Historical Springfield Residential Home Sales Performance

When contemplating selling your home, there are four pressing questions all homeowners should ask: How strong is the real estate market? What’s the average/median sales price for comparable homes in my area? How fast are those homes selling? And, finally, how much is my home worth? Over the next few weeks, I will post Springfield specific analytics to assist homeowners who are uncertain about their current position in the real estate market.

According to Garden State Multiple Listing Service (GSMLS), the total sales market value from 1993 through September 2014 is $1.1 billion. This figure is the summation of 3,576 residential home sales during this timeframe.

In the graph, you’ll see the effect the economic downturn has had on what was a steadily increasing market in terms of dollar value and overall sales volume (1993 through 2006).

With 208 homes sold, 2004 was the peak for total homes sold, while 2010 saw the least with only 130. The real estate downturn severely impacted total market value from a high point of $83M in 2006 to a low point of $50M in 2010. Thanks to first-time home buyers who took advantage of the tax credits put forth as part of US Economic Stimulus Act of 2008, the market was bolstered in 2009 before bottoming out in 2010.

Post-recession recovery began in earnest in 2011 and has steadily improved, albeit slowly, each succeeding year (2011-2013). However, 2014 totals sales value through September has already surpassed 2013 total market value. Based on current homes under contract, it is expected that end of year 2014 figures will show a substantial overall increase but not quite achieve pre-recession levels.

Next post will address historical average and median sales price.