Westfield, NJ Market Update - December 2013

Real Estate Agent with Coldwell Banker, Westfield, NJ

Graph going up

Way to go 2013!

The real estate market in Westfield, NJ is closing out the year strong.  Statistics in the key metrics over the last twelve months show a hearty and robust market, which is leaning a bit in the Seller's direction, which means increasing property values.

According to data provided by NJAR® and 10K Reasearch, through November of 2013, every indicator for single family homes sales in Westfield, NJ have supported this.

Closed sales are up, while new listings are down.  Due to simple supply and demand, this shows more competition among Buyers for the available properties.  This leads to fewer days on the market and a higher list-to-sales price ratio, all of which have been the case.

The absorption rate in November, 2013 (how long it would take for all of the homes to sell if nothing new came on the market) was 2.8 months, which is down almosst 30% from November 2012.  A "normal" market would be 6 months.  Less than that indicates a "Seller's Market" and higher shows a "Buyer's Market."

Of course the most important number that homeowners care about is sales price.  The median sales price in Westfield, NJ is up 12.5% in the last twelve months!

For more information or the full report, please feel free to contact me!


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Real Estate Market Trends
New Jersey Union County Westfield
market update
new jersey

Spam prevention
Show All Comments
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Thank you for the update.  Have a very Merry Christmas.

Dec 25, 2013 01:32 AM #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?


Tg Glazer - The Right Realtor® for the Right Results!

Westfield/Cranford, NJ area
Got a question? Ask me!

Additional Information