If you own a home in Westfield, or if you want to own a home in Westfield, this is the place to be for information about real estate values this winter
Inventory: There are currently 173 single family homes offered for sale in Westfield which is nearly exactly the same as last November’s inventory. The current listings range in price from $199,000 to $2,899,000. Twenty-four homes were sold in November at an average sale price of $847,784.
This graph shows inventory and sales for the past 4 years.
The blue line represents the active inventory in Westfield month by month. There are seasonal trends with inventory typically increasing in the summer and decreasing each winter. This summer’s inventory was the highest we’ve seen in several years. The 12 month average inventory in Westfield is 210 homes actively listed for sale. Typically, the law of supply and demand would indicate that increasing inventory would result in decreasing sales prices but that’s not what we’ve seen in Westfield at all.
When we look at the trend line for inventory – that’s the darker blue straight line on the graph – we see an increase of about 18% over 4 years.
The red line at the bottom of the graph shows the number of sold listings over the past 4 years showing a 23% increase over time.
Prices: In November of 2016, the average sold home was sold for $847,784, 3.9% higher than the 12 month average of $815,953.
The graph for Westfield sale prices shows a great deal of variability from month to month with some slight seasonality.
The trend line is that straight black line in the graph. It is showing a very healthy increase in prices over the past several years. Prices 4 years ago were around $675,000 and now they’re closer to $820,000 representing a value increase of 21% over four years. Homebuyers are confident in their return on investment.
Days on Market: Of course, the length of time it takes to sell a home depends on far more than just location. It is also dependent on price, condition, and marketing.
In November of 2016, the average sold home in Westfield was sold after 85 days – significantly longer than the 58 day average in September and 42% slower than the 12 month average of 59.5 days. In fact, November of 2016 sales were the slowest seen in Westfield since September of 2015 but there is no reason to believe this won’t correct itself over the winter.
You can see on the graph that the length of time it takes to sell a home in Westfield is improving slightly. Looking at the trend line – the black straight line on the graph- homes in Westfield homes sold back in January of 2012 after about 60 days on the market and now they’re selling after about 55 days – a small but not insignificant improvement.
If your next step is selling your Westfield home, call us today at 908-917-4198 for your free comparative market analysis and see how your home compares to others in Westfield.