Our Westfield real estate market continues to flourish even with modest decrease. The July 2016 Luxury Westfield NJ Market Update indicated the slightest of dips in total active listings from June 2016. The homes under contract also showed a modest downturn from the previous month. Total sales were less, as well. However, they were higher than May 2016.
July 2016 Luxury Westfield NJ Market Update
There were a total of 20 active listings of Westfield luxury homes for sale in July, just one less than the active listings in June 2016. Eight of these have been on the market for 30 days or less. Seventeen properties are new construction, are currently under construction or are waiting to be built. Two of these homes are my featured listings:
- 746 Coolidge – 3 bed/2 bath, Charming Henry West Colonial
- 7 Amy Dr – 6 bed/5.5 bath Gialluisi Custom Home
Please click on either link above for more information. If you would like to see these homes in person or any other Westfield luxury homes for sale, please contact me to arrange a private tour.
Under Contract and Sold Westfield Luxury Homes
According to the Garden State MLS, six Westfield luxury homes went under contract in July 2016. That marks just one less than the previous month. One of these homes spent just 23 days on the market.
Fourteen Westfield luxury homes were sold in June 2016. That number dipped a little in July 2016 to ten total. Five of them spent less than 30 days on the market. One savvy Buyer purchased a 4 bed/2.5 bath Tom Collichio Colonial after just five days on the market. They spent $942,500 to make it their own, which was $23,500 more than the list price. A 5 bed/5.5 bath, 5000 square foot Colonial sold in nine days for $40,000 over the list price. Two other Westfield luxury homes were purchased right at their respective list prices.
As I have discussed before, new TRID regulations have created a delay in the home loan process. If you are coming in with an all cash offer, this won’t affect you. However, when financing your Westfield luxury home, you may expect a delay of a week or two. That should not deter you from finding your next home. Interest rates remain at historical lows. The Federal Reserve hinted at a possible increase in interest rates in September. We won’t know if this happens for sure until after their meeting next month. If you are serious about buying a home, now is a good time to start looking.