As we enter the 2nd quarter of 2010, its time to look back at the 1st quarter sales in Westfield, NJ, and to see which way the market is trending as we go into the seasonal peak selling season of real estate.

1st Quarter 2010

Closed Sales: 47

Avg Sales Price: $873,492

Avg Days on Market: 64

Avg Sale Price/List Price: 94.9%

Current Pending Sales: 60

What does this mean? Essentially, the first quarter outperformed last year's first quarter, as there were only 33 closed sales in Q1 2009, as we were at what most would argue the most challenging point of the recession.

With the first time homebuyer tax credit set to expire April 30, I expect that the Q2 numbers will exceed the Q1 numbers, and I also expect a slight increase in prices, especially in the first time buyer price range of homes priced $600,000 and below.