REAL ESTATE INVENTORY REMAINS LIGHT, HOMES ARE MOVING QUICKLY, AND PRICES ARE INCHING UP

In Springfield, ACTIVE homes (according to Garden State Multiple Listing Service) have grown to 74. After extrapolating condos, 61% of the single family homes are priced over $400,000. This continues to be a good sign as to the rising values in town. Plus, there are still 31 homes pending sale, again with the bulk of them being priced over $400K.

Most impressive are the prices of 3 bedroom homes. These have grown by +17% (September, 2013 vs. September, 2012).

Young buyers don’t remember when interest rates were 6 and 7 percent. So when they have grown from in the threes to in the fours, there has been a rising sense of urgency. A mid-ranged house priced correctly does not stay on the market that long, and in many cases, attracts multiple bids. Higher priced homes still tend to move slower, but there has been new construction (or newer construction) that has been selling north of $700,000.

There are still a lot of buyers hovering over the marketplace, waiting for new inventory to hit, and there are no signs of activity slowing down.

What have you been seeing around town? We would love to hear your comments.

Home Sales (September 1 – 30, 2013):

445 Morris Ave. A-7 - Apartment - 3 Bed/1 Bath - $108,000 (originally listed at $120,000; on market for 147 days)

75-D Troy Dr., Bldg 10 - Apartment - 1 Bed/1 Bath - $152,900 (originally listed at $159,000; on the market for 402 days)

557 S. Springfield Ave. - Townhouse - 2 Bed/1.5 Bath - $191,000 (originally listed at $269,500; on the market for 129 days)

336 Mountain Ave. – Split Level - 3 Bed/1.5 Bath - $320,000 (originally listed at $335,000; on market for 41 days)

92 Edgewood Ave. - Cape - 4 Bed/2 Bath - $327,500 (originally listed at $335,000; on the market for 34 days)

55 Colonial Terrace - Split Level - 3 Bed/1.5 Bath - $342,000 (originally listed at $359,000; on the market for 36 days)

347 Mountain Ave. - Colonial - 4 Bed/2 Bath - $353,000 (originally listed at $399,000; on market for 156 days)

68 Warwick Ave. - Ranch - 3 Bed/2.5 Bath - $370,000 (originally listed at $435,000; on the market for 83 days)

1404 Park Place - Townhouse - 3 Bed/2.5 Bath - $370,000 (originally listed at $404,900; on market for 143 days)

20 Cottage La. – Split Level - 4 Bed/2.5 Bath - $385,000 (originally listed at $439,000; on the market for 131 days)

905 Park Place - Townhouse - 3 Bed/3.5 Bath - $395,000 (originally listed at $404,900; on the market for 143 days)

135 Bryant Ave. – Split Level - 4 Bed/3.0 Bath - $449,900 (originally listed at $449,900; on market for 60 days)

18 N. Derby Rd. – Split Level - 3 Bed/2.5 Bath - $450,000 (originally listed at $454,000; on the market for 34 days)

2 Pine La. - Colonial - 4 Bed/2.1 Bath - $598,900 (originally listed at $598,900; on market for 105 days)