Refinance or not?

My situation:

Home Value - $215,000
Principal of Mortgage - $170,000
Current Rate - 4.750%

Offered Rate - 3.375%
Closing Costs - $3,200 (Costs are $5,200 but $2,000 of this is to build the new escrow, which is essentially offset by receiving my escrow balance from prior mortgage - it's just a timing thing. I won't get the old escrow money for a few weeks)

Current payment (including escrow) $1,215
New Payment (including escrow) $940

I would save $275 per month. But we will likely be on the move sometime in the next few years. At the earliest, we would be on the move in 9 months. But it could be 1-2 years. I need 12 months to break even and have refinancing make sense, so I think it is worth the risk.

Are there other factors I am failing to consider? Do closing costs and interest rate offered look acceptable and in the market range? I live in PA, not Louisiana btw.