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June 2017 Westfield NJ Market Report

By Scott Gleason, CRS

Real Estate Agent with Coldwell Banker Realty NJ# 9483506

July 07, 2017 04:00 AM

It's always a busy time for the Westfield real estate market in the summertime. Sunny skies bring the Buyers out. According to the June 2017 Westfield NJ Market Report, active listings increased substantially from the previous month. Meanwhile, sales remained even.

June 2017 Westfield NJ Market Report

Active Westfield Luxury Homes for Sale in June 2017

The Garden State MLS reported a total of 20 active Westfield luxury homes on the market in June 2017. That's double the amount of active listings we saw in May 2017. Included among the active Westfield listings is the beautifully updated colonial at 560 West 1st Street. Originally built in 1922, this property underwent a huge renovation in 2015. This home entered the Westfield market just 23 days ago. Another currently active listing can be found at 204 Gallows Hill Rd. It was also renovated in 2015 and sits near Washington school. Of these, 12 were either newly built, are currently under construction or were ready to be built. Thirteen homes came onto the Westfield market within the last 30 days, including the aforementioned 560 West 1st Street.

Westfield Luxury Homes Under Contract in June 2017

Only one Westfield luxury home was under contract in June 2017. This NCN Properties custom colonial went under contract after just five days on the market. Currently, it is under construction.

Westfield Luxury Homes Sold in June 2017

Seven luxury Westfield homes sold in June 2017, the same amount that sold in May 2017. Of these seven, five were newly constructed homes. Two of them spent less than 30 days on the market: a recently renovated Mahoney built Colonial sold after 20 days on market while another custom Colonial spent just 22 days on the market. One home sold right at list price while another sold just above.

Earlier this month, the Federal Reserve decided to raise rates another 1/4%. Since their announcement, however, mortgage rates experienced only a slight increase. They continue to hover around 4%. Financial experts believe we could see at least one, maybe two more increases before year's end. If you're interested in purchasing a Westfield luxury home, please contact me right away.