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SHOW NOTES:
GOOD NEWS FOR BUYERS, the real estate market is finally turning around in Westfield. Following the national trend of falling home prices, Westfield home sale prices dropped 39% in March from the previous month. The reason - supply is catching with demand. There were 48% more homes added to the market in March than in February and this increased the active listings by 46%.
Here are the market details and the highest three priced homes sold in March.
▸ HOME SALES - March 2023 Sales Up From February 2023. Home Prices Fall.
The trend of falling home sales broke in March with 15 closings compared to 10 closings in February. The volume of home sales was much high last year when 37 homes sold in March.
The median sale price for homes in March 2023 was $807,500. This is lower than $900,000 in March 2022.
Compared to last month, February 2023, the drop was significant - from $1,335,000 to $807,500. This is a 39.5% decline in price.
The third most expensive home was 232 Baker Avenue. It’s a 5 bedroom, 4 1/2 bath and it sold in 7 days for $95,000 over list price.
▸ PENDING HOME SALES - Big Increase in Homes Under Contract Compared to Last Month
In March 2023, 42 homes were under contract.
This is almost unchanged from March 2022 when 44 homes were under contract. However, last month, February 2023, there were only 17 homes under contract. This is a 60% increase.
The second most expensive home was 908 New England Dr. It’s a 6 bedroom, 5 1/2 bath and sold to a cash buyer for $2.49M.
▸ NEW LISTINGS - 48% Monthly Jump in Homes Added to the Market
In March 2023, 43 homes were added to the market compared to 45 homes added last March. In February 2023, there were only 29 new listings. This is a 48% increase in homes added to the market.
▸ ACTIVE LISTINGS - More Homes On the Market
In March 2023, 79 homes were on the market compared to 54 homes on the market in February, 2023. That is a 46% increase of homes.
The most highest priced home was 544 Lawrence Ave. It’s a 7 bedroom, 4 full bathrooms and , 2 1/2 bathrooms. It sold for $2,735,000 and sold the first day it was lists.
How are the town’s financials?
▸ 2022 Tax Collections - $181M was distributed as follows: $109.M (60%) to the school district, $37.8M (21%) to Union County, $30.2M (17%) to Westfield, $2.8M (1.5%) to the library, and $1.3M (0.7%) to Union County Open Space.
▸ 2022 Highlights - Budget surplus replenished to $9.35M; Reaffirmed Town's AAA bond rating; and Paved 15 miles of road (9.5 miles paid by utilities).
▸ 2023 Budget Priorities - Manage challenges: Required payments, $1.2M for pensions, health insurance, social security, utilities, Rahway Valley Sewage Authority. Salary and wages up 3.1%. Conserve surplus: $5.4M surplus balance reserved for future use with the goal to replenish to $9M. Lowest tax increase.
▸ 2023 Priorities - Reduce reliance on residential property tax by diversifying tax base. Invest in downtown economic recovery, infrastructure, and public amenities.
A lawsuit was filed in the Superior Court of Union County against the Town of Westfield claiming that the One Westfield Place project was inconsistent with Westfield’s 2019 Master Plan re-examination report. The developer Streetworks was not named as a defendant in the suit.
The plaintiff, Westfield Advocates for Responsible Development, argued that the Westfield Planning Board erred when it approved the redevelopment plan.
The complaint included a 38-page exhibit, dated February 6, 2023, which argued that the “Planning Board cannot determine that the Redevelopment Plan is substantially consistent with the Master Plan and the ULUC.” Some issues it raised include building height, density, traffic congestion, pedestrian safety, and parking. These issues have been addressed in numerous reports posted by the town and the developer Streetworks.
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