Real Estate

Overall Springfield Home Prices Increase as a Third Sold for Over $500K

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Credits: tapinto.net
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SPRINGFIELD, NJ - It wasn’t too long ago that the homes priced under $400K were the sweet spot for Springfield. But in just the past month, there were 18 sales and eight of them were priced above $500,000.  One home sold for over $1,000,000.

The $400,000 to $500,000 category takes second place with seven sales and six of those seven were above $450,000. This is a solid indication of rising prices in Springfield. In June of 2016, there were nine residential sales as reported by Garden State MLS with an average sales price of $458,300 on the market for an average 43 days and selling for 96 percent of list price. In June, 2017, there were 18 sales averaging $532,800 and on the market for an average 46 days and selling for 98 percent of list price. That’s a 16 percent increase year over year.

June was not a fluke. For the first half of 2017 compared to the first half of 2016, prices on average were up 21 percent. There are still 58 properties actively available, of which one is a multi-family building. Excluding condo apartments, but including townhouses, the number is reduced to 52. 5 percent of these are priced over $500,000.

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There are only three rental properties available, and all three are single family houses with monthly rents between $1,900 and $3,495.

Homeowners feel it’s a “seller’s market” and sometimes get greedy on the price.

See below, for the properties with big price reductions and how long it took to get the house sold. If priced correctly, it sells quickly. As always, we’d love to hear your comments or thoughts…

Home Sales from June 1 to June 30, 2017 per Garden State MLS:

55 Baltusrol Way - Bi-Level - 5 Bed/3 Bath - $340,000 (originally listed at $315,000; on market for 15 days)

48 Evergreen Ave. - Colonial - 4 Bed/2.5 Bath - $345,000 (originally listed at $345,000; on market for 101 days)

34 Colonial Terrace - Colonial - 3 Bed/2 Bath - $390,000 (originally listed at $399,000; on market for 26 days)

2104 Park Place - Townhouse - 3 Bed/3.5 Bath - $387,000 (originally listed at $419,000; on the market or 38 days)

72 Linden Ave. - Colonial - 3 Bed/2 Bath - $415,000 (originally listed at $469,000; on the market for 77 days)

17 Lynn Dr. - Split Level - 3 Bed/2 Bath - $465,000 (originally listed at $459,000; on market for 46 days)

109 Lyons Pl. - Split Level - 3 Bed/3.5 Bath - $455,000 (originally listed at $459.999; on market for 15 days)

125 Tooker Ave. - Colonial - 3 Bed/2 full & 2 half Bath - $490,000 (originally listed at $479,000; on the market for 20 days)

31 Benjamin Dr. - Bi-Level - 4 Bed/3 Bath - $450,000 (originally listed at $625,000; on the market for 530 days)

175 Baltusrol Ave. - Colonial -3 Bed/2 Bath - $493,000 (originally listed at $499,900; on the market for 21 days)

29 Avon Rd. - Split-Level - 4 Bed/2.5 Bath - $461,400 (originally listed at $499,999; on the market for 51 days)

217 Short Hills Ave. - Colonial - 3 Bed/1.5 - $508,000 (originally listed at $549,000; on the market for 27 days)

51 Smithfield Dr. - Split Level -4 Bed/2.5 Bath - $530,000 (originally listed at $549,000; on the market for 577 days)

398 Rolling Rock Rd. - Ranch - 4 Bed/3.5 Bath - $521,000 (originally listed at $585,000; on the market for 233 days)

1 Willow Ct. - Ranch - 4 Bed/2.5 Bath - $680,000 (originally listed at $699,000; on the market for 59 days)

18 Woodside Rd. - Colonial - 4 Bed/2.5 Bath - $735,000 (originally listed at $779,000; on the market for 44 days)

55 Fieldstone Dr. - Colonial - 6 Bed/4.5 Bath - $845,000 (originally listed at $939,000; on the market for 118 days)

78 Evergreen Ave. - Colonial - 6 Bed/5 Bath - $1,080,000 (originally listed at $1,099,000; on the market for 5 days)

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