This post was contributed by a community member. The views expressed here are the author's own.

Business & Tech

Springfield Homes Sales Rising, Rest of Union County Lagging

Increase slow but steady

Real estate forecasters predict there won't be a significant increase in home sales until as late as the end of 2010. But a recent report by the National Association of Realtors (NAR) shows that there is some hope. National home sales at the end of this year rose 3.8 percent. That boosts the amount of houses sold from 4.58 million (earlier this year) to 4.76 million homes at the close of the last quarter.

New Jersey's housing market has been disappointing as well and Union County has been no exception. The number of homes bought earlier this year decreased by almost a quarter compared to 2008. But, according to data issued by the State Treasury Department, three local towns, including Springfield, faired better. Springfield leads the way with sales increasing by 12 percent, with Fanwood and Elizabeth following.

"It's a higher end area," says Stanley Greenberg, a realtor with Century 21 Realty McCoy in Maplewood. "Springfield has a very good school system and it's a nice, clean town. That's attractive to buyers."

Springfield gets a lot of value from its location.

"Springfield is a spill-over town," explains Marilyn Steinberg, a realtor with Weichert Realtors in Summit. She has lived in Springfield for over twenty years. "It doesn't necessarily have the amenities like other places. There's no downtown or trains. But if you're looking for a nice area with beautiful homes and access to highways, then Springfield is perfect."

The number of sales increased, but the average price of homes has declined. According to a recent article in USA Today, prices continue to drop nationally and locally. The average sales price for homes in Union County at the end of 2008 was $420,200. In the first quarter of 2009, it was $350,000. In the second quarter, it was $379,400.  Although prices have gone up slightly since the start of the year, the overall decrease since 2008 has been 9.7 percent.

"The prices are down in Springfield but there is a value to the town," Steinberg said. "Springfield has been devalued a bit because of the prices of homes in the towns around it. With the drop in prices here, houses are starting to sell. There isn't a huge rise in sales but it's beginning. Prices are below $500,000 and that's a breaking point. It's a good value for the area."

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?