June 24th.

Each MRIS R.O.A.D. Show event begins at 10am and ends at 3pm. You are welcome to stop by anytime during those hours, but we encourage you to fill out this registration form so we can be sure to have enough refreshments for everyone. 

Since the R.O.A.D. Show is all about showcasing the products we have for our customers, we’re going to use one of them to dig deep into the market statistics for our last two stops.

Springfield, Va (We’ll be at the Springfield Hilton at 6550 Loisdale Road. Free registration).

  • Prices are on the upswing with median closed sales prices gaining over $100,000 in value in just six years (see above).
  • During that same time frame the months of supply has stayed well under three months. Twice it even dipped below one month of supply—but that was during a temporary winter slowdown when active listings plummeted.
  • Active listings have mostly been between 150-250 listings on the market each month, not counting the aforementioned bad winter of 2013 when there were only about sixty actives on the market during December and January. But that was a temporary blip and things rebounded strongly that spring.

 

Hagerstown, Md (We’ll be at Hager Hall  901 Dual Highway. Free registration).

  • Listings have made a comeback after a steep drop during the recession. As the chart above shows, active listings are rising steadily every year over the past three years. The expected seasonal dips are encouraging because each decrease stays above the numbers of the year before.
  • Median sold prices are also showing strong signs of stability with prices rarely deviating beyond a thirty thousand dollar range. Over the past three years median sold sales prices have ranged from $123,300 to $162,500.
  • The months of supply has also shown a strong push to returning to a balanced market. If 4-6 months is considered a balanced market, Hagerstown is not far from the market with months of supply sitting solidly between six and eight months for the past year. All signs suggest it will continue to decrease, which is a welcome change from five years ago when MOS was over 12 months.

Posted in Blog, Market Statistics, MRIS R.O.A.D. Show 2015

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