Springfield Real Estate Shows Signs of Revitalization

A quick update of the Springfield, NJ Real Estate Marketplace

Don't let the frigid temperatures fool you!
Don't let the frigid temperatures fool you!

The snow and the freezing temperatures have not stopped the onset of the Spring Market. Since 90% of the homebuyers come from the internet, snow and cold weather doesn’t stop them from searching online from the warmth of their own homes. Mortgage lenders are offering some great programs for First-Time Homebuyers (if you want more info, just let us know). Plus, interest rates remain low and there are more Buyers than houses for them to buy.

While the full year of 2013, overall, has not shown any type of stellar growth for prices in Springfield, the last few months have shown substantial gains over the last few months of the prior year.

We’re also seeing a revitalization in the town. Older homes are being sold and renovated and updated. Or, in some cases, razed and rebuilt. New construction is popping up here and there around the town. Of all the homes currently listed for sale now (as per Garden State Multiple Listing Service), 60% are priced above $400,000. This has been a slow and steady trend, and one that adds a positive glimmer to future prices in town.

Home Sales (January 1-31, 2014):

7A Troy Dr. - Condo - 2 Bed/1 Bath - $235,000 (originally listed at $230,000; on market for 72 days)

6 Beverly Rd. - Split Level - 3 Bed/1.5 Bath - $315,000 (originally listed at $325,900; on the market for 56 days)

103 Kipling Ave. - Ranch - 3 Bed/1 Bath - $325,000 (originally listed at $329,900; on the market for 19 days)

37 Garden Oval - Split Level - 3 Bed/2.5 Bath - $395,000 (originally listed at $419,000; on market for 80 days)

123 Briar Hills Circle – Split Level – 4 Bed/2 Bath - $415,000 (originally listed at $439,900; on market for 479 days)

63 Beverly Rd. – Cape Cod – 4 Bed/2 Bath - $445,000 (originally listed at $455,000; on market for 37 days)

1 Linda La. – Colonial – 5 Bed/3 Bath - $540,000 (originally listed at $585,000; on market for 54 days)

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