Westfield Area Market Report - May 2019

By
Real Estate Agent with RE/MAX Select NJ# 9483506

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.

According to the Westfield Area Market Report for May 2019, we're seeing an increase in supply. This has tamped down sales slightly, cooling off above median homes while the below median remains hot.

Westfield Area Market Report - May 2019

Active Westfield Luxury Homes for Sale - May 2019

Click here for an instant "No Strings Attached" valuation of your home.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.

Curious about your home’s value? Please click below for the market update of interest to you:

Chatham
Cranford
Fanwood
Millburn-Short Hills
Mountainside
Scotch Plains
Summit
Watchung
Warren

Westfield by Grade School:

Franklin
Jefferson
McKinley
Tamaques
Washington
Wilson

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

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/.

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Scott Gleason

Westfield NJ New Homes Specialist
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