Like the rest of the country, the Westfield area real estate market cooled off slightly last month. While sales in the luxury market stayed exactly the same as July, active listings and homes under contract dipped slightly. Read on to find out what the August 2016 Westfield Area Market Update had to report.
August 2016 Westfield Area Market Update
A total of 17 active luxury Westfield area homes were reported in August 2016, slightly less than the 20 shown in July 2016. Of these, eight properties have been on the market for 30 days or less. Newly constructed homes and those ready to be built made up 13 of the total listings.Click here for an instant “No Strings Attached” valuation of your home.
Three Westfield area luxury homes showed as under contract. That is just half of the amount of homes under contract from the previous month. Two of these properties were new construction. This included a 2016 Monarch Homes Colonial that spent just 23 days on the market before going under contract.
Total sales remained exactly the same as July, with 14 Westfield area luxury homes sold in August 2016. One property, a 2016 Michael Mahoney Colonial, sold at list price. Four homes were on the market for 30 days or less before being sold. They included a 2016 custom home (30 days), a 2012 Colonial “smart home” (24 days) a 2006 Wychwood Colonial (23 days) and a 2014 custom Brandt Court Colonial (13 days).
What Westfield Area Luxury Buyers Should Watch For
The Federal Reserve meets later this month. Economists differ on whether to expect an interest rate increase or not. The latest job report for August showed a slowdown of hiring after two months of generous gains. Before that, there were rumblings that the Fed would most likely increase rates in September. The latest US jobs report may temper that a bit. We will have to wait until after their September 20th/21st meeting. Last time they raised rates, it was a modest 0.25% and had little to not impact on mortgage rates. For more information about the local Westfield area luxury market, please contact me.