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.
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!