For the 12 month period ending February 28, 2007 as compared to the 12 month period ending August 2006, there are some clear signs that the real estate market in Westfield, NJ has stabilized considerably. Prices and Inventory have leveled off, as the spring market approaches. Days on market has remained stable, as have the number of listings and list price to sales price ratio.
Average Days On Market:
12 mos Ending 8/2006: 52
12 Mos. Ending 2/2007: 57
List Price to Sales Price Ratio:
Total Listings Activated in MLS
These figures definitely support a more balanced and normalized real estate market, over the past several months, the amount of buyers and sellers has remained relatively equal. In the coming months, the inventory should rise, and depending upon the number of buyers, the prices and trends will react accordingly.
Sean Carroll - Realtor
RE/MAX Classic Group
Serving Cranford, Westfield, Garwood, Berkeley Heights, and surrounding towns