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Positive Outlook for Westfield Real Estate Market in October, 2012

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.

View the complete, original report here.