The Westfield Area Market Report for May 2019 showed that we are seeing a repeat of 2018 trends in the area. Senior homeowners listed their properties in search of a less expensive environment. Meanwhile, investors came in looking for ways to buy cheap and sell high. That meant more homes on the market in May. When supply runs high, sales get a little sluggish. When sales slow down, sellers begin to reduce prices. Then, buyers wait for those price reductions before they pounce. This creates a vicious cycle.
Westfield Area Market Report - May 2019
Active Westfield Luxury Homes for Sale - May 2019
According to the Garden State MLS, 43 luxury Westfield homes hit the market in May 2019. Fifteen of them were newly constructed/completed homes. That included a custom colonial with a modern farmhouse design on Sandy Hill Rd. that just came on the market yesterday. Another recently completed custom colonial with that farmhouse design that seems so on trend right now was listed just two days ago on Oak Tree Pass. Two Savannah condos came up for sale within the last ten days. And you know those won't last long. And just 11 days ago, the owner of a recently renovated 1938 Cape Cod at 200 Wyoming listed the property for sale. Fifteen more properties came up for sale within the last 30 days. If you're interested in seeing any of these properties in person, please contact me.
Westfield Luxury Homes Under Contract - May 2019
While we saw a large amount of Westfield luxury homes enter the market in May 2019, 15 homes went under contract this month. Nine of them were newly constructed homes. Seven properties went under contract after less than 30 days on the market, including two brand new condos on Grove (13 days on market) and a 2014 Elegant Homes built custom colonial (six days on market). A 2018 center hall colonial spent just 25 days on the market before entering escrow.
Westfield Luxury Homes Sold - May 2019
The Westfield real estate market reported 13 luxury homes sold in May 2019. Five of these were newly constructed and five sold in 30 days or less, including a 2013 Gialluisi Custom Home colonial (four days on market). A brand new colonial on Greene Pl. sold at list price of $675,000 after 29 days on the market. Meanwhile, a 1953 North Side colonial sold for $760,000 ($10k above list price) after just 16 days on market.
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Originally posted on my Westfield area luxury real estate blog here: http://www.luxuryhomesnj.com/westfield-nj-market-reports/westfield-area-market-report-may-2019/.