The real estate market in Cranford, NJ remains strong, even during what is typically a slower holiday period.
The key indicators are in the Single Family Home sales. The “absorption rate”, which is the month’s supply of inventory if no new homes came on the market is down 17% year-over-year, from 4.1 to 3.4 months. An “even” market is 6months. More than 6 months tends toward a Buyer’s market and less leans toward a Seller’s market.
This is further evidenced by the median sales price being up 11% from November 2012, from $380,000 to $422,000 and the Days On Market is down a whopping 40%!!
Finally, the List Price to Sales Price ratio is also up, indicating that there is more competition among Buyers and that properly positioned homes are receiving very close to asking price.
If you have any questions, would like to discuss the market in Cranford, NJ, or if you know of anyone thinking of making a move, please do not hesitate to contact me!
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