We are less than two weeks away from a brand new year. I have prepared this Westfield Area Luxury Homes Year End Recap 2015 to inform you of how this year has fared in the local real estate market. Overall, prices in our Westfield community as well as the surrounding areas were higher than previous estimations predicted.
Westfield Area Luxury Homes Year End Recap 2015
Westfield homes had an estimated median list price of $855,000, according to Realtor Property Resource (RPR). However, the MLS had the median estimate at $883,486. This was 4% higher than the previous last year.
Zillow and RPR both underestimated Westfield property values. Zillow estimated that the median value would be $680,900. RPR had estimated values to be around $747,000. The MLS reported that the median value was actually $807,124. This was 8% higher than RPR and 18.5% higher than Zillow.
The median estimated value in every town around Westfield beat both RPR's and Zillow's predictions as well. Cranford beat Zillow's estimations by 5.3%. Wachtung came in 12.9% higher. Mountainside, Warren and Scotch Plains were 13.8%, 14.3% and 14.9% higher than envisioned through Zillow. Summit saw the highest discrepancies in values, with a 27.3% higher median value than Zillow estimated.
Currently, Zillow anticipates that the Westfield market is going to be hot over the next 12 months. The days on market stand at an average of 56 right now. And that is your Westfield Area Luxury Homes Year End Recap 2015.
Earlier this week, the Federal Reserve announced their decision to raise interest rates by 0.25%. We may begin to see the effects of this increase in mortgage rates soon. However, it won't be a huge increase if anything at all. Currently, they are sitting at 4.09% for a 30 year fixed, according to Bankrate.com. If you are interested in looking for a new luxury Westfield home, contact me today.
Click below for the market update of interest to you:
Cranford Fanwood/Scotch Plains Mountainside Summit Warren/Watchung
Westfield by Grade School:
Franklin Jefferson McKinley Tamaques Washington Wilson
Originally posted on my Westfield NJ Luxury Homes real estate blog here: http://luxuryhomesnj.com/blog/westfield-area-luxury-homes-year-end-recap-2015/.
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