Let’s take a look at how the real estate market in Westfield performed in June of 2019.
In June, 54 single family homes were sold and 289 homes were offered for sale.
Buyers find Westfield attractive, and homeowners benefit in the form of increasing sales prices and decreasing days on market.
Realtors use an analysis called Months of Inventory to evaluate the real estate market. The Months of Inventory is equal to how long it would take to sell the existing inventory if no new houses were put on the market. When the Months of Inventory is below four months, realtors call it a seller’s market because the supply is relatively low so sellers have a stronger position in negotiations between a buyer and a seller. When the Months of Inventory is above seven months, realtors call it a buyer’s market because the supply is relatively high and buyers have a stronger position in negotiations. Months of Inventory between four and seven is considered a normal market with a good balance of buyers and sellers.
There are currently 5.35 months of inventory in Westfield. This means that there are enough homes on the market to satisfy the current pool of buyers.
The average list price in Westfield in June was $951,235 and the average sale price was $863,732 with an average Sale Price to List Price ratio of 97% . Sales prices are slightly higher now than they have been for the past 6 months.
Days on Market:
One of the questions we’re asked most often is how long it takes to sell a home in Westfield. The average sold home in Westfield in June was sold after only 41 days on the market, significantly faster than the last several months. Buyers who are out and looking for houses are ready to make a move quickly!
Of course, there are exceptions to this rule and the graph’s dramatic variations are indicators of this.
Homes sell faster when they are:
- In pristine updated condition,
- Are marketed aggressively, and
- Are priced correctly.
What this means for buyers:
- Be educated. Learn what kind of home you want. Decide with your family members what you need in a home and what you want in a home.
- Be informed. Spend some time getting to know the inventory. Learn what homes look like in your price range. Learn what home features you can afford.
- Be ready. Have your pre-approval ready so that you can act quickly when you find your perfect home.
What this means for sellers:
- If you’re on the fence about selling your home, this may be the perfect opportunity to get the most money in the shortest amount of time.
- Even in a shrinking inventory situation, you’re still competing with other homes on the market. View the other homes that are offered for sale and make sure your home is the best one in its price range.
- Make your home available for potential buyers.