Westfield Real Estate Market Report

Let’s take a look:

The average list to sales ratio for Westfield in January 2011 is 95.9%  The current inventory can best be described as mildly active.

Currently there are 41 sales pending in the market overall, leaving 107 listings still for sale.  The resulting pending ratio is 27.7% which sounds great, but let’s look closer.  Typically, a pending ratio indicates the supply and demand of the market.  A high ratio means that listings are in demand and quickly going to contract.  A low ratio means there are not enough qualified buyers for the existing supply.

Currently the $400K to $600K price  range has a relatively large inventory of properties pending sale.  The $400K to $600K price range has a relatively large inventory of properties for sale (currently 29 listings).  The average list price (or asking price) for all properties in Westfield is $757,248.

123 contracts have closed in the last 6 months with an average sold price of $721,893.  So breaking it down, the $600k to $800k price range contains the highest number of sold listings.  A total of 58 listings have expired in the last 6 months.  The $400K to $600K price range has the highest number of expired listing with 20 properties.  Listings may expire for many reasons such as being priced too high, inadequately marketed or the property being in poor condition.

Analysis of sold homes in Westfield for the last 6 months reveals an average sold price of $721,893 and 64 days on the market.  However, it would appear that properties in the $1.0M to $1.2M price range have sold the quickest over the past 6 months.  Analysis of the overall absorption rate in Westfield indicate an inventory of 5.2 months based on the last 6 months of sales.  It is also significant to mention that this estimate does not take into account any additional properties that will come on the market in the future.

The recent history of sales for the last 30 days shows the average sold price as $753,861 with an average Days on Market of 71 days.

For more information and tables and graphs, please take a look a book below: