After the previous month’s boom in home sales, the May 2017 Westfield NJ Market Report showed a return to normal for this time of year. Active luxury homes dropped while pending sales stayed almost the same. For a breakdown of what happened in the luxury Westfield NJ market last month, please read on.
May 2017 Westfield NJ Market Report
Active Westfield Luxury Homes for Sale in May 2017
The Garden State MLS reported a total of 10 currently active Westfield NJ luxury homes for sale in May 2017. That’s less than half of the total active listings for the previous month. Of those, five were ready to be built, are currently under construction or were recently completed. Five of them came onto the market within the last 30 days. These included a custom colonial that went on the market three days ago, a recently rebuilt (from the basement up) colonial that hit the market four days ago and a property that is currently under construction that went on the market just eight days ago.
Westfield Luxury Homes Under Contract in May 2017
Six Westfield luxury homes went under contract in May 2017. That’s slightly lower than the seven shown in April 2017. Four of these were newly constructed homes.
Westfield Luxury Homes Sold in May 2017
A total of seven Westfield luxury homes were sold in May 2017. All but one of them were newly constructed houses. Three sold within 30 days of being listed. One, an Elshiekh custom colonial, is still under construction. It only lasted 23 days before a savvy Westfield Buyer purchased it. Another property, a custom colonial on the north side of town, sold in just 15 days. A Gabriel quality colonial lasted only four days on the market before being sold. And it’s still under construction.
The Federal Reserve’s next meeting takes place later this month. Even though US job growth in May was weaker than expected, financial experts still predict that the Fed should raise rates at their next meeting. When they raise rates, mortgage rates usually increase as well. We are beginning the busy season for the Westfield luxury home market. Better weather brings more Buyers out in search of their next home. If you’re interested buying a Westfield home, contact me for a private tour. I’d be happy to work with you.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes
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