Health & Fitness
Real Estate Trends Point In A Positive Direction
Overall Real Estate Trends Are Up (but Springfield lags slightly behind)
The numbers are in for 2013. According to Garden State MLS, Union County, as a whole, has grown +5% year-over-year in average home prices. Springfield, specifically, had been a little stagnant. Up a little, down a little, up a little. 2013 ended -4% (on average) over 2012 (the year before, Springfield exhibited a +4% year-to-year growth). However, there were 10% more houses sold in 2013 vs. 2012 and they have sold 11% quicker on average.
All-in-all, the trends are positive. We are teetering on the 2005 levels. That was the year just before the market started spiraling out of control (in 2006-'07), leading to a bursting of the housing market.
Towns around Springfield are trending up, with the average price of home sales growing over 2012: Summit +6%, Westfield +13%, Kenilworth +5%, Cranford +6%, Berkely Heights +7%, Millburn +8%, Livingston +10%, S. Orange +6%, W. Orange +8%. These trends bode well for Springfield as well.
2014 should be more of the same. Interest rates remain low, so Buyers are out in droves. More Sellers are coming to market as prices are inching up. No one can predict the future, but all indications are for a strong 2014.
If you would like a copy of our newly published "Market Study 2013; Essex & Union Counties" please contact Hope Rosenberg: itshope@msn.com
