August Saw A Jump in Home Sales With a 16% Increase in Prices!

August was an incredible month for Springfield Real Estate. There were 21 houses that sold, and all but one sold very quickly and close to asking price. One house sat for a while because it was overpriced. The average of the other 20 sold in just 33 days, at an average of 3% below asking price (according to Garden State MLS).

When you look at home sales over the past 6 or 12 months, compared to the same period of time last year, we actually see a small decline in prices. However, August was hot. Average prices in August were +16% higher that August of 2012. This could be the catalyst to move prices upward in the coming months.

Inventory is also creeping up. There are currently 83 properties for sale on the MLS, and an additional 11 properties for rent. There still remains 28 properties that are Under Contract, pending sale. Of those, half of them are priced at $375,000 or higher.

All indications are that September will continue to be strong. We have a long way to go before we get to the winter respite.

What have you been seeing around town? We would love to hear your comments.

Home Sales (August 1 - 31, 2013):

543 S. Springfield Ave. - Townhouse - 2 Bed/1.5 Bath - $2220,000 (originally listed at $237,000; on market for 30 days)

91 Ruby St. - BiLevel - 3 Bed/2.5 Bath - $237,500 (originally listed at $340,000; on the market for 34 days)

33 S. Maple Ave. - Colonial - 3 Bed/1.5 Bath - $235,000 (originally listed at $249,000; on the market for 27 days)

234 Hillside Ave. - Cape Cod - 3 Bed/2 Bath - $300,000 (originally listed at $299,000; on market for 14 days)

5 Remer Ave. - Colonial - 3 Bed/1.5 Bath - $315,000 (originally listed at $329,900; on the market for 14 days)

16 Crescent Rd - Colonial - 3 Bed/2 Bath - $325,000 (originally listed at $348,000; on the market for 70 days)

185 S. Springfield Ave. – Cape Cod - 3 Bed/2 Bath - $342,500 (originally listed at $359,900; on market for 75 days)

C404 Park Place - Townhouse - 2 Bed/2.5 Bath - $365,000 (originally listed at $389,999; on the market for 35 days)

115 Bryant Ave. - Colonial - 3 Bed/2.5 Bath - $387,500 (originally listed at $395,000; on the market or 66 days)

3 Prospect Pl. - Colonial - 4 Bed/2.5 Bath - $418,000 (originally listed at $454,000; on market for 279 days)

1704 Park Place - Townhouse - 3 Bed/2.5 Bath - $395,000 (originally listed at $419,000; on the market for 47 days)

17 Cypress Terrace - Split Level - 4 Bed/2 Bath - $415,000 (originally listed at $435,000; on the market for 10 days)

23 Littlebrook Rd. - Ranch - 3 Bed/2.5 Bath - $447,000 (originally listed at $447,000; on the market or 0 days)

88 Twin Oaks Oval - Split Level - 4 Bed/3.5 Bath - $440,000 (originally listed at $449,900; on market for 86 days)

64 Garden Oval - Split Level - 3 Bed/1.5 Bath - $450,000 (originally listed at $469,000; on the market for 13 days)

34 Springfield Rd. - Colonial - 3 Bed/1.5 Bath - $460,000 (originally listed at $470,000; on the market for 29 days)

29 Cypress Terrace - Split Level - 4 Bed/2.5 Bath - $535,000 (originally listed at $524,000; on the market for 7 days)

23 Littlebrook Rd. - Ranch - 3 Bed/2.5 Bath - $447,000 (originally listed at $447,000; on the market or 0 days)

28 Fernhill Rd. - Raised Ranch - 4 Bed/2.5 Bath - $650,000 (originally listed at $629,900; on market for 33 days)

61 Highlands Ave. - Custom - 4 Bed/3.5 Bath - $660,000 (originally listed at $649,000; on the market for 19 days)

10 Winfield Way - Custom - 4 Bed/4.5 Bath - $650,000 (originally listed at $649,000; on the market for 21 days)

42 Evergreen Ave. - Colonial (New Construction) - 4 Bed/2.5 Bath - $705,000 (originally listed at $718,000; on the market for 21 days)

Hope Rosenberg is a licensed Real Estate Broker who services Springfield and the surrounding areas. She can be reached at 973-202-2855.