SPRINGFIELD INVENTORY SURGES, AS LISTING PRICES JUMP UP

Inventory in Springfield took a big leap and is getting closer to the levels that we are accustomed to, There are currently 74 properties actively listed for sale (as per Garden State MLS). Properties are still moving quickly. Of the 74 actives, 10 are already in Attorney Review. There are also 48 properties that are Under Contract, pending sale.

The market is heating up. 43 new homes were listed for sale just in the month of April. Of 9 rental properties, 7 are still available. They range in price from $1,275 for a 1-bedroom condo, to $7,000 for a 5-bedroom house. Three rentals were added over the past month ($1,650 to $2,200).

It’s a bit too early to quote any trends of price increases. However, we are seeing some houses selling higher than we would have imagined 6 to 9 months ago. But be aware: if, as a seller, you try to take advantage of an improving market, and you price your house too high – it will sit. Buyers are smart – they see the comps online. Inventory is low but Buyers will pass it by if it doesn’t make fiscal sense. But, this mentality has caused an upward movement of asking prices. Two-thirds (65%) of the active inventory is priced over $400,000, a vast improvement over years’ past. The actual sale prices will likely grow in smaller increments in order for it to stick, but we are hopeful that it will.

Home Sales (April 1-30, 2014):

 64-B Troy Dr., Bldg 19 - Condo - 3 Bed/1.5 Bath - $172,500 (originally listed at $189,000; on market for 79 days)

7-B Troy Dr,, Bldg 1- Condo - 2 Bed/1 Bath - $200,000 (originally listed at $204,900; on the market for 574 days)

32 Pitt Rd. - Ranch - 3 Bed/1.5 Bath - $350,000 (originally listed at $359,000; on the market for 14 days)

29 Laurel Dr. - Ranch - 3 Bed/2 Bath - $350,000 (originally listed at $369,000; on market for 12 days)

19 Battle Hill Ave. - Colonial - 4 Bed/1.5 Bath - $420,000 (originally listed at $419,999; on market for 20 days)

76 Garden Oval – Split Level - 3 Bed/1.5 Bath - $445,000 (originally listed at $439,900; on market for 10 days)

53 Marion Ave. - Contemporary - 4 Bed/2.5 Bath - $440,000 (originally listed at $449,000; on market for 10 days)

70 Springbrook Rd. - Colonial - 3 Bed/2 Bath - $440,000 (originally listed for $470,000; on market for 55 days)

95 Newbrook La. - Split Level - 4 Bed/2.5 Bath - $500,000 (originally listed for $579,999; on market for 317 days)

150 Newbrook La. - Colonial - 4 Bed/2 Full & 3 Half Bath - $570,000 (originally listed for $649,000; on market for 59 days)

36 Evergreen Ave. - Colonial - 4 Bed./2.5 Bath - $725,000 (originally listed for $749,000; on market for 41 days)

20 Ron’s Edge Rd. - Colonial - 4 Bed/3.5 Bath - $840,000 (originally listed for $924,900; on market for 56 days)