Westfield NJ Market Reports Archives - Luxury Homes/Top Towns

Westfield Area Market Report for July 2019

August 1, 2019 by Scott Gleason

Active listings for luxury Westfield homes remained high, according to the Westfield Area Market Report for July 2019. More than 60% of these listings were newly constructed or are ready to be built. A few owners in the incredibly popular Savannah also put their properties up for sale, including a penthouse unit. If you want to make it your own, you need to act now.

The Westfield Area Market Report for July 2019 showed that active listings remain high in the luxury market. New construction remains a hot commodity.

Westfield Area Market Report – July 2019

Active Westfield Luxury Homes for Sale – July 2019

Garden State MLS reported a total of 40 active Westfield area luxury home listings in July 2019. Twenty-five of those are either newly constructed, currently under construction or scheduled to be built soon. Eleven of them came onto the market within the last 30 days. They include a gorgeous custom colonial currently under construction by Prominent Properties at 26 Carol Rd. It just hit the market last week. If you hurry, you can customize this property to your exact specifications. Just contact me for a private tour. Other Westfield luxury properties for sale include a penthouse in the Savannah that went up for sale just nine days ago.

Westfield Luxury Homes Under Contract – July 2019

Eight luxury Westfield homes went under contract in July 2019. Five of them were newly constructed homes. Two of them went under contract after spending less than 30 days on the market. They included a custom colonial scheduled to be built. The new owner loved the plans so much that they entered escrow after the listing was on the market for just 24 days. Since it’s in the very early stages of development, the new owner gets to put their spin on all of the finishing touches on this one. The other listing is an Elshiekh custom colonial that is currently under construction. It spent just four days on the market before the new owner swooped in to claim it as their own.

Westfield Luxury Homes Sold – July 2019

Sixteen luxury Westfield homes were sold in July 2019. Eleven of those were brand new construction. Five spent less than 30 days on the market before being sold. One, a 2014 custom colonial on Embree, spent just nine days on the market and sold for $26,000 over the list price. A 2007 remodeled custom colonial on Virginia spent just 14 days on the market before being sold at list price for $899,000.

Curious about your home’s value?

Please click below for the market update of interest to you:

Chatham
Cranford
Fanwood
Millburn-Short Hills
Mountainside
Scotch Plains
Summit
Watchung
Warren

Westfield by Grade School:

Franklin
Jefferson
McKinley
Tamaques
Washington
Wilson

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Westfield Area Market Report – May 2019

May 31, 2019 by Scott Gleason

The Westfield Area Market Report for May 2019 showed that we are seeing a repeat of 2018 trends in the area. Senior homeowners listed their properties in search of a less expensive environment. Meanwhile, investors came in looking for ways to buy cheap and sell high. That meant more homes on the market in May. When supply runs high, sales get a little sluggish. When sales slow down, sellers begin to reduce prices. Then, buyers wait for those price reductions before they pounce. This creates a vicious cycle.

According to the Westfield Area Market Report for May 2019, we're seeing an increase in supply. This has tamped down sales slightly, cooling off above median homes while the below median remains hot.

Westfield Area Market Report – May 2019

Active Westfield Luxury Homes for Sale – May 2019

According to the Garden State MLS, 43 luxury Westfield homes hit the market in May 2019. Fifteen of them were newly constructed/completed homes. That included a custom colonial with a modern farmhouse design on Sandy Hill Rd. that just came on the market yesterday. Another recently completed custom colonial with that farmhouse design that seems so on trend right now was listed just two days ago on Oak Tree Pass. Two Savannah condos came up for sale within the last ten days. And you know those won’t last long. And just 11 days ago, the owner of a recently renovated 1938 Cape Cod at 200 Wyoming listed the property for sale. Fifteen more properties came up for sale within the last 30 days. If you’re interested in seeing any of these properties in person, please contact me.

Westfield Luxury Homes Under Contract – May 2019

While we saw a large amount of Westfield luxury homes enter the market in May 2019, 15 homes went under contract this month. Nine of them were newly constructed homes. Seven properties went under contract after less than 30 days on the market, including two brand new condos on Grove (13 days on market) and a 2014 Elegant Homes built custom colonial (six days on market). A 2018 center hall colonial spent just 25 days on the market before entering escrow.

Westfield Luxury Homes Sold – May 2019

The Westfield real estate market reported 13 luxury homes sold in May 2019. Five of these were newly constructed and five sold in 30 days or less, including a 2013 Gialluisi Custom Home colonial (four days on market). A brand new colonial on Greene Pl. sold at list price of $675,000 after 29 days on the market. Meanwhile, a 1953 North Side colonial sold for $760,000 ($10k above list price) after just 16 days on market.

Curious about your home’s value? Please click below for the market update of interest to you:

Chatham
Cranford
Fanwood
Millburn-Short Hills
Mountainside
Scotch Plains
Summit
Watchung
Warren

Westfield by Grade School:

Franklin
Jefferson
McKinley
Tamaques
Washington
Wilson

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

April 2019 Market Update

April 16, 2019 by Scott Gleason

All our markets range between neutral and red-hot. And forgive me for repeating myself like a dad: every seller can create their own seller’s market with their good decisions and my advice.

Curious about your home’s value?

Please click below for the market update of interest to you:

Chatham

Cranford

Fanwood

Millburn-Short Hills

Warren

Westfield by Grade School:

Franklin

Jefferson

McKinley

Tamaques

Washington

Wilson

Scott Gleason scott@luxuryhomesnj.com

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Westfield Area Market Report – March 2019

April 12, 2019 by Scott Gleason

As the weather begins to warm up, we begin to see more buyers venturing into the Westfield real estate market. Spring tends to heat things up. Families want to move while kids are out of school. So, they start their search now. The Westfield Area Market Report for March 2019 seems to show that the luxury market is right on point.

The Westfield Area Market Report for March 2019 showed an increase in activity with buyers as well as more inventory on the market.

Westfield Area Market Report – March 2019

Active Westfield Luxury Homes for Sale – March 2019

The Garden State MLS reported a total of 34 luxury Westfield area homes for sale in March 2019. Of those, 19 were either newly constructed or currently under construction. Ten property came onto the Westfield market within the last 30 days. They include a condo in the always desirable Savannah, a 2015 Gialluisi custom colonial with a view of the 5th hole of the Echo Lake Country Club Golf Course, and a 2018 center hall colonial in the Franklin School District.

Another wonderful Westfield property currently for sale right now is the beautiful Cape Cod located at 200 Wyoming St. Originally built in 1938, it was recently updated this year. Even though it incorporates all the amenities a 21st-century homeowner expects, the owners maintained the rich craftsmanship you can only find in homes built in the early 20th-century. Contact me for a private tour.

Westfield Luxury Homes Under Contract – March 2019

Eleven luxury Westfield homes went under contract on March 2019. Six of them were new construction. Five properties took 30 days or less to find a new owner. They included a 2008 and a 2010 colonial (9 days each), a 2013 Gialliuisi custom colonial (4 days) and a 2018 custom colonial that went into escrow the same day it was listed.

Westfield Luxury Homes Sold – March 2019

Nine luxury Westfield homes were sold in March 2019. Five of these properties were newly constructed homes. Four of them sold after spending 30 days or less on the market. They included an FBE colonial (28 days) and a 2018 colonial in the Franklin School District (27 days). Two luxury Westfield homes sold at or above the list price, include a 2016 custom home that sold for $5,000 over list price in just 38 days.

Statewide, we had the best January in history, and the momentum is good in the wake of eased interest rates. This was true in March of last year too. But, the market experienced a 9-month after that stall due to rising rates, swollen inventory, and sellers’ reluctance to adjust for the first two factors. If you want to put your home on the market right now, talk to your Westfield REALTOR® about current pricing and market trends to keep your property from stalling.

Curious about your home’s value?

Please click below for the market update of interest to you:

Chatham
Cranford
Fanwood
Millburn-Short Hills
Mountainside
Scotch Plains
Summit
Watchung
Warren

Westfield by Grade School:

Franklin
Jefferson
McKinley
Tamaques
Washington
Wilson

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Westfield Area Market Report – January 2019

January 31, 2019 by Scott Gleason

With the polar vortex in full force over the last couple of days, not many buyers were out looking at homes at the end of January. But the rest of the month proved profitable for many sellers. According to the Westfield Area Market Report for January 2019, a slew of newly constructed homes hit the market recently. With an absorption rate of 3.88 months, prices continue to rise. Now’s a great time to put your property on the market.

According to the Westfield Area Market Report for January 2019, winter weather won't keep buyers away. They are still on the lookout for the beautiful luxury homes you can only find in our magnificent town.

Westfield Area Market Report – January 2019

Active Westfield Luxury Homes for Sale – January 2019

The Garden State MLS reported a total of 26 active Westfield luxury homes for sale in January 2019. Of those, 16 were brand new construction. Twelve homes came onto the market in just the last 30 days, including a 2018 Northside duplex (16 days ago), a 2005 colonial in the Franklin School District (9 days ago), and a 2008 custom colonial listed just two days ago.

Westfield Luxury Homes Under Contract – January 2019

Eight luxury homes went under contract in January 2019. Three of them were brand new construction. Two properties spent less than 30 days on the market before buyers locked in a contract. One was a 2018 colonial located in the Franklin School District. It lasted just 27 days before someone snatched it up. The other one was a 2018 colonial built by FBE Construction. It spent 25 days on the market before going under contract.

Westfield Luxury Homes Sold – January 2019

Ten Westfield luxury homes were sold in January 2019. Sixty percent of them were newly constructed homes. Two properties spent less than 30 days on the market. A 2008 unit in the very popular Savannah condominium community sold in just 21 days. Meanwhile, a 2018 colonial located on Carol Rd took only one week to sell.

Even in the slower winter season, buyers are out there looking for Westfield luxury homes. While inventory levels showed at less than four months of availability and buyer demand at a steady pace, you need to price your home competitively and make sure it’s staged correctly in order to seal the deal quickly. Contact me when you’re ready to put your Westfield home on the market.

Curious about your home’s value?

Please click below for the market update of interest to you:

Chatham
Cranford
Fanwood
Millburn-Short Hills
Mountainside
Scotch Plains
Summit
Watchung
Warren

Westfield by Grade School:

Franklin
Jefferson
McKinley
Tamaques
Washington
Wilson

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes