The real estate market in Westfield, NJ has adjusted in a similar fashion to surrounding towns, with prices easing off historic highs at a rate of about 6-9% from one year ago. Recently though, homes have sold at a faster rate - especially in December. This decline in inventory has made sales more brisk, and the next few months will be critical for the price trend. If inventory remains constant, the prices should remain stable. If inventory rises to mid- 2006 levels again, we can expect the gradual pricing declines to occur.
There are currently 179 single family homes and 7 multi family homes on the market for sale. These numbers have stayed relatively stable over the past few months, with an equal number of sales and new listings.
Although prices and demand in general have trended lower, Cranford still remains an appealing option or many buyers, which has enabled homes to sell quickly if they are priced properly. Multiple offers are still a possiblity for competetively priced homes.
There were 22 properties that closed in January in Westfield, the average selling price was $662,668 and the average days on market for these 22 homes was 68 days . (according to Garden State MLS Statistics)
Prepared By:
Sean Carroll - Realtor
RE/MAX Classic Group
Your local Realtor serving Cranford, Westfield, Berkeley Heights, Garwood and Surrounding Areas
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