New construction continues to be a major draw in the Westfield area luxury real estate market. Developers are busy keeping up with demand. While the calendar year winds down, sales tend to taper off as well. Even so, the October 2016 Westfield Area Luxury Home Sales showed that total sales were slightly up from September 2016. Read on to find out more about the state of the local luxury market.
October 2016 Westfield Area Luxury Home Sales
The Garden State MLS reported that there were a total of 15 currently active homes in the Westfield luxury market. All but two of these were either new, currently under construction or ready to be built. Four Westfield area luxury homes hit the market within the last 30 days. They included a custom Colonial by Preferred Home Builders. Currently under construction, this home came on the market just last week.
Pending Westfield Home Sales in October 2016
Six Westfield area luxury homes show a pending status. Half of them consist of newly constructed homes. One property, a 2011 center hall Colonial, went to contract after just 14 days on the market.
Westfield Area Luxury Homes Sold in October 2016
Garden State MLS also reported that a total of eight Westfield area luxury homes were sold in October 2016. That is slightly higher than the seven sold the month prior. Six of these homes were new construction. One Westfield Buyer purchased a townhome after just 15 days on the market. It is still currently under construction.
Summary of October 2016 Westfield Area Luxury Homes Sales
We now enter the traditionally slow time of year for the Westfield area luxury market. However, if you are interested in buying a new home, it is an opportune time to do so. Less people looking means less competition. The Federal Reserve left the prime rate alone ahead of the election. However, I hear rumors of a possible increase in December. When you are ready to start your search for a luxury Westfield area home, contact me.
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