With the polar vortex in full force over the last couple of days, not many buyers were out looking at homes at the end of January. But the rest of the month proved profitable for many sellers. According to the Westfield Area Market Report for January 2019, a slew of newly constructed homes hit the market recently. With an absorption rate of 3.88 months, prices continue to rise. Now's a great time to put your property on the market.
Westfield Area Market Report - January 2019
Active Westfield Luxury Homes for Sale - January 2019
The Garden State MLS reported a total of 26 active Westfield luxury homes for sale in January 2019. Of those, 16 were brand new construction. Twelve homes came onto the market in just the last 30 days, including a 2018 Northside duplex (16 days ago), a 2005 colonial in the Franklin School District (9 days ago), and a 2008 custom colonial listed just two days ago.
Westfield Luxury Homes Under Contract - January 2019
Eight luxury homes went under contract in January 2019. Three of them were brand new construction. Two properties spent less than 30 days on the market before buyers locked in a contract. One was a 2018 colonial located in the Franklin School District. It lasted just 27 days before someone snatched it up. The other one was a 2018 colonial built by FBE Construction. It spent 25 days on the market before going under contract.
Westfield Luxury Homes Sold - January 2019
Ten Westfield luxury homes were sold in January 2019. Sixty percent of them were newly constructed homes. Two properties spent less than 30 days on the market. A 2008 unit in the very popular Savannah condominium community sold in just 21 days. Meanwhile, a 2018 colonial located on Carol Rd took only one week to sell.
Even in the slower winter season, buyers are out there looking for Westfield luxury homes. While inventory levels showed at less than four months of availability and buyer demand at a steady pace, you need to price your home competitively and make sure it's staged correctly in order to seal the deal quickly. Contact me when you're ready to put your Westfield home on the market.
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Westfield by Grade School:
Originally posted on my Westfield area luxury real estate blog here: http://www.luxuryhomesnj.com/westfield-nj-market-reports/westfield-area-market-report-january-2019/.