The Westfield Area Market Report showed a lot of activity in the luxury market last month. A significant amount of active listings entered the market in just the last 30 days alone. Garden State MLS (GSMLS) stated that inventory levels rose 55% from last year. In spite of the influx of active listings, prices continue to go up. Learn all about what’s been happening in the Westfield real estate market below.
Westfield Area Market Report
Active Westfield Luxury Homes for Sale
The GSMLS reported a total of 50 active luxury Westfield homes for sale in May 2018. This included a lovely split-level home located at 834 Fairacres. Contact me for a personal tour. Nineteen of these properties are new construction. Twenty-three homes just went up for sale in the last 30 days. Nine of them hit the market in the last two weeks. A custom Anthony James colonial and a mahogany Stonehenge colonial were listed 14 days ago. A center Brightwood colonial came up for sale 11 days ago. And a Georgian-style Wychwood colonial came on the market just two days ago. There’s also a very rare Northside Victorian that fans of this type of historic architecture may find very interesting.
Westfield Luxury Homes Under Contract
Five luxury Westfield homes went under contract in May 2018. Three of them were newly constructed properties. One of them, a custom colonial, fell under contract after just 11 days on the market.
Westfield Luxury Homes Sold
Seven Westfield luxury homes sold last month. Four of them were newly constructed properties. They included the brand new Tamaques colonial located at 817 Willow. It spent just 25 days on the market and sold for $1,450,000. Three Westfield homes sold at list price, with a 2001 colonial selling after just 13 days on the market. A 2002 Messercola built colonial sold just over list price in 16 days. And a brand new custom colonial sold for $6,000 above asking.
Interest rates have risen almost a full point since January of this year. This can have a significant impact on affordability. While total sales to date have dipped slightly from the same time last year, the median list price in the Westfield luxury home market has increased 10.5%, even with more inventory available.
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