For the 12 month period ending January 31, 2007 as compared to the 12 month period ending July 2006, there are some clear signs that the real estate market in Cranford, NJ has continued to correct from record price appreciation, and a polarized seller's market to a moderate buyer's market and flat prices to slight price decline.
Average Days On Market:
12 mos Ending 7/2006: 44
12 Mos. Ending 1/2007: 54
List Price to Sales Price Ratio:
7/2006: 98%
1/2007: 97%
Total Listings Activated in MLS
7/2006: 1283
1/2007: 1145
While these figures definitely support a more balanced and normalized real estate market, over the past several months, the amount of buyers and sellers has remained relatively equal. In the coming months, the inventory should rise, and depending upon the number of buyers, the prices and trends will react accordingly.
Prepared By:
Sean Carroll - Realtor
RE/MAX Classic Group
Serving Cranford, Westfield, Garwood, Berkeley Heights, and surrounding towns
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