At first glance, it would be easy to say the Westfield real estate market had taken a turn for the worse in May, 2012. But a closer look reveals a different picture. For example, a total of 54 closings took place in May, or 1.8 percent fewer, versus the previous month. But when compared to last May’s total of just 42 closings this is actually a significant 28.6-percent increase in total sales. Further still, there were on average 53 closings per month from March through May of this year, or 32.5 percent more, compared to this same period in 2011. The most recent total number of closings is also 42 percent above the 12-month average of 38 per month.
There was a similar theme at work when it came to pending sales. May’s total of 50, while 9.1 percent down from the previous month’s total of 55, is nevertheless up a sizable 19-percent versus last May’s total of 42 pending sales. As well, there were on average, 57 pending sales per month from March through May of this year, or 39 percent more, relative to this same quarter last year.
And while the most recent total of 234 Westfield homes for sale was up 2.6 percent over the previous month’s total of 228, it represents an 8.6-percent decrease compared to last May’s total of 256. What’s more, there were on average 224 homes on the market from March through May of this year, or 10.4 percent fewer, versus this same 3-month period last year.
Of the 234 homes on the market in May, 93 were brand new listings. Versus last May’s total of 84 this is an increase of nearly 11 percent. Versus the 12-month average of 60 new listings per month, it is a 55-percent increase.
Some other Westfield stats you might find interesting:
- Homes spent an average of 80 days on the market in May, down 13 percent versus both the previous month and May of 2011, both of which averaged 92 days. Versus the 12-month average time on market, this is a slight 2.2-percent increase, at least so far as most sellers are likely to be concerned.
- The absorption rate based on closed sales was 23.1 percent, while the absorption rate based on pending sales was 21.4 percent
- There were 4.3 months of inventory based on closed sales and 4.7 months of inventory based on pending sales.
- The average price per square foot was $77. This, coincidentally, matches the 12-month average price per square foot in Westfield, which is also $77.
- The average ‘sold’ price was $207,000. This is up significantly versus last May’s average of $168,000, albeit down just a bit versus the 12-month average of $210,000.
- The average active price of $284,000 was up 14.5 percent versus last May’s average of $248,000, and also up nearly 6 percent versus the 12-month average of $268,000.
Other Westfield Real Estate Resources Online: