At first glance, it would be easy to say the Westfield real estate market had taken a turn for the worse in May, 2012. But a closer look reveals a different picture. For example, a total of 54 closings took place in May, or 1.8 percent fewer, versus the previous month. But when compared to last May’s total of just 42 closings this is actually a significant 28.6-percent increase in total sales. Further still, there were on average 53 closings per month from March through May of this year, or 32.5 percent more, compared to this same period in 2011. The most recent total number of closings is also 42 percent above the 12-month average of 38 per month.
There was a similar theme at work when it came to pending sales. May’s total of 50, while 9.1 percent down from the previous month’s total of 55, is nevertheless up a sizable 19-percent versus last May’s total of 42 pending sales. As well, there were on average, 57 pending sales per month from March through May of this year, or 39 percent more, relative to this same quarter last year.
And while the most recent total of 234 Westfield homes for sale was up 2.6 percent over the previous month’s total of 228, it represents an 8.6-percent decrease compared to last May’s total of 256. What’s more, there were on average 224 homes on the market from March through May of this year, or 10.4 percent fewer, versus this same 3-month period last year.
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