Improvements in several key stats contributed to an overall positive outlook for the Westfield real estate market in October, 2012, even though judging from the latest figures for total sales it was anything but obvious. October’s total of just 37 sales, for example, represents a decrease of 42.2 percent—hardly cause for celebration. Compared to last October’s total of 31, however, it is a nice 19.4-percent increase in total sales. What’s more from August through October of this year there were, on average, 52 closings each month, or 40.5 percent more, compared to this same quarter last year.
Total pending sales were up by any measure. The most recent total of 43, for example, represents an increase over the previous month of nearly 23 percent. Compared to last October’s total of 31 it is an even greater 38.7-percent increase. And, from August through October of this year, there were on average 45 pending sales each month, or 36.4 percent more, relative to this same quarter 1 year ago.
Another very positive development for the Westfield market concerned the number of homes on the market. The most recent total of 193 listings fell 6.3 percent versus the September total of 206. But most striking is the fact that, compared to last October’s total of 232 listings, this is a much greater decrease of 16.8 percent. Also, there were on average 16.7 percent fewer homes on the market each month, from August through October of this year relative to this same period 1 year ago. Finally, October marked the 4th consecutive month that the total number of homes on the market fell by at least 4 percent.
Some other Westfield real estate market stats to consider:
- Of the 193 homes listed for sale in October, 50 were new listings. This is down just 3.8 percent versus the previous month’s total of 52, although it is up 11.1 percent versus last October’s total of 45. The 12-month average number of new listings is 59.
- There were 5.2 months of inventory based on closed sales and 4.5 months of inventory based on pending sales.
- The average active price in Westfield was $284,000. This is down barely versus the previous month’s average of $285,000. Compared to last October’s average of $268,000, however, it is up 6 percent. The 12-month average active price in Westfield is $279,000.
- The average ‘sold’ price was $220,000. This is up 4.3 percent versus the previous month’s average of $211,000. Versus last October’s average of $247,000 it is down nearly 11 percent. The 12-month average ‘sold’ price is $204,000.
- The absorption rate was 19.2 percent based on closed sales and 22.3 percent based on pending sales.
- The average price per square foot was $79. While this is unchanged versus the previous month, it is down 4.8 percent versus last October’s average of $83. The 12-month average price per square foot in Westfield is $76.
- Westfield homes were averaging 87 days on the market as of October. This is down 5.4 percent versus the previous month’s average of 92 days. Versus last October’s average of 119 days, however, it is a much greater improvement of nearly 27 percent. Over the past 12 months homes in Westfield have averaged no fewer than 56 days on market, and no more than 122 days. The 12-month average time on market is 89 days.
- The sold-list differential based on original asking price was 92 percent. This is improved not only compared to the previous month, but to October, 2011. The sold-list difference based on final asking price was 96 percent. This is up by 1 percent versus last October, and unchanged versus the 12-month average, which is also 96 percent.
- The median price was $184,000.