Westfield, MA

The housing market in ZIP 01085 is currently Very Competitive. A high pending ratio, coupled with rising year-over-year listing prices and a moderate inventory increase, indicates a market where available properties are quickly being absorbed.

The most recent data for ZIP 01085 shows a median listing price of $484,950, which has experienced a significant year-over-year increase of 29.3%. Despite a slight month-over-month decrease of 1.4%, the overall trend remains robust. Active listings have seen a 12.8% increase over the past year, reaching 44 units, while new listings grew by 25.0% year-over-year to 40 units. The median days on market increased by 25.0% year-over-year to 38 days, suggesting a slightly extended marketing period despite strong demand indicators. The share of price-reduced listings decreased by 3.9% year-over-year, now at 15.4%. The pending ratio stands at a strong 0.95, representing a substantial 72.4% increase over the past year, with 42 pending listings.

The elevated pending ratio of 0.95 signals significant buyer demand and rapid absorption of available inventory, indicating that properties are moving quickly from active status to pending. While active listings have increased year-over-year, the strong pending activity suggests that this additional supply is being met with robust interest, leading to reduced negotiating leverage for purchasers. The observed year-over-year increase in median days on market warrants attention, though it does not detract from the overall rapid pace of transactions.

The average listing price of $521,487 significantly exceeds the median listing price of $484,950, indicating the presence of higher-value properties influencing the upper end of the market. The median price per square foot is $233, reflecting the prevailing value for residential space in the area.