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Springfield Real Estate Market Report – June 2014

When you’re thinking about buying or selling a home in Springfield, a necessary first step is to understand the local market conditions. Here’s what you need to know this month:

Inventory: There are currently 115 homes offered for sale in Springfield. They range in price from $119,000 to $1,235,000.  This is the highest inventory held in Springfield in about 2 years after a very low inventory winter. The summer market should clear out some of those homes.

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Prices:  The average sale price in Springfield in June was $347,879 and the average sale price over the past 12 months was $375,612. With inventory up, prices often drop.

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What does this mean to you?

Homeowners who are considering selling their home must be sure that it is in perfect showing condition. Be sure to consult a Real Estate professional for a Comparative Market Analysis that will help you to price your home competitively.

Please click here for this month’s infographic.

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If you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis! If you’re thinking of buying a home in Springfield, click here to search available homes.

For more information on selling your home:

For more information on Springfield, NJ:

What do you need to know about Springfield’s Real Estate Market?

Springfield, NJ, home buyers and sellers are wise to spend some time researching real estate market conditions before they buy or sell a home. Here’s everything you need to know this month:


Inventory: 
When you look at this graph, it’s easy to see the seasonality of the real estate inventory. The blue line shows the active listings over the past 3 years. Each bump shows the increase in inventory during the summer, and each valley shows the decrease in inventory over the winter. This past winter was a bit lower than the previous year, and last summer wasn’t as high as the summer before. This year, we’ve already hit a higher inventory than all last summer, which may drive prices down.

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What does this mean to you? If you are a homeowner who would like to sell your home, you’re going to want to make sure that your homes stands out in the crowd. Is it up to date, well maintained, and immaculately clean? Is it easy for agents to make appointments to show the house? Is it priced well?

Prices: 
It’s easy to see a steady increase in list prices (the red line) in the graph to the right. This is a function of seller confidence, and it’s a pattern pretty much seen nationwide. The blue line in the graph to the right shows sale price. Not as obvious a pattern, but the average sale price in Springfield over the past 3 years was $369,598, and the average sale price in May of 2014 was $444,808 – 20% higher than average. This is a function of buyer confidence and is a great indicator of market value.

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What does this mean to you? If you’re planning to buy a home in Springfield, expect prices to continue to rise over the next few months. Winter might see a slowdown if you’re willing to wait that long, but don’t forget that mortgage rates are going up also.


Days on the Market: 
In May, the average Days on Market in Springfield was 37 days – a speed that has not been seen in Springfield in several years.

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What does this mean to you?  This is a statistic that is extremely important for both buyers and sellers. When homes sell quickly, buyers need to act fast. When homes are selling slowly, sellers need to plan ahead and be ready for a long wait. Of course, there are ways you can help your home to sell more quickly.

 

If you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis! If you’re thinking of buying a home in Springfield, click here to search available homes.

For more information on Springfield, NJ:

What’s your favorite Farmers Market?

A farmers market evokes memories of sunshine, mouth watering berries, giant tables covered with bright vegetables, and corn on the cob so sweet it could be a dessert. I love picking giant shoppings bags filled with fresh fruits and vegetables and then piling them up on my kitchen table and cooking the day away. If you’re a farmer’s market lover, like we are, then get ready because the season is just about to begin. Here are some of our favorites:

  • Liberty Hall Museum Community Farmers Market at 1003 Morris Ave in Union on Thursdays from 11am-5pm from June 8th until October 30th. Tons of Jersey Fresh produce, wine, cheese, breads, honey, pickles, coffees, crafts, syrups.
  • Roselle Park Farmers Market at the corner of Chestnut Street and East Grant Ave in  in the gazebo parking lot of Michael Mauri Park in Roselle Park on Wednesdays from 1pm to 6pm from July 3rd to October 30th. Fruits, vegetables, flowers, herbs, baked goods, pickles.
  • Scotch Plains Farmers Market at 430 Park Avenue in the Municipal Parking Lot in Scotch Plains on Saturdays from 8am to 2 pm from May 17th through November. Jersey Fresh fruits and vegetables, baked goods.
  • Springfield Farmers Market at Dayton High School at 139 Mountain Avenue in Springfield on Mondays from 12 noon to 6 pm from July 1st through August. Fruits, vegetables, baked goods, granola.
  • Westfield Farmers Market at the South Avenue Train Station in Westfield on Saturdays from 8:30 am to 2pm from July 5th through October 25th. Fresh fruits, vegetables, nuts, granola, dried fruits, cheese, yogurt, eggs, baked goods, honey.

How do you know what’s locally ripe and in season? Try RipeTrack. Just type in the fruit or vegetable you’re looking for and see if you’ll be buying locally grown produce. Alternately, click What’s In Season Right Now and see all of the produce that local farmers are picking today.

 

What do you need to know about Springfield’s Real Estate Market?

Team Zuhl has crunched the numbers for you and here’s everything you need to know before you buy or sell a home in Springfield.

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For more information, please click here. To search listings, please click here. For a free Comparative Market Analysis of your home, please click here.

Real Estate News for Springfield, NJ

If you’re thinking of buying a home in Springfield, or selling the home you already own, then you need to know as much about the Springfield real estate market as you can. Here’s everything you need to know for this month.

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Prices: The average sale price of a home in Springfield in March was $398,889, about 10% higher than the average over the last 12 months.  The average sale price of a home in March of 2013 was 21% lower, so there’s an obvious pattern of increasing prices going back to at least then.

 

 

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Inventory: There are currently 84 single family homes offered for sale in Springfield.  This is a lower inventory than was seen throughout 2012 and could be contributing to the increase in prices – as supply drops, prices tend to increase.

 

 

 

 

 

 

 

If you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis! If you’re thinking of buying a home in Springfield, click here to search available homes.

For more information on Springfield, NJ:

It’s a Sellers’ Market in Springfield

The Springfield real estate market is a classic example of a seller’s market. The inventory is down and demand has remained high, resulting in higher prices.

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If you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis!

For more information on Springfield, NJ:

Low Inventory in Springfield Real Estate Market!

The Township of Springfield, NJ, is home to nearly 16,000 people and is the home of Baltrusol Golf Club. It is also the location of the Battle of Springfield which was the last battle of the Revolutionary War.

 

 

There are currently 51 homes offered for sale in Springfield. This is the lowest inventory Springfield has seen in years, so now might be the time to sell. Low inventory nearly always results in an increase in prices because the supply is quickly used up by the demand.

 

 

 

And that is exactly what we’re seeing in Springfield prices. The average home sold in January was sold for $351,875 which is  about 8% higher than January of 2013. As the spring market kicks in, I wouldn’t be surprised to see prices climb.

 

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Home sellers in Springfield often want to know how long their home needs to be on the market before it sells. Of course, factors such as pricing and condition affect the length of time it will take to sell your home. Pricing your home at market value (your REALTOR can help you with that) and keeping the condition of your home good can help sell your home faster. On average, the homes that sold in January in Springfield sold after about 2 months on the market. For a January market, this is very fast. Who knows what spring will bring?

 

If you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis!

For more information on Springfield, NJ:

The Real Estate Market Report for Springfield, NJ

The Township of Springfield, NJ, is home to nearly 16,000 people and is the home of Baltrusol Golf Club. It is also the location of the Battle of Springfield which was the last battle of the Revolutionary War.

 

Housing Inventory in Springfield : There are 47 single family homes offered for sale in Springfield, ranging in price from $124,900 to $1,195,000. There were 13 homes sold in Springfield in December which is about average for the year. The inventory is much lower than typical – the average inventory in Springfield is 93 homes offered for sale at any given time in 2013. 

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 Home Prices in Springfield: The average sale price in Springfield in December was $379,562 and the average sale price in 2013 was $354,464. Overall, prices in Springfield are stronger now than they’ve been for several years. Springfield home values sit roughly at the middle of the pack for home values in Union County.

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How quickly do homes sell in Springfield? The average Union County home sold after 76  days in 2013 and after 89 days in Springfield. Homes that sold in December were sold after 108 days, higher than the township has seen since last winter.

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If you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis!

For more information on Springfield, NJ:

What’s going on in the Springfield, NJ Real Estate Market?

The Township of Springfield, NJ, is home to nearly 16,000 people and is the home of Baltrusol Golf Club. It is also the location of the Battle of Springfield which was the last battle of the Revolutionary War.

 

Homes in Springfield are selling more quickly now as compared to last year. The average home that sold in Springfield in November sold after only 51 days, much faster than the 111 days it took to sell a home a year ago. 

 

 

 

Prices in Springfield are also rising. The average home that sold in Springfield in November sold for $389,931, compared to an average price of $366,856 in 2012.

 

 

 

There are currently 78 homes offered for sale. This is the lowest inventory Springfield has held for over 2 years. Sales continue to be brisk with 16 homes sold in November compared to 12 in October and an average of 16 per month over the summer. To see a complete list of all homes offered for sale in Springfield, NJ, please click here.

 

 

f you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis!

 

For more information on Springfield, NJ:

The Springfield, NJ, Real Estate Market Report

Springfield, NJ, is located in northern Union County and is home to roughly 15,000 people. New Jersey Monthly magazine ranked Springfield as the 85th best place to live in New Jersey.

All of Springfield’s public schools are named for notably Springfield residents. Students in Springfield attend Edward V. Walton Early Childhood Center for grades Pre-K to 2, James Caldwell Elementary School in grades 3-5, Thelma L. Sandmeier Elementery School for grades 6-8 and Jonathan Dayton High School for grades 9-12.  Springfield students also attend Saint James the Apostle School serving grades Pre-K through 8.

 

Springfield currently has 5.2 months of inventory. This number tells you how many months it would take for all the current homes for sale on the market to sell, based upon the rate of sales in the past. A Months of Supply of more than 5 months is what real estate professionals often call a “buyer’s market.” This means that there are more sellers than buyers in the area and homes are selling slower than they are being put on the market. Typically, this decreases prices.

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There are 109 homes for sale in Springfield today. Fifteen were sold in September.

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The average sale price in Springfield in September was $443,574. This is 11% higher than the average sale price in September of 2012.

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To see a complete list of all homes offered for sale in Springfield, NJ, please click here.

If you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis!

For more information on Springfield, NJ:

 

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