Inventory's Low, But New Homes Come to Market

Although there is a steady flow of inventory, totals still remain low. There remains 51 homes available for sale in Springfield (according to Garden State MLS). 17 of these homes came to market just in the month of March, which is a good sign. In addition, 38 homes went Under Contract this past month, indicating that there remains an appetite with Buyers for our town. There are also 9 rental properties available, as owners may be waiting for prices to rise before selling. These rentals include 3 single family houses, 1 townhouse, and 5 condo/apartments. They range in rent from $1,350 to $4,000.

The supply of inventory is at 5.1 months, holding a steady level over the last few months. This supply has decreased since last summer when the level was slightly lower (4 months). The higher priced homes are going slower, with an average 10 month supply, while the under $400K homes are in that 5 month range. However, when priced right by the market, homes are being snatched up quickly. Just see the “Days on Market” listed below and the corresponding “original price” versus “sale price”.

We are still fairly certain that we are well past the declines in real estate values of years past. How quickly the market will grow, on the other hand, is anyone’s guess. Experts have said anywhere between 3% and 8% for 2013, but only time will tell.

Home Sales (March 1-31, 2013):

 70 Diven St. – Cape Cod - 3 Bed/1 Bath - $150,000 (originally listed at $159,000; on market for 27 days)

803C Mountain Ave. – Apartment - 2 Bed/1 Bath - $160,000 (originally listed at $168,900; on the market for 100 days)

3-B Stone Hill Rd., Bldg. 27 – Apartment - 1 Bed/1 Bath - $163,000 (originally listed at $165,000; on market for 81 days)

145 Wentz Ave. – Expanded Ranch - 3 Bed/1.5 Bath - $315,000 000 (originally listed at $339,500; on the market for 16 days)

97 Jefferson Terrace – Split Level - 4 Bed/2.5 Bath - $345,000 (originally listed at $375,000; on the market for 32 days)

C314 Park Place – Townhouse - 3 Bed/2.1 Bath - $350,000 000 (originally listed at $389,000; on the market for 112 days)

10 Lynn Dr. – Split Level - 3 Bed/2 Bath - $362,000 (originally listed at $379,000; on the market for 100 days)

4 Alvin Terrace – Custom - 4 Bed/2.1 Bath - $370,000 (originally listed at $458,000; on the market for 211 days)

101 Jefferson Terrace – Custom – 4 Bed/2.5 Bath - $472,500 000 (originally listed at $589,000; on the market for 519 days)

For more detailed information, please feel free to contact me: 973-202-2855 or itshope@msn.com