Westfield NJ Spring Market Mixed Signals--volume way up, prices may be down.

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Real Estate Agent with RE/MAX Properties Unlimited NJ# 9483506

Westfield NJ Spring Market Mixed Signals--volume way up, prices may be down.

This is a little more detailed look at the Westfield NJ real estate market compared to last year, and with another month of data colllected.

Nearly double the number of contracts have been signed in the 1st four and a half months of 2011 versus 2010.  But the market time, is significantly longer and prices of closed transactions are significantly lower on average.  You will also note steeper markdowns during the average listing and steeper difference between Original List Price and sale price.  Please note DOM=days on market.

I also note that many properties seem to linger in attorney review and under contract status far longer than usual.  It could be contention between buyers and sellers following the price negotiation, or it could arise from protracted processes getting financing.  there is also a fraction of slow closings that arise when parties strick a deal in spring and agree to consummate at the end of the school year.

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Y-O-Y Contracts YTD DOM Avg OLP Avg Final LP MarkDown Avg SP % OLP %FLP
Closed 2010 76 43 735843 726997 -1% 702851 96% 97%
Closed 2011 64 66 692489 663125 -4% 630960 91% 95%
All UC 2011 137 90 744175 725147 -3%      
                 
  Good NG Mixed/NG Mixed/NG NG Mixed/NG NG NG

 

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Scott Gleason

Westfield NJ New Homes Specialist
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