Cranford, NJ, is a lovely town in central Union County and is home to roughly 23,000 people. Cranford High School has consistently ranked in the top schools in the Country and State.
At the end of July, there were 121 properties offered for sale in Cranford. This represents a 4% increase over June and a 36% increase over July of 2012. 26 homes were sold in Cranfod in July, the highest sales per month in the last 18 months.
Increased sales has resulted in a decreased months supply in Cranford, despite the high inventory. As calculated, there are 4.5 months of supply in Cranford. 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. In Cranford, this is a very weak seller's market.
The average sale price of homes sold in Cranford in July was $434847, slightly higher than the average sale price in June and almost 15% higher than the average sale price of July 2012. List price continues to climb. The average list price of a home in Cranford in July was $457,509.
To understand how this affects you, call us today for a complimentary homeowner’s consultation.
For more information on Cranford Real Estate:
- How does the Cranford Real Estate Market affect you? - 06/29/13
- 5 Simple Steps to Sell My Home in Cranford - 06/04/13
- 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