Home Inventory Still Moving Quickly as the Summer Rush Begins to Slow Down

We are starting to see a slowdown of the Springfield Real Estate marketplace. Active inventory has dropped to 73 properties – 13 of which are the new construction on Pine Lane (according to Garden State MLS). There were 15 new listings in just the past month. In addition there are 10 rentals available; from $1,600 apartments to $3,500 houses.

There remains a lot of activity, whereas 40 homes are Under Contract, pending sale (16 added just in the month of July). There is a half a million dollar spread between the lowest and highest asking price of these homes; priced between $285,000 and $775,000. Except for a few homes, most properties are selling (or going under Contract) very quickly. Some times in just a few weeks, but mostly within a 60 to 90 day period.

Overall prices, however, have been fluctuating. On average, the price of sold homes in Springfield over the past 12 months has fallen by 4% as compared to the 12 months prior BUT it is a mix of different size homes so it’s not a true indication of the market. Union County as a whole, is reporting a +4% rise in prices over the same 12 month period.