Real Estate Professionals judge the strength of a real estate market based upon the Months of Supply in the area. This number tells you how many months it would take for all the current homes for sale on the market to sell, based upon the rate of sales in the past.
A Months of Supply of 5 months is considered average - buyers and sellers are about equal in the area and homes are being bought at about the same rate that they are being put on the market.
A Months of Supply of less than 5 months is what real estate professionals often call a "seller's market." This means that there are more buyers than sellers in the area and homes are selling quicker than they are being put on the market. Typically, this increases prices.
A Months of Supply of greater than 5 months is what real estate professionals call a "buyer's market." This means that there are more sellers than buyers in the area and homes are sitting unsold for a while. Typically, this decreases prices.
How's Cranford doing? We crunched the numbers and the graph below shows how the real estate market in Cranford is shaping up this summer.
To compare this information to last year's report, check out How is the Real Estate Market in Union County?
To understand how this affects you, call us today for a complimentary homeowner’s consultation.
For more information on Cranford Real Estate:
- Real Estate Market Report for Cranford, NJ for April, 2013 - 05/07/13
- How long will my Union County home be on the market? - 02/24/13
- Winter in Cranford's real estate market - 02/23/13
- Cranford, NJ, Real Estate Market - 12/22/12
- What's going on with the Cranford Real Estate Market? - 10/25/12
- How does the number of bath or beds affect market value in Cranford? - 10/12/12
- Free Market Analysis of Cranford, NJ - 07/30/12
- Cranford Marketing Report - 02/27/12