Westfield New Jersey's Monthly Residential Property Market Analysis - February 2007

The township of Westfield was formed in 1794. The first railroad line through Westfield was established in 1838. The first newspaper "The Townsman" followed in 1875 and by 1895 electric, telephone, water and sewer services were available.

Fast forward to January 2007 and this township is one of the most desirable residential communities in central New Jersey.

There were 248 residential properties for sale in February 2007 with an average price of $1,082,295.

During the month 63new listings were introduced to the market with an average list price of $1,052,198. This same period 41 residential properties went under contract. The average list price of the properties with offers was $896,280.

The residential properties which actually sold and closed title in February, sold for an average sales price of $719,233 and there were only 20 of them, with an average of 76 days on the market.

Homes are still selling. However, the market shows two to three months before the closing takes place. This is all the more reason to make sure that your property is prepared to be marketed and is priced accordingly!