The Westfield real estate market was markedly improved in September, 2012 relative to where it was just 1 year ago. This was particularly true as it concerned total sales. September’s total of 62 closings now only represents a 10.7-percent increase relative to the previous month’s tally of just 56, but compared to September of 2011 it is a huge, 82.4-percent increase—not bad for a real estate market that is supposed to be entering its annual fall slump! As well, from August through September of this year an average of 60 closings took place each month, or 53.8 percent more, compared to this same quarter last year.
The picture wasn’t as rosy when it came to pending sales—at least not at first. While the most recent total of 33 pending sales represents a fairly significant 41.1-percent decrease compared to the previous month’s total of 56, compared to last September it is a comparably significant increase of nearly 38 percent. What’s more, from August through September of this year there were, on average, 38.2 percent more pending sales per month than there were during this same period 1 year ago.
September brought with it a bit of relief for home sellers, as there were 4.6 percent fewer homes listed for sale. Moreover, the most recent total of 206 listings, compared to last September’s total of 251, represents a much greater decrease of almost 18 percent. And the number of home listed for sale from August through September of this year was also down by 15.2 percent relative to this same quarter last year.
Some other Westfield real estate market stats to consider:
- Of the 206 homes listed for sale in September, 50 were new listings. This represents a 20.6-percent decrease versus the previous month’s total of 63, and a 3.8-percent decrease versus the last September’s total of 52. Over the past 12 months an average of 59 listings have been added to the available inventory per month.
- Westfield sellers realized an average of 89 percent of original asking price in September, down versus the previous month’s average of 93 percent. This is also down versus last September’s average of 94 percent.
- The sold-list difference based on final asking price in Westfield was 96 percent. This, by the way, exactly matches the average for not only the previous month, but the 12-month average as well.
- The absorption rate was 30.1 percent based on closed sales and 16 percent based on pending sales.
- here were 3.3 months of inventory based on closed sales and 6.2 months of inventory based on pending sales.
- The average ‘sold’ price of $214,000 was up nearly 11 percent versus the previous month’s average of $193,000, and up 2.4 percent versus last September’s average of $209,000. The 12-month average ‘sold’ price in Westfield is $206,000.
- The average active price was $285,000. This represents a significant 10.5-percent increase versus last September’s average of $258,000. The 12-month average active price in Westfield is $277,000.
- Buyers paid an average price per square foot of $79. This is up 5.3 percent versus the previous month, and up nearly 4 percent versus last September’s average of $76. The 12-month average price per square foot is $77.
- Homes in Westfield spent an average of 89 days on market in September. Over the past 12 months, homes in this area of Central Indian have averaged no fewer than 56 days on the market, and no greater than 94 days. The 12-month average time on market is 91 days.
- The median price in September was $181,000.