The Westfield NJ real estate market consists predominantly of older homes, full of period charm. However, there is a market for new construction.
Sales of new construction in Westfield have been pretty much consistent over the past couple of years. So far, in 2012, 9 newly constructed homes have sold with asking prices ranging from $999,000 to $1,425,000 and actual selling prices ranging from $950,000 to $1,399,800.
In exactly the same time period in 2011, 7 newly constructed homes sold but with lower selling prices that ranged from $743,000 to $1,300,000.
However, it would appear that both asking and selling prices are beginning to rise in Westfield.
Nationwide, sales of new construction have been erratic. However, sales of new homes are up 15 to 20 percent compared to the May-June sales period of 2011, but, according to the National Association of Realtors, they are still well below the 700,000 annual new-home sales expected in a healthy market. Of course, in different parts of the country, demands for new construction are at different levels.
Much of this depends on the general affluence of an area, so availability and sales of new construction can even vary from town to town within the same New Jersey county. I have myself just put two new construction homes under contract this month in one of the towns neighboring Westfield, but the prices are significantly lower.
What are Westfield home buyers looking for in new construction? Generally, homes with an open floor plan on the first floor. They want “gourmet” kitchens that open to the family room with islands where people can sit and chat while food is being prepared. Other items high on the wish list are home offices, hardwood flooring, spa-type bathrooms, stainless steel kitchen appliances and high-end counter tops.
Those who purchase Westfield new construction generally think big! Homes generally run over 3,000 square feet and homes at the top of the market really can be of mansion size where you eventually run out descriptions for yet another room!
The McMansion boxy style of home is not so in demand and most buyers are looking for elegant homes with a lot of molding, many bathrooms and often with at least 2 staircases inside the home.
One thing that is generally not available is large lots. If you are looking for acreage, this is not the town for you, but gardens are generally green, luscious and well cared for with the occasional pool being available.
Currently, there are 17 new construction homes available in Westfield for purchase, according to MLS figures. They are on both the North and South sides of town and prices range from $1,099,000 and above.
If you would like to take a look at all the new construction currently available in Westfield NJ. please click on this link. There are also quite a few homes available, such as a beautiful home on Orenda Circle, that are a few years old and whose residents are either being relocated or changing lifestyles.
If you would like more information about buying or selling a home, please contact me on my direct line at (732) 261-6151. I’d be glad to help you.
This information courtesy of Jackie Safran who is an award winning Real Estate Agent at RE/MAX Properties Unlimited in Westfield, NJ (732) 261-6151. I help nice people sell and buy beautiful homes in Union and Middlesex Counties.