Many homeowners in Westfield NJ are listing their homes for "let's do business" prices. The savviest and most motivated sellers, often owners of beautifully updated homes, are looking at this year's pricing, not last year and getting their houses on and off the market in weeks or days.
The average sale price for Q1 2011 was 16% below Q1 2010 (don't forget Westfield started the year with just 103 houses for sale--a statistical sample small enough that change to average prices over one quarter may deceive in their magnitude.
But the sales pace indicated a terrific 5 month inventory for Westfield NJ houses priced under $1 million (lower 75% of our price scale) and a respectable 7.6 months for the over a million set.
For a thorough dissection and neighborhood specific listing and sales updates, please visit the editorial page at www.LuxuryHomesNJ.com.