SPRINGFIELD, NJ - Although spring just started, Spring Market is in full swing - - and it continues to be a seller’s market. We’re down a bit in inventory, to 46 active properties (as per Garden State MLS). The “absorption rate” (how long, on average, inventory will sit on the market), remains low at 3 months, where it’s been hovering for a while now.
While nearly one in four properties for sale are apartments/condos (11 of the 46), the prices have been creeping up. A third (10 of the 35) single family homes are priced over $700,000. Only two were priced below $400,000 (excluding condos/townhouses).
Pending sales continue on a regular basis, with 43 currently waiting to get to the closing table. On the rental front, there are only 7, of which only one is a single family house (6 bedrooms, listed for $4,500/mo.) All the others are priced between $1,350 and $3,500.
Because it’s a “seller’s market,” some owners think they can ask for more than the market will bear. Buyers, however, are very smart – with all sorts of data and trends at their fingertips, online. Ultimately, houses that are overpriced have their price adjusted down and it ultimately sells – but what usually happens is that it takes longer than it should and the price being settled on is not quite as good as could have been received if priced properly from the onset.
As always, we’d love to hear your comments or thoughts…
Home Sales (March 1 - 31, 2017):
65A Troy Dr., Bldg 9. - Condo/Apt. - 1 Bed/1 Bath - $160,000 (originally listed at $165,000; on market for 30 days)
66B Troy Dr., Bldg 19 – Condo/Apt - 1 Bed/1 Bath - $180,000 (originally listed at $199,000; on market for 115 days)
69 Linden Ave.- Colonial - 3 Bed/1 Bath - $339,900 (originally listed at $339,900; on market for 18 days)
610 S. Springfield Ave. - Colonial - 3 Bed/1.5 Bath - $381,000 (originally listed at $359,900; on the market or 6 days)
46 Colonial Terrace - Colonial - 3 Bed/2 Bath - $374,500 (originally listed at $387,000; on the market for 21 days)
86 Henshaw Ave.- Custom - 4 Bed/2 Bath - $439,000 (originally listed at $449,900; on market for 55 days)
8 Christy La. – Split-Level - 4 Bed/2.5 Bath - $490,000 (originally listed at $585,000; on market for 250 days)
17 Juniper Way – Bi-Level - 4 Bed/2.5 Bath - $550,000 (originally listed at $528,000; on the market for 256 days)
23 Lenape Rd. - Split Level -4 Bed/2.5 Bath - $520,000 (originally listed at $549,900; on the market for 92 days)
231 Milltown Rd. – Split-Level - 5 Bed/2.5 Bath - $550,000 (originally listed at $599,900; on the market for 82 days)
85 Adams Terr. - Colonial - 4 Bed/3.5 - $790,000 (originally listed at $799,999; on the market for 205 days)
39 Green Hill Rd. – Custom - 4 Bed/3 Bath - $792,000 (originally listed at $875,000; on the market for 148 days)