New construction is at a premium here in the Westfield luxury market. Almost as soon as they are built, Buyers are ready to purchase them. The September 2016 Westfield Area Luxury Market Report showed an increase in active listings and homes under contract from the previous month.
September 2016 Westfield Area Luxury Market Report
According to statistics released by the Garden State MLS, there are a total of 27 active luxury Westfield area homes on the market right now. That’s a 58.8% jump from August 2016. Nineteen properties have entered the market in the last 30 days. Two of these were listed within the last two days: a center hall Colonial built in 2011 and a Wychwood Colonial that is ready to be built. A 2006 Michael Mahoney Colonial came on the market just yesterday. Of the 27 currently active listings, 20 are currently under construction or are awaiting construction.
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Eight Westfield luxury homes have gone under contract in September 2016. That is almost three times as many as August 2016. One of them only spent seven days on the market. Six of these homes are brand new construction.
Westfield Area Luxury Homes Sold in September
A total of seven Westfield area luxury homes were sold in September 2016. All of these were new construction. Two of these sold in less than 30 days. One of them, a Wychwood Colonial, spent just seven days on the market before it was sold at list price. One other property sold at list price as well. Buyers paid close to asking for most of the rest.
The Federal Reserve met last week to discuss possible interest rate increases. After careful consideration, they decided to keep the status quo at 0.25-0.50%. According to Bankrate.com, 30 year fixed rate mortgage rates are slightly lower than last week at an average of 3.38%. Before you start looking for your next Westfield area luxury home, please contact me.