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Old 12-06-2012, 08:10 PM
 
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So how did the Westfield housing market fare this past year? What's the prediction for 2013?
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Old 12-06-2012, 09:51 PM
 
Location: WFNJ
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This spring was definitely a very hot market, especially compared to 2011. I have seen bidding wars that went 20-30k above asking (for 500-650k range) and houses sold very quickly. The year before, houses sit or got low ball offers.

If fiscal cliff is not resolved, we could be heading into dark economical times. This year, it feels like there is a pent up demand from prior years, so if a good percentage of qualified buyers have bought, then maybe the demand in 2013 won't be as high. Interest rates will most likely stay low, so at least that won't hurt the market. Therefore, it is hard to judge until we have a clearer picture on how they plan to deal with the fiscal cliff and whether mortgage tax deduction will be changed. In short, I don't know.
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Old 12-07-2012, 07:38 AM
 
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We have involved in three separate bidding wars there earlier this year and unfortunately we went 0 for 3. We later discovered we have bidded the same amount on one of the houses but still lost out because the seller knows the buyer! There is no rule or guideline for RE bidding game and it is entirely up to the seller agent/buyer to make it up as they see fit.
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Old 12-07-2012, 11:44 AM
 
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Here is some data:

Westfield
Median home price last 12 months: $635,800
Median home price prior 12 months: $665,000

Average home price last 12 months: $682,800
Average home price prior 12 months: $703,900

So the median home price is down slightly year over year.

The median asking price for the last 12 months is $649,000. So the sale-to-list price ratio, without including re-lists, is about 96.9%. It would be lower with re-lists, probably around 92%, but that would take a detailed study.

Median days-on-market for the past year is 39 days. So properties in Westfield generally sell quickly.

There were 344 sales in the past year, and 316 sales in the 12 months prior. So volume is up a bit.

There are presently 106 active listings in Westfield. So the inventory is 3.7 months. That is quite low and suggests a fairly strong market.

The bottom line: When a property in Westfield comes on the market and is not overlisted, it sells very quickly. Overall, Westfield is a healthy market. However, the drop is median price over the past year is an interesting wrinkle. When there is only 3.7 months of inventory, you wouldn't expect that.
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Old 12-08-2012, 07:24 AM
 
1,619 posts, read 3,771,856 times
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Quote:
Originally Posted by Marc Paolella View Post
The bottom line: When a property in Westfield comes on the market and is not overlisted, it sells very quickly. Overall, Westfield is a healthy market.
Yup. I think people selling now know this and are just happy to get rid of their house quickly at a fair price.

Quote:
Originally Posted by Marc Paolella View Post
However, the drop is median price over the past year is an interesting wrinkle. When there is only 3.7 months of inventory, you wouldn't expect that.
all this means is that less high end houses are selling (or more lower end houses). Can't really draw much from this about price of any single house. Still a small sample size.

The only reason that I did see that makes sense is that most people are afraid of the mortgage interest deduction being lowered some way (or a cap in total deductions which will have the same effect) and are waiting on the sidelines to see. A the deduction on a $1M mortgage at 3.75% (higher rates for above 624.5K) give a person almost $12K/year more in their pockets.
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Old 12-08-2012, 07:57 AM
 
Location: WFNJ
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Buyers probably want to avoid the mansion tax too.
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