New Construction is beginning to become a major force in the Westfield NJ real estate market

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Sales of new construction in Westfield NJ have been having a bumper year in 2016.   So far, 31 newly constructed have sold with asking prices ranging from $879,900 to $2,075,000 and actual selling prices ranging from $860,000 to $2,075,000, giving an average sales price of $1,270,400.

If you look back in time, this is quite a different picture from 2014 when at this point of time, mid-August, there had been 16 sales ranging from $1,069,000 to $1,485,000.  So while there are many more sales and the price range has changed, there are now more lower priced new construction homes to be purchased.  In fact, home owners attempting to sell their homes in the range from $1,000,000 to about $1,200, have been finding it more difficult with all the competition from new construction.

Nationwide, sales of newly constructed single-family homes have, in the first four months of this year, climbed 16.6%, reaching the highest sales pace since January 2008.  Builders remain optimistic about the housing market and new construction continues to come onto the market.  The biggest jump up to April of this year was in the Northeast where sales of new homes surged by 15.8% month-over-month.

New Homes

What are Westfield home buyers looking for in new construction?  Generally, homes with an open floor plan on the first floor.  They want “HGTV” homes with luxurious kitchens with large islands that open to the family room so that 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, custom millwork and high-end appliances and counter tops.  The McMansion boxy style of home is not so in demand and buyers, especially, in the upper price range, are looking for elegant homes in which they can live and entertain.

Those who purchase Westfield new construction generally think big!  Homes are often over 3,000 square feet and those at the top end of the market really are of mansion size where there are no longer any names available to describe yet another room!

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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 and well cared for with the occasional pool being available.  Also, developments of new construction are not available.  Generally, it is spot building with one or two homes.  Occasionally, a new cul-de-sac may be constructed with possibly four or five homes available.

Currently, there are 42 new construction homes available in Westfield for purchase, according to MLS figures. ranging from an asking price of $784,000 to $1,749,900.  They are on both the North and South sides of town.

If you would like to look at all the new construction currently available in Westfield NJ, please click on this link.  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 happy to hear from you and help you.

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