Cranford, NJ Market Report
January, 2014
The holiday season of 2013 was good for the Cranford, NJ real estate market, which finished strong. And the outlook for 2014 remains positive.
Indicators continue to show that we are in a Seller's Market and the real estate recovery moves on.
Year-over-year, closed sales outpaced new listings. In other words, more homes came off the market than went on. Simple supply and demand tells us that this tends to increase prices. And, this was the case. The median home price was up almost 10% from December of 2012, to $425,000.
Once again, the absorption rate (how long it would take for all of the current inventory to sell if nothing new came on the market) dropped. In December 2013, the absorption rate was 2.9 months, down from 4.3 months the previous year, 3.5 months in November, 2013.
The spring market for 2014 is just starting. There will be more homes coming on the market going forward. With the interest rates still historically low, and the spectre of rising rates upon us, I expect Buyers to be out there and ready to go. This should keep the Cranford, NJ real estate market moving along.
Should you want a full report, or any further information, please don't hesitate to contact me!
Comments(0)