Westfield, NJ Real Estate News

By William Collins, Property and Asset Management
(ERA Queen City Realty)
The township of Westfield was formed in 1794. The first railroad line through Westfield was established in 1838. The first newspaper "The Townsman" followed in 1875 and by 1895 electric, telephone, water and sewer services were available.Fast forward to January 2007 and this township is one of the most desirable residential communities in central New Jersey.There were 251 residential properties for sale in January 2007 with an average price of $1,084,404, most of which had lingered on the market just over three months.During the month 78 new listings were introduced to the market with an average list price of $1,054,401. This same period 37 residential properties went under contract. The average list price of the properties with offers was $933,259.The residential properties which actua...
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By Sean Carroll, Real Estate Speaker and "Expert" Coach
(The Get Off Your A$$ Academy)
There are currently 175 single family homes and 5 multi family homes on the market for sale. These numbers have stayed relatively stable over the past few months, with an equal number of sales and new listings. Inventory levels are much higher than before, giving buyers more options when selecting a home.Although prices and demand in general have trended lower, Westfield still remains an appealing option for many buyers, which has enabled homes to sell quickly if they are priced properly. Multiple offers are still a possiblity for competetively priced homes. I expect this price softening trend to continue for the next several months, with buyers willing to pay a fair price for homes, and disregarding homes that are priced considerably above market value.There were 18 properties that clo...
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By Sean Carroll, Real Estate Speaker and "Expert" Coach
(The Get Off Your A$$ Academy)
For the 12 month period ending February 28, 2007 as compared to the 12 month period ending August 2006, there are some clear signs that the real estate market in Westfield, NJ has stabilized considerably. Prices and Inventory have leveled off, as the spring market approaches. Days on market has remained stable, as have the number of listings and list price to sales price ratio.Average Days On Market:12 mos Ending 8/2006: 5212 Mos. Ending 2/2007: 57List Price to Sales Price Ratio:8/2006: 98%2/2007: 97%Total Listings Activated in MLS8/2006: 36032/2007: 3726These figures definitely support a more balanced and normalized real estate market, over the past several months, the amount of buyers and sellers has remained relatively equal. In the coming months, the inventory should rise, and depen...
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By Sean Carroll, Real Estate Speaker and "Expert" Coach
(The Get Off Your A$$ Academy)
The real estate market in Westfield, NJ has adjusted in a similar fashion to surrounding towns, with prices easing off historic highs at a rate of about 6-9% from one year ago. Recently though, homes have sold at a faster rate - especially in December. This decline in inventory has made sales more brisk, and the next few months will be critical for the price trend. If inventory remains constant, the prices should remain stable. If inventory rises to mid- 2006 levels again, we can expect the gradual pricing declines to occur.There are currently 179 single family homes and 7 multi family homes on the market for sale. These numbers have stayed relatively stable over the past few months, with an equal number of sales and new listings. Although prices and demand in general have trended lower...
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By Sean Carroll, Real Estate Speaker and "Expert" Coach
(The Get Off Your A$$ Academy)
For the 12 month period ending January 31, 2007 as compared to the 12 month period ending July 2006, there are some clear signs that the real estate market in Westfield, NJ has continued to correct from record price appreciation, and a polarized seller's market to a moderate buyer's market and flat prices to slight price decline.Average Days On Market:12 mos Ending 7/2006: 6112 Mos. Ending 1/2007:  53List Price to Sales Price Ratio:7/2006: 98%1/2007: 97%Total Listings Activated in MLS7/2006: 23891/2007: 2727Prepared By:Sean Carroll - RealtorRE/MAX Classic GroupServing Cranford, Westfield, Garwood, Berkeley Heights, and surrounding towns
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
The township of Westfield was formed in 1794. The first railroad line through Westfield was established in 1838. The first newspaper "The Townsman" followed in 1875 and by 1895 electric, telephone, water and sewer services were available.Today the town of Westfield's population is 30,141 with a land mass of 6.7 square miles. That's a population density of 4,477 people per square mile.There are 408 teachers for 5,656 students. The student to teacher ratio is 13.9 to 1 and the student to librarian ratio is 565 to 1. Ninety-six point three percent of the residents are high school graduates and 68.7% are college graduates.The average age is 38.2. The median income is $102,711. The average income for households with children is $173,118. Sixty eight point one percent of the residents are mar...
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By Sean Carroll, Real Estate Speaker and "Expert" Coach
(The Get Off Your A$$ Academy)
These properties have closed during December. If you would like more info, please email me at scarroll@classicnj.com750 Central Avenue, List $329,900, Sold $325,000565 Pierson St, List $409,500, Sold $380,000565 Trinity Pl, List $469,900, Sold $453,00012 Mohawk Trail, List $499,900, Sold $475,0007 Tamaques Way, List $575,000, Sold $570,0008 Village Circle, List $589,900, Sold $575,000134 Ludlow, List $619,000, Sold $610,000550 Fairmont, List6 $629,000, Sold $599,500527 Washington, List $650,000, Sold $627,500572 Sherwood Parkway, List $659,900, Sold $615,0001201 Boynton, List $699,900, Sold $640,0008 Pine Court, List $850,000, Sold $795,000227 Jefferson, List $899,900, Sold $837,500725 Norman, List & Sold $999,995303 Park St., List $1,400,000, Sold $1,435,000209 Massachusetts, List & So...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
Westfield has very few multifamily properties, so it stands to reason that there are few available for sale. However, what Westfield lacks in numbers it more than makes up for in character and charm. the multifamily homes afford their owners the same rich architectural detail enjoyed by owners of single family residences. There were only three properties available for sale in December, with an average list price of $716,000. That's slightly higher than 2005 by about 13%. The average days on market were roughly 66, nearly half of 2005 for the same period. Interestingly enough, there were no new listings in December for either year. Nor did any multifamily properties go under contract in December for either year. 2005 had one closed sale for $605,000 - 2006 had none, for the same period. ...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
The township of Westfield was formed in 1794. The first railroad line through Westfield was established in 1838. The first newspaper "The Townsman" followed in 1875 and by 1895 electric, telephone, water and sewer services were available.Fast forward to December 2006 and this township is one of the most desirable residential communities in central New Jersey.There were 218 residential properties for sale in December 2006 with an average price of $1,044,007, most of which had lingered on the market for nearly four months.During the month 26 new listings were introduced to the market with an average list price of $1,132,038. This same period 18 residential properties went under contract. The average list price of the properties with offers was nearly half that of those that just came on t...
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By Sean Carroll, Real Estate Speaker and "Expert" Coach
(The Get Off Your A$$ Academy)
The real estate market in Westfield has adjusted in a similar fashion to surrounding towns, with prices easing off historic highs  from one year ago. There are currently 176 single family homes and 3 multi family homes on the market for sale. These numbers have stayed relatively stable over the past few months, with an equal number of sales and new listings. Inventory levels are much higher than before, giving buyers more options when selecting a home. Although prices and demand in general have trended lower, Westfield still remains an appealing option for many buyers, which has enabled homes to sell quickly if they are priced properly. Multiple offers are still a possiblity for competetively priced homes. I expect this slight price softening trend to continue for the next several month...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
No surprise here. Westfield has very few properties that are two to four family. There were none on the market in November. Not only were there no multi-family properties on the market, there were none under contract nor did any close during the month of November. Last year November saw six listings with a median price of $580,000. There were two new listings last year during the month of November with a median price of $569,000. November 2005 closed out with one sale at $735,000.
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
November 2006 saw a 23.59% increase in the number of listings over November 2005. Westfield had 241 single family homes listed for November 2006 with a median list price of $779,900, averaging 98 days on the market. Of the 241 listings, 37 were new with a median price of $649,900. During the month there were 22 sales with a median sales price of $635,000.  One could infer significant price reductions were taken, before these sales were consummated. Sales were equivalent in comparison to November 2005. However, the average sales price to list price was a strong 98%.   Visit my website: http://www.jerseylandrealtor.com/
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By Sean Carroll, Real Estate Speaker and "Expert" Coach
(The Get Off Your A$$ Academy)
The real estate market in Westfield has adjusted in a similar fashion to surrounding towns, with prices easing off historic highs at a rate of about 5%-9% from one year ago. There are currently 197 single family homes and 4 multi family homes on the market for sale. These numbers have stayed relatively stable over the past few months, with an equal number of sales and new listings. Inventory levels are much higher than before, giving buyers more options when selecting a home.As with surrounding towns, homes that are priced properly are still selling quickly, and homes that are priced too high are staying on the market longer as buyers have many choices when selecting a home. The median sales price for the 24 homes sold in Westfield in October, 2006 was approximately $675,000 with the lo...
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