Spring Real Estate Market is Heating Up in Springfield, and Prices are Rising

Springfield is heating up. Houses are being sold quickly, and, in many cases, in multiple bid scenarios. There are currently 100 homes up for sale; of which 37 are already Under Contract, pending sale (according to Garden State MLS). The 63 remaining homes raised the Active inventory by 19% in just the past 2 weeks ago. When comparing the first 4 months of the year, to the first 4 months of last year, there is exceptional growth. The number of homes that have sold has risen by 17%, and more importantly – the average weighted price has grown +16%.

This inching up of home values is starting to spur owners of the more expensive properties to put their homes up for sale, after waiting out the down market of the past few years. Of the homes currently available for sale in Springfield, 27% are priced over $500,000. This segment of the market had been depressed for some time but came back with a vengeance. 25% of the available homes are priced in the $400,000s. And, interesting to note: of the 63 homes still on the active market, 76% of them have been listed less than 3 months.

Relative to the past few years, there has never been a better time to be either a Buyer or a Seller. Sellers have the upper hand, whereas inventory still remains low, and prices are coming up. Buyers, on the other hand, are still enjoying record low interest rates and a marketplace that offers a perception of great values (compared to the atypical high prices of 6 or 7 years ago).

Home Sales (April 1-30, 2013):

190 Morris Ave. #2F - Apartment - 1 Bed/1 Bath - $165,000 (originally listed at $189,000; on market for 193 days)

12B Troy Dr, Bldg 25 – Apartment - 2 Bed/1 Bath - $215,000 (originally listed at $229,000; on market for 5 days)

52 Kipling Ave. – Ranch - 2 Bed/1 Bath - $265,000 (originally listed at $275,000; on the market for 118 days)

27 Remer Ave. - Colonial - 2 Bed/1.5 Bath - $277,500 (originally listed at $299,000; on the market for 161 days)

180 S. Springfield Ave. - Ranch - 2 Bed/2 Bath - $300,000 (originally listed at $318,500; on the market for 160 days)

96 Adams Terrace - Ranch - 2 Bed/2.5 Bath - $325,000 000 (originally listed at $369,999; on the market for 167 days)

19 Molter Ave. – Colonial - 3 Bed/2.5 Bath - $338,000 (originally listed at $365,000; on the market for 373 days)

2207 Park Place – Townhouse - 2 Bed/2.5 Bath - $375,000 (originally listed at $405,000; on the market for 360 days)

25 Tulip Rd. – Split Level - 4 Bed/3 Bath - $389,000 000 (originally listed at $419,000; on the market for 135 days)

22 Crest Pl. – Colonial - 3 Bed/1.5 Bath - $430,000 000 (originally listed at $440,000; on the market for 43 days)