springfield real estate market report - july 2014
TRANSCRIPT
How’s the Real Estate Market
in Springfield?
July, 2014
If you're planning on buying or selling a home
in Springfield, the first step is to learn about the
Springfield real estate market conditions.
Inventory
There are currently 85 homes offered for sale in Springfield and they range in price from $119,000 to $1,199,000.
0
20
40
60
80
100
120
140
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Ho
me
s
Active and Sold Listings - Springfield, NJ
0
20
40
60
80
100
120
140
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Ho
me
s
Active and Sold Listings - Springfield, NJ
Inventory
12 month avg= 95
July 2014 = 113
July 2013 = 108
July 2012 = 100
July ‘12
July ‘13July ‘14
12 month avg
0
20
40
60
80
100
120
140
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Ho
me
s
Active and Sold Listings - Springfield, NJ
Inventory
12 month avg= 95
July 2014 = 113
July 2013 = 108
July 2012 = 100
July ‘12
July ‘13July ‘14
12 month avg
Increasing inventory usually results in decreasing prices.
Prices
The average selling price of a home in Springfield in July was $469,874.
0
100000
200000
300000
400000
500000
600000
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Average Sale Price and List Price - Springfield, NJ
0
100000
200000
300000
400000
500000
600000
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Average Sale Price and List Price - Springfield, NJ
Prices
12 month avg = $390,822
July 2014 = $ 469,874
July 2013 = $320,785
July 2012 = $411,109
July ‘12
July ‘13
July ‘14
0
100000
200000
300000
400000
500000
600000
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Average Sale Price and List Price - Springfield, NJ
Prices
12 month avg = $390,822
July 2014 = $ 469,874
July 2013 = $320,785
July 2012 = $411,109
July ‘12
July ‘13
July ‘14
Prices have recovered from last summer’s low and are now well above the 12 month average.
Days on Market
The average sold home in Springfield in July was sold after 43 days.
0
20
40
60
80
100
120
140
160
180
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Average Days on Market - Springfield
0
20
40
60
80
100
120
140
160
180
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Average Days on Market - Springfield
Days on Market
12 month avg = 63
July 2014 = 40
July 2013 = 49
July 2012 = 74July ‘12
July ‘13
July ‘14
0
20
40
60
80
100
120
140
160
180
Jan
-12
Feb
-12
Mar
-12
Ap
r-1
2
May
-12
Jun
-12
Jul-
12
Au
g-1
2
Sep
-12
Oct
-12
No
v-1
2
De
c-1
2
Jan
-13
Feb
-13
Mar
-13
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
No
v-1
3
De
c-1
3
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Average Days on Market - Springfield
Days on Market
12 month avg = 63
July 2014 = 40
July 2013 = 49
July 2012 = 74July ‘12
July ‘13
July ‘14Homes are selling more quickly now than they have in years!
What does this mean to you?Homes are selling quickly and an increase in prices
indicates that there is some competition for homes. Inventory is still relatively high, though, and this may impact the fall market.
If you’re planning to BUY a home, be prepared to act fast!
If you’re planning to SELL a home, you need to make sure your home is in top showing condition and that it’s priced right so that it stands up to the competition!
