I hope your October is going well and you are enjoying the beautiful foliage. I wanted to reach out with a few updates about our local real estate market.
You may have heard that rates have dropped. They are hovering around 6% (depending on credit scores). That change is bringing in new buyers as well as encouraging buyers that got frustrated or priced out to come back to their house hunt.
Additionally, we are noticing a change in listing prices and activity. It is more crucial that you get the pricing in what is now the fair market value range. The days of pricing high and getting multiple offers is gone. We are still seeing fast sales and multiple offers on attractive and well priced properties, but the number of offers is down to two or three, usually.
Regarding listings again, we are seeing price reductions happen again, which hadn’t happened in a few years for the most part. This is another indicator that the crazy seller’s market has slowed down, but the majority of these price reductions are for homes that over priced in the first place.
For homes on the market, expect the days on the market to go up a bit, as well. For awhile if a house didn’t sell in the first week, it was strange. We are moving back to the time on market being a bit longer, but still lower than what it was pre-sales boom of 120 days or more.
The take away here, in my opinion, is that it is still a great time to make a move, you just need to have your expectations based in today’s reality.
As always, if you (or anyone you know) has a real estate question, I am always here to be your trusted resource. If you would like an updated valuation on your home, please don’t hesitate to ask. I am happy to do that for you, regardless of whether you are looking to sell right now or not.
Lesley Lambert, Western MA REALTOR with Park Square Realty 413-575-3611 or realestate.lesleylambert@gmail.com
Did you know that there is currently a low 1.48 Months Supply of Inventory in our area? This means now is the perfect time to list your home with me, Lesley Lambert, REALTOR® at Park Square Realty. With a List to Sold Price percentage of 100.8% and a Median Sold Price of $676,000, you can trust that I will help you get top dollar for your property.
The current market conditions are highly favorable for sellers. A low inventory means there are more buyers than homes available, leading to increased competition and higher offers. If you’ve been considering selling your home, now is the ideal time to act.
Why List with Lesley Lambert, Southwick REALTOR?
Experience: Over 30 years in the real estate market, with expertise in new construction, short sales, investments, and historical homes.
Proven Results: Achieving a List to Sold Price percentage of 100.8% means your home will likely sell for more than the listing price.
Market Knowledge: In-depth understanding of the Southwick real estate market ensures you get the best advice and strategy for selling your home.
Personalized Service: Dedicated to providing exceptional service tailored to your unique needs and goals.
Contact Me Today!
Ready to take advantage of this seller’s market? Contact me today to learn more about how I can help you sell your home quickly and for the best price possible. Let’s work together to make your real estate dreams a reality!
Lesley Lambert, Southwick Native and REALTOR with Park Square Realty 413-575-3611
As a seller, it is important to understand the correlation between key real estate metrics to make informed decisions when listing your property in Westfield, MA.
The Months Supply of Inventory is a metric that indicates the balance between supply and demand in the housing market. A lower supply of inventory, such as the current 1.29 months, typically indicates a seller’s market with high demand and limited supply. This can lead to quicker sales and potentially higher selling prices.
The 12-Month Change in Months of Inventory of -11.03% further supports the notion of a seller’s market, as there has been a significant decrease in the amount of available inventory over the past year. This trend suggests that homes are selling faster in Westfield, MA and competition among buyers is strong.
The Median Days Homes are On the Market at 22 days indicates that properties are selling relatively quickly in the current market conditions. This is good news for sellers looking to move their property efficiently and not have it linger on the market for an extended period.
The List to Sold Price Percentage of 104% shows that, on average, homes are selling for slightly above their list price. This suggests that sellers in Westfield, MA may have some negotiating power and could potentially receive offers above their asking price.
Finally, the Median Sold Price of $360,000 gives sellers an idea of the average selling price in the current market. This can help set realistic expectations for pricing their property and understanding the potential value they could receive.
Overall, these metrics paint a picture of a strong seller’s market with high demand, low inventory, quick sales, and potential for selling prices above list price. Sellers may find themselves in a favorable position to list their Westfield, MA property and achieve a successful sale.
For this, or any other real estate questions please reach out to me:
Lesley Lambert, Westfield REALTOR with Park Square Realty 413-575-3611
Hey Westfield, I’m thrilled to share a video that takes you on a journey into the enchanting world of our beloved black squirrels, the true darlings of our city!
In this very short video, I will share a quick history of how these unique creatures came to Westfield, MA.
But hold on, there’s more to the story – I’m not just your local realtor; I’m a Westfield enthusiast who has lived here since 1988! 🏡💚 Join me in unraveling the charm of our hometown, one squirrel at a time.
Whether you’re contemplating a move or simply curious about real estate in Westfield, I’ve got your back! 🏠 Feel free to reach out anytime via email at:
Westfield, MA Real Estate Market Report: First Half of 2023
Welcome to the Westfield, MA Real Estate Market Report for the first half of 2023! We’re here to provide you with an overview of the current market trends and key statistics that will help you navigate the real estate landscape in our vibrant community. Whether you’re a homeowner, a buyer, or an investor, this report will give you valuable insights into the market conditions.
Median Estimated Home Value:
The median estimated home value in Westfield, MA currently stands at $341,000. Over the past month, we’ve seen a positive growth of 0.88% in home values. Looking at the broader picture, the past three months have shown an increase of 1.68%, while the past 12 months have experienced a significant growth of 5.13%. These upward trends indicate a robust real estate market in Westfield, MA.
Median Sales Price:
The median sales price for homes in our area is currently $377,000. In the last month, we’ve witnessed a substantial increase of $27,630 in the sales price, reflecting a positive change of 7.63%. Over the past three months, the sales price has risen by an impressive 33.27%, and over the past 12 months, it has shown a notable growth of 10.74%. These figures demonstrate the strong demand and appreciation in the Westfield, MA housing market.
Seller’s Market with Low Inventory:
The Westfield, MA real estate market remains a seller’s market, characterized by low inventory levels and high buyer demand. Homes that are priced correctly continue to sell quickly and often at the asking price or even above. It’s crucial for sellers to work with an experienced real estate professional who can help them navigate this competitive market and maximize their selling potential.
In such a dynamic and fast-paced market, having accurate information and expert guidance is essential. As a trusted local REALTOR® with in-depth knowledge of the Westfield, MA area, I am here to assist you every step of the way. Whether you’re interested in selling your home or exploring the available buying opportunities, I can provide you with personalized advice and comprehensive market insights.
Don’t miss out on the exciting opportunities in the Westfield, MA real estate market! Reach out to me, Lesley Lambert, your local real estate expert, at 413-575-3611. I am here to answer your questions, provide you with a free home evaluation, and guide you through the process with professionalism and care.
Stay informed and make informed decisions. Let’s work together to achieve your real estate goals in the thriving Westfield, MA market!
LESLEY LAMBERT, WESTFIELD REALTOR WITH PARK SQUARE REALTY, 413-575-3611.
(Note: The statistics mentioned in this report are based on current data and may be subject to change. For the most accurate and up-to-date information, please consult with a qualified real estate professional.)
