LESLEY LAMBERT
HEATHER WITALISZ
WESTFIELD – if anyone benefitted from the pandemic in 2020, it was home sellers.
This past year was a “seller’s market,” according to local realtors Lesley Lambert and Heather Witalisz. Not only did sellers get top dollar, they got it fast.
“Speed of sales was extremely fast,” said Lambert, of Park Square Realty. “MLS shows average days on market is 59 Ddys, which is down from 72 days in 2019, but this statistic is skewed because 75%-80% of homes listed in Westfield are under contract within 1 -14 days on market and 20% -25% of homes listed in Westfield are on the market for a much longer period of time due to overpricing or functional obsolescence. Most of my listings are sold the first day or soon thereafter. Then the real work begins.”
Witalisz, managing partner at Witalisz & Associates Real Estate, said the shortened time on the market was also due to good rates and low inventory.
“The local housing market has proven strong this past year despite a global pandemic and high unemployment numbers. Its strength came primarily from the continued lack of inventory combined with historic low mortgage rates,” Witalisz said.
Lambert said inventory has been low for a while, with most homeowners making improvements or modifications to their homes rather than selling.
“Inventory has been low for a couple of years, which has driven up demand as the rates remain so affordable and new buyers come into the market. If you are well employed, there is no reason to rent . . . home ownership is far more affordable and beneficial,” Lambert said.
The year 2020 saw a war on COVID as well as bidding wars for houses.
“I had one house with 50 showings in two days and 15 offers over asking price,” Lambert said.
The Warren Group reports that sales in April were down nearly 14 percent. They fell off 30 percent in May and were down 24 percent in June, before beginning to rebound in June and July and then spiking 27 percent in September, with a record 5,773 sales recorded last month.
Witalisz and Lambert said home prices definitely increased in 2020.
“The average sale price for single family homes in Westfield year-to-date increased by about 14.2% as compared to the same time frame in 2019 (Source: MLS PIN). Even with COVID-19 hitting during the popular Spring market, we were still seeing ‘multiple offers especially in the $225,000 to $275,000 price range.,” Witalisz said. “The condo market remained steady with an average sale price gain of about 4.75% compared to the same time period last year.”
Lambert said while all home styles are in demand, many buyers are looking for one-story living.
“Ranches have a huge buyer audience and are in even higher demand,” Lambert said. “Ranches are in large demand as the population ages and looks to one floor living. Ranches priced appropriately are sold immediately.”
With 2021 just days away, the local real estate market is likely to remain largely the same, predicts Lambert.
“Interest rates will stay low and the low rates are driving the market,” she said. “There is an overabundance of buyers and a shortage of inventory – the above factors will keep the market hot well into 2021.”
Lambert said many buyers are looking for extra space because they are working from home.
Witalisz said COVID-19 certainly had a significant impact on how she and her fellow realtors showed houses and facilitated the closing process.
“I am very proud of the local Realtor (R) community who kept ‘safety’ as its number one priority for all its customers, clients, employees and vendor partners. We all worked together to ensure the strictest safety protocols and guidelines were followed, said Heather Witalisz,
Witalisz urged anyone buying or selling to work with a professional, especially during the pandemic,
“If you are considering buying or selling a home in the new year, it is very important to consult with an experienced real estate professional who not only knows the local housing market but is entrenched in how to navigate the home buying and selling process,” she said.
Lambert provided the following statistics:
WESTFIELD MARKET
Year to Date (Jan. 1 – Dec. 16)
- 2019 – Closed Transactions 490
- Average Sale Price $223,280
- Average Days on Market – 72
- 2020 – Closed Transactions 451
- Average Sale Price $267,670
- Average Days on Market – 59
- Number of transactions are down 8.2% from 2019
- Average Sale Price is 19.9 % higher than 2019
