Uncategorized March 6, 2024

The Spring Market is Here – Westfield Update

It is well known that the Spring Market is the busiest time in Real Estate (in a normal/traditional market). And it looks that this year is bringing back those “norms”.  The 2024 Spring market seems to be in full force and there is a lot more inventory – interest rates have come down and we’re starting to see more “move up”  and “move out” activity.

We started the year with the challenge of incredibly low inventory of active listing in Westfield, and we saw only 28 homes listed in all of January.  Today, on March 6th, we have 33 active listings in Garden State MLS, 13 of them have been listed in the last week! This is great indicator of a more competitive market, the Westfield Real Estate market is definitely picking up.

February Recap

Table below shows the data for homes sold in February in Westfield. In looking at this numbers, we can see that  most of them sold quite quickly (DOM = days on the market). And not only that, but all but 2 sold either at asking or over asking, with the highest list to sale to list ratio at 120%. That translates into an incredible return for the sellers.

Looking Ahead

The Spring Market in real estate typically sees an uptick in activity as warmer weather encourages more people to buy and sell homes. With increased inventory and heightened buyer interest, it’s a prime time for both buyers and sellers to make moves in the housing market. Sellers may benefit from higher demand and potentially quicker sales, while buyers may have more options to choose from. Overall, the Spring Market presents opportunities for those looking to navigate the real estate landscape.

If you have any questions about the current market or the value of your home, I would love to connect with you!