Homes that Sell in Westfield NJ

By
Real Estate Agent with RE/MAX Select NJ# 9483506

Year to date, 150 houses have gone under contract.  We don't know all the sale prices, but we do know the median final list price is $665,000, and the median days on market for the contracted houses is 36.  It's interesting that at this point in the year, 74% of the houses still for sale have been on the market longer than 36 days.

So what are common factors in the sold stories?

1.  A coveted address combined with a sensible price is a sure bet.  Westfield is a small town, made up of discernible neighborhoods, some of which are clearly defined, even "branded" such as The Gardens, Wychwood, Stoneleigh Park, Indian Forest.  (for a thorough explication of Westfield NJ neighborhood "branding" please scroll down after you click here

2.  New houses under $1million.

3.  As elsewhere, kitchens and baths. Of the 24 houses that sold for over a million, every one had a new or remodeled kitchen.  that's confirmed by house-to-house reconaissance.  I would venture that 75% of all houses over the median, and 50% of houses under the median also had renovations of kitchens, baths or both. In 2002-2006 there were so many contractor trucks clogging the streets, it looked like a convention.

4.  Houses that are well priced from day one.  The market here doesn't allow underpricing.  Up to 25% of sales this year will be at over list prices, after multiple offers.  So houses priced a few percent under "market value" generally get the full value and a bonus for lean pricing.  And the seller enjoys the power until closing of having selected the buyer from a field of willing suitors.

for comprehensive information on Westfield NJ's community, culture, real estate values and homes for sale, please visit my website.

Comments (1)

Stanley Stepak
Howard Hanna - Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

Sounds like some good advice.  Here is to your success out there.

May 29, 2011 09:59 AM

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