Westfield New Jersey's Monthly Multifamily Property Market Analysis

Real Estate Agent with ERA Queen City Realty

Westfield has very few multifamily properties, so it stands to reason that there are few available for sale. However, what Westfield lacks in numbers it more than makes up for in character and charm. westfieldthe multifamily homes afford their owners the same rich architectural detail enjoyed by owners of single family residences.

There were only three properties available for sale in December, with an average list price of $716,000. That's slightly higher than 2005 by about 13%. The average days on market were roughly 66, nearly half of 2005 for the same period. Interestingly enough, there were no new listings in December for either year. Nor did any multifamily properties go under contract in December for either year. 2005 had one closed sale for $605,000 - 2006 had none, for the same period.

A year end review indicates that 64 multifamily properties were listed for sale in 2006, 14 less than 2005. The average list price was $747,341. In 2006 nine properties closed with an average sales price of $690,556, a 19% increase over 2005.westfiled

Posted by

 Looking for a central New Jersey real estate professional, let me google that for you!

ActiveRain Profile                                  Collins Realty Buzz                    Always There For You  LinkedIn Profile          Facebookj Profile       Twitter Profile


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
New Jersey Union County Westfield
central new jersey
victorian homes

Spam prevention
Show All Comments
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection
Bill my town has very few multi-family buildings.  The ones in your area are very attractive, in my area some have been added to so the charm is gone.
Jan 11, 2007 02:29 PM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


William Collins

Property and Asset Management
Ask me a question

Additional Information