Westfield, NJ Market Update - February, 2014

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Real Estate Agent with Coldwell Banker, Westfield, NJ
https://activerain.com/droplet/4bSX

Westfield, NJWestfield, NJ Market Update
February, 2014

The hot Westfield, NJ real estate market cooled off just a bit in January (but then again, EVERYTHING cooled off in January!!), with fewer closed sales of single family homes than the previous month.  Additionally, year-over-year closed sales for January were down.

This is certainly not a surprise, coming off of the pending sales that went under contract during the traditionally slower holiday season.

Oddly enough, while the day-on-market went up significantly, the list-to-sale price ratio also inched up.  These to indicators are often tied together, with overpriced homes sitting on the market not realizing sales close to the asking price.

Another, positive sign is that the median sales price for single family homes in Westfield, NJ was up 23% year-over-year, to $663,500.

Finally, the indicator of whether we are in a Buyer's or Seller's market, the absorption rate (how long it would take for all of the inventory to sell if nothing new comes on the market), is still very low in Westfield, NJ, just 2.4 months.  This tells us that we remain in a Seller's market.

The outlook for the coming months is extremely positive.  Higher prices should increase the inventory of homes for sale, and the still-low interest rates combined with the spectre of higher rates and increasing prices should bring the Buyers out in droves.

I anticipate a very vibrant spring real esate market in Westfield, NJ.  If you have any questions about buying or selling a home, or would like the full report, please contact me!!

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New Jersey Union County Westfield
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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
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Hi Tg,  I am surprised much of anything got done in Januray between the Super Bowl (not so super!!!) and the crazy weather.  I bet the market rebounds quickly as the sun comes out to warm things up a bit.

Feb 15, 2014 08:31 AM #1
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Tg Glazer - The Right Realtor® for the Right Results!

Westfield/Cranford, NJ area
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