Westfield Area Market Report - July 2018

Real Estate Agent with RE/MAX Select NJ# 9483506

Summertime proves to be a busy time in the real estate market. The Westfield Area Market Report for July 2018 showed that to be true. Buyers love newly constructed homes, with several properties spending less than 30 days on the market before going under contract. Inventory's up 39%. But that hasn't quelled buyer demand.

According to the Westfield Area Market Report for July 2018, buyer demand runs highest in the summer. With school starting up soon, it's a great time to put your luxury Westfield home on the market.

Westfield Area Market Report - July 2018

Active Westfield Luxury Homes for Sale

Search Westfield luxury homes for sale According to the Garden State MLS, 31 Westfield area luxury homes are currently for sale. Newly constructed homes make up 14 of the total active listings. These include two colonials currently being built by FBE Construction. NCN Properties also has two colonials under construction. There's a new north side colonial available as well. And Elsheikh Custom is building another colonial. Four properties hit the market within the last 30 days.

Westfield Luxury Homes Under Contract

The Westfield Area Market Report for July 2018 also reported that ten luxury Westfield homes went under contract last month. They included six newly constructed homes, including two colonials that Ferro Builders is currently building. Three properties went under contract in less than 30 days. A Michael Mahoney colonial spent 21 days on the market. A 2005 colonial stayed on the market for 18 days. And a buyer put a 2014 Gialluisi colonial under contract in just 13 days.

Westfield Luxury Homes Sold

Thirteen Westfield homeowners sold their luxury properties in July 2018. Six of these were newly constructed or were under construction at the time. They included homes built by Michael Mahoney, Elshiekh Custom Homes, and Tower Homes. Five properties sold in less than 30 days, including a 2003 colonial on Codding Rd that spent only nine days on the market before being sold. Three properties sold at list price, including the Michael Mahoney home ($999,000), the colonial on Codding Rd ($918,000), and a colonial on Austin St ($1,245,000 after just 11 days on the market).

Now is a great time to put your Westfield luxury home on the market. Currently, 30-year fixed-rate mortgages charge 4.73% interest on average, while a 30-year jumbo loan charges the buyer 4.7% on average.  A 15-year mortgage shows a 4.17% average as of the writing of this post. With mortgage rates on the rise, buyers are on the lookout for homes to buy now, before rates climb even higher. If you want to put your luxury Westfield home on the market, contact me today.

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Scott Gleason, CRS at RE/MAX Select, Luxury Homes


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Joyce Marsh
Joyce Marsh Real Estate LLC - Ormond Beach, FL
Joyce Marsh Real Estate LLC - Luxury Real Estate

Thanks for the update on the Luxury real estate market in and around Westfield NJ which is a very beautiful area. Hope you are enjoying your summer and business has been good for you. 

Aug 17, 2018 08:34 AM #1
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Scott Gleason

Westfield NJ New Homes Specialist
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