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.