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Westfield Real Estate Stats Increase in 3 Key Areas

Real Estate Report by m.s.Woods Real Estate, LLC. –  There were increases across the board in the number of listings, sales and pended sales in the Westfield real estate market for March, 2010. Pending sales rose 40.6 percent, from 32 in February to 45 in March.  Nevertheless this figure was down 6.2 percent last March’s total of 48 pending sales.

The number of Westfield homes for sale rose 16 percent, from 250 listings in February to 290 in March. Indeed, the month of March marked an abrupt departure from a downward trend that began in May of 2009 with 312 listings and ended February of 2010 with just 250 listings.

There was a 30.4-percent increase in the total number of homes sold, with 30 sales in March compared to just 23 the previous month. While this figure is down somewhat compared to March of 2009 it has still been on the rise for 3 consecutive months.

The average time spent on market dropped from a 15-month high of 116 days in February to 84 days in March. This was also a slight decrease from the 12-month average of 86.4 days. And with the sudden increase in new listings it would be nice to see this trend continue on into summer.

The sold-list differential in Westfield, Indiana has been very respectable over the past 15 months, averaging 96.2 percent and never dropping below 95-percent. In March, sellers received an average of 96 percent of list; this was unchanged from the previous month.

With an average per-square-foot of $78 over the past 12 months March brought a bit of relief for buyers as this average dropped to $75.

The average ‘sold’ price for Westfield homes dropped roughly 11 percent, from $250,000 in February to $222,000 in March. The average ‘sold’ price over the most recent 12-month period was $240,000.

The absorption rate based on closed sales was 10.3 percent.