Westfield's Monthly Multi-Family Production Report

No surprise here. Westfield has very few properties that are two to four family. There were none on the market in November. Not only were there no multi-family properties on the market, there were none under contract nor did any close during the month of November. Last year November saw six listings with a median price of $580,000. There were two new listings last year during the month of November with a median price of $569,000. November 2005 closed out with one sale at $735,000.

Posted by William Collins, Broker Associate on 12/13/2006 11:29 AM

Comments (4)

westfield realtor, westfield, new jersey, central new jersey, sales, multifamily, days on market

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4 Comments on Westfield's Monthly Multi-Family Production Report

Bill, do you think that the reason for the lack of new listings is that present owners are getting a good return on their investment? After all, they probably bought when interest rates were a tad lower and property values as well. Selling now might not be in their own best interests.

12/13/2006 12:29 PM

by Glenn Ginsburg - Naples Florida Real Estate (A Delta Realty of Naples Florida)

Glenn, Thanks for commenting. You are correct in your assessment. Additionally, the profit margins are not there for the investor. No point in attempting market, if you're not going to be realistic about the list price.

12/13/2006 12:43 PM

by William

So it sounds like the homes EXIST, they just aren't on the market. Correct? Interestingly, we just don't have all that many multi-family homes in my area (Phoenix-ish)

A world record for blog commenting!

http://www.ThompsonsRealty.com
http://www.PhoenixRealEstateGuy.com

12/14/2006 08:58 AM

by Jay & Francy Thompson (Thompson's Realty)

Jay & Francy, Thanks for stopping by. You are correct. Not a lot of movement in this market segment.

12/14/2006 07:50 PM

by William Collins, Broker Associate (ERA Queen City Realty)

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Real Estate Agent: William Collins, Broker Associate (ERA Queen City Realty)

William Collins, Broker Associate
South Orange, NJ
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ERA Queen City Realty

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