WESTFIELD – There are always different perceptions of what the current real estate market looks like in certain communities. Some may say right now is a bad time to purchase a home while others have the opinion that this could be the best opportunity to strike.
According to data compiled by the MLS Property Information Network, from January 1, 2017 to July 18, 2017, 226 properties were sold in Westfield, with the average sale price of $205,542. The highest sales price that year was $630,000 and only nine properties sold in the Whip City for $400,000 or more. From January 1, 2018 to July 18, 239 properties sold in Westfield with the average sale price at $221,353. The highest sale in 2018 in Westfield was $795,000 and 17 properties sold for over $400,000.
Park Square Realty, which covers the communities of Westfield, West Springfield, Agawam, and Southwick, analyzes what the market is looking like today compared to the past.
Barry Boccasile, the Director of Park Square Realty, discussed the current real estate market in the local area. (Photo courtesy of Park Square Realty)
Strictly for Park Square Realty, they sold 64 properties in Westfield from January 1, 2017 to July 18, 2017. But, from January 1, 2018 to July 18, 2018, 116 homes in Westfield were sold by Park Square. That is an 81.25% increase.
“What you’re seeing is people are starting to buy upper end stuff, the over $300,000 to $400,000 range,” said Barry Boccasile, the Director of the Park Square Realty office in Westfield.
While the data for Westfield indicates that the number of properties has increased from last year, Boccasile acknowledged that it’s more of people’s perception that the market may be a lot better than it really is.
“We’re doing open houses where were getting 50, 60 and 70 parties through,” said Boccasile. “It’s a supply and demand issue, there’s not enough quality houses for the amount of buyers out there.”
Boccasile also pointed out that the increase of homes sold over $400,000 is due to the supply and demand problem. There are more people looking for homes than homes itself, therefore causing a potential buyer to panic and pay more than they had initially planned to.
“We’re an example of what’s going on in the Westfield Market,” said Boccasile. “We’re a small company, this is kind of incredible.”
Just over the border in Southwick, there were 69 properties sold January 1, 2017 to July 18, 2017. While the same quantity of properties were sold in Southwick during that time frame in 2018, the average sales price went from $257,730 in 2017 to $259, 301 in 2018.
While there hasn’t been much of a change in the number of homes for Southwick in the past year, the highest sales price from year to year did make a leap. In 2017, the highest sale on a home in Southwick was $600,000, while it skyrocketed to $725,000 in 2018.
“Southwick, it’s more gradual, it’s not a big populated area like Westfield,” said Boccasile.
Taking a look at the rental market, Boccasile noted that Park Square Realty has more than doubled their rentals from last year. He explained that the reason for that is due to people thinking the market is hot to buy a house, but in the meantime, they sell their current home and then move into a rental home.
“They’re renting until they find something,” said Boccasile. “They take the safe route.”
