Cranford, NJ Market Report
May, 2014
Spring has finally arrived, although a little wet. Those April showers have certainly lingered into May!
The real estate market in Cranford, NJ has been stable and remains strong.
Year-over-year, the median sales price for a single family home in Cranford was up 13.7% to $415,000. This is also an increase of 23.9% over last month, so things are looking good this spring.
All of the other key metrics have been relatively stable over the last couple of months. The number of new listings and current inventory has remained basically the same, while the number of closings was up slightly (which explains the increase in median home sales price). Additionally, the list price to sales price ratio continues to hover around 98%.
Finally, the absorption rate (how long it will take for all of the current inventory to sell if nothing new comes on the market) is still under four months. A six month supply is normally a balanced market, so this tells us that we are still leaning a bit in favor of the Sellers.
If you would like more information or a copy of the full report, please feel free to CONTACT ME!
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