October 2020 recap of real estate activity in Springfield Township. Curious about what it all means? Message me to discuss or call direct at 215-520-7166. Email: firstname.lastname@example.org
New listings increased in October to 45 from 42 in both September. The median price for listings increased from $419,500 in September to $635,000 in October.
Pending homes decreased slightly from 42 in September to 39 in October. 44 homes went under contract in October, up from 34 in September.
Inventory at the end of October was 50 with a monthly accumulation of 1.7 months based on current sales rates. The absorption rate is fairly steady at 2.5 months indicating a continuation of the strong seller's market.
30 homes reached the settlement table in again in October. Closings are more of a reflection of inventory and contracts written in previous months than they are a reflection of activity during the month in question. It typically takes between 30 and 60 days from an executed contract to a closing. The median selling price for closings in October was $398,750 down from a median of $432,500 in September.
The average days on market for homes closed in October was 43. This is up from an average of 17 days in September. It is important to note that this is for the entire Springfield market with homes ranging in value from $272,000 to 1.625 million dollars. While not always the case, homes in the higher price ranges typically take longer to sell than homes closer to the median. Just over half of the homes sold in October were on the market for less than 2 weeks.