Autumn is upon us, which typically means a slowdown in real estate activity until the end of the year. But, these atypical times continue, with an active year-round market place. The town’s “inventory” (or the month’s worth of homes per sale) has dropped from 6.0 last month to 4.5 this month. This means that many Sellers are falling for the old wives’ tale that the spring is the best time to sell, so let’s wait until then. In many cases, that’s a good assumption. Buyers want to be in their new house in the springtime, enjoy the summer and start their kids in school in the fall. HOWEVER – this is what Sellers are not realizing: interest rates remain low and there’s still a ton of buyers out there. Even on a snowy Sunday afternoon, those serious Buyers are out there looking. And what’s the benefit for the Seller? Less competition in the marketplace, which adds more negotiating power into the hands of the homeowner, rather the Buyer who has another house they can always turn to.
In Springfield, there are currently 59 properties on the market (according to Garden State MLS). That number is showing signs of a seasonal slowdown. Of those, 37 are Under Contract pending sale (2 of those are multi-family homes). The price-point of houses that are selling is across the board. Pending sales range between an asking price of $107,000 and $949,000.
Last month we had ten rental properties, this month there are only eight. Rents are between $2,300 for a 3-bedroom/2 bathroom house to $3,350 for a 3 bedroom/2 ½ bathroom townhouse.
And, most importantly - - year-to-date average sale prices have grown +8% in 2016 over 2015. Of course, this is not a “true” average number, whereas all houses, of all sizes are added into that number. But nevertheless, it’s a good indication of the direction we’re moving in!
As always, we’d love to hear your comments or thoughts…
Home Sales (October 1-31, 2016):
109B Troy Dr., Bldg 15 - Condo/Apt. - 1 Bed/1 Bath - $165,00 (originally listed at $170,000; on market for 39 days)
445 Morris Av. #16B - Condo/Apt. - 2 Bed/1 Bath - $178,500 (originally listed at $178,500; on market for 17 days)
95B Troy Dr.,Bldg 10 - Condo/Apt - 2 Bed/1 Bath - $202,000 (originally listed at $209,900; on market for 23 days)
50 Oakland Ave. - Ranch - 3 Bed/1 Bath - $281,000 (originally listed at $295,000; on the market or 20 days)
34 Cottler Ave.- Cape Cod - 3 Bed/2 Bath - $367,000 (originally listed at $406,000; on the market for 128 days)
61 Saverna Ave. - Colonial - 3 Bed/1.5 Bath - $360,000 (originally listed at $415,000; on market for 114 days)
93 Laurel Dr. - Split-Level - 4 Bed/1.5 Bath - $447,000 (originally listed at $469,000; on market for 21 days)
35 Tooker Ave. - Split-Level - 4 Bed/2.5 Bath - $490,000 (originally listed at $529,000; on the market for 105 days)
86 Adams Terr. - Cape Cod - 3 Bed/2.5 Bath - $484,000 (originally listed at $539,900; on the market for 88 days)
208 Hawthorn Ave. - Custom - 5 Bed/3.5 Bath - $519,000 (originally listed at $549,900; on the market for 72 days)
356 Meisel Ave. - Custom - 3 Bed/2 Full & 1 Half Bath - $550,000 (originally listed at $550,000; on the market for 11 days)
576 Ashwood Rd. - Colonial - 5 Bed/4 Full & 2 Half Bath - $875,000 (originally listed at $925,000; on the market for 175 days)