Real Estate

WINTER IS HERE BUT SPRINGFIELD REAL ESTATE KEEPS GOING, TO THE BENEFIT OF SELLERS

SPRINGFIELD, NJ - The warm(ish) weather is good for real estate. Inventory has fallen off, as it usually does this time of year, but activity is still strong. We’re down to only 38 active properties (as per Garden State MLS). Of those, 5 of those are already in Attorney Review – meaning they have accepted an offer and finalizing the contract. These sellers recognize, what most do not. This time of year can be a good time to sell. Less competition can lead to a quicker sale.

There are also 28 properties that have already survived Attorney Review and are now “Under Contract” (or pending sale). This is on top of the 18 that just closed in the month of December (below).  Interest rates are expected to go up, but let’s face it – they are still pretty low. Coupled with the low inventory, there are still a ton of buyers out there looking.

As you look at the sold prices below, you will see many homes sold very quickly (within the first 90 days or sooner). Those that dragged on for a long time, also had the largest reductions from the asking price. This is what happens when a house is not priced right to the market. It sits and it sits, and ultimately sells (and often lower than what would have been realized if priced correctly before the listing became “stale”).

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Home Sales (December 1-31, 2016):

6C Troy Dr. (Bldg 26) - Condo/Apt. - 1 Bed/1 Bath - $187,000 (originally listed at $189,000; on market for 10 days)

69 Washington Ave. - Colonial - 4 Bed/2 Bath - $313,000 (originally listed at $355,000; on market for 115 days)

217 Short Hills Ave. – Colonial - 3 Bed/1.5 Bath - $330,000 (originally listed at $429,000; on market for 233 days)

29 Lincoln Rd. – Cape Cod - 4 Bed/3 Bath - $355,000 (originally listed at $385,000; on the market or 50 days)

11 Lenape Rd. – Split Level - 5 Bed/3.5 Bath - $374,000 (originally listed at $550,000; on the market for 153 days)

22 Joanne Way – Split Level - 3 Bed/1.5 Bath - $390,000 (originally listed at $399,000; on market for 197 days)

51 Kipling Ave. - Ranch - 2 Bed/2 Bath - $400,000 (originally listed at $399,000; on market for 8 days)

3714 Park Place -Townhouse - 3 Bed/2.5 Bath - $407,500 (originally listed at $422,800; on the market for 75 days)

1107 Park Place -Townhouse - 3 Bed/3.5 Bath - $410,000 (originally listed at $439,900; on the market for 183 days)

27 New Brook La. - Split Level - 3 Bed/1.5 Bath - $410,000 (originally listed at $419,000; on the market for 19 days)

3407 Park Place - Townhouse - 3 Bed/2.5 - $442,000 (originally listed at $449,000; on the market for 78 days)

252 Short Hills Ave. - Colonial - 3 Bed/1.5 Bath - $447,000 (originally listed at $449,000; on the market for 20 days)

43 Hawthorn Ave. –Raised Ranch - 3 Bed/2 Bath - $455,000 (originally listed at $479,000; on the market for 105 days)

39 Gail Ct. -Colonial - 3 Bed/1.5 Bath - $470,000 (originally listed at $465,000; on the market for 27 days)

115 Briar Hills Cir. - Split Level - 4 Bed/2 Bath - $484,000 (originally listed at $489,000; on the market for 106 days)

84 Hillside Ave. - Contemporary - 4 Bed/3.5 - $490,000 (originally listed at $499,000; on the market for 80 days)

5 Avon Rd. – Split Level - 5 Bed/2.5 Bath - $510,000 (originally listed at $559,900; on the market for 820 days)

16 Surrey La.- Split Level - 5 Bed/2.5 Bath - $568,000 (originally listed at $599,000; on the market for 820 days)

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