Here are the raw numbers for February 2008 in Cranford NJ Real Estate
Number of Closed Sales: 10 (this includes those that went under contract before February)
Number of Listings that Went Under Contract: 23 (wow)
Average Sales Price: $536,500
Average Days on Market of Sold Homes: 95
List to Sale Price Ratio: 95%
Number of New Listings: 32
That is a LOT of homes going under contract in February which was fueled likely by those record low interest rates in the early part of the month, combined with a few very nice weather weekends. Last February there were only 11 that went under contract.
Also, it is becoming apparent to us that sellers who need to sell are starting to list their homes at prices that are in line with market demand. This sparked buyer activity, and if rates remain competitive, I expect this trend to continue for the short term. Longer term, recession fears and economic conditions leave much uncertainty in our local market. We are highly dependent on the economy of New York City.
So why didn't prices SPIKE up right away? Well, there were still 32 new listings, which kept supply and demand balanced, and thus prices remained relatively stable.
View last month's Cranford report here: January 2008 Cranford NJ Real Estate Report
No matter what the market does, my job doesn't change...SERVING YOU, the client, and representing your best interests. Part of that responsibility is to know our market, and give you solid advice on what you need to do to accomplish your goals, regardless of whether it's a buyers market, sellers market, or neutral market. Happy House Hunting!
Sean Carroll - Realtor, Team Leader
"Team Carroll" - Cranford, Westfield and Scotch Plains/Fanwood Real Estate Professionals