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.
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?
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.
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.
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.
For more information on Springfield, NJ:
- What do you need to know about Springfield’s Real Estate Market? – 5/26/14
- Seller’s Market in Springfield – 5/26/14
- Real Estate News for Sprinfield, NJ – 4/23/2014
- It’s a Seller’s Market In Springfield – 3/10/2014
- The Real Estate Market Report for Springfield – 1/18/2014
- What’s Going On in the Springfield, NJ, Real Estate Market? 12/15/13
- Real Estate Market Report for Springfield for October, 2012
- Springfield Real Estate Market Report – August, 2013 – 08/03/13
- Springfield Real Estate Market Report – April, 2013 – 05/28/13
- 10 Union County High Schools Make Newsweek’s Short List – 05/08/13
- How long will my Union County home be on the market? – 02/24/13
- Springfield, NJ Market Trends – First half of 2012 – 07/20/12
- Springfield, NJ Market Trends – 02/28/12