Cranford, NJ Market Report
November, 2014
Cranford isn't resting on it's (holiday) laurels!
The holidays are upon us! The leaves are out at the curbs, the lights are beginning to shine, and I can practically taste the turkey! But the Cranford, NJ real estate market is not showing signs that it'll be passed out, drooling on the couch like your uncle after he packs away a little too much sweet potato casserole on Thursday!
The data shows that the Cranford, NJ real estatate market remains strong and active. This information has been supported by very active open houses, and attendence by new Buyers.
Year-over-year for October, there were both more new listings and more closed sales, and the increase in closed sales outpaced the new listings. Simple supply and demand dictates that when more inventory goes off the market than comes on, prices will go up. This was exactly the case, as the median sales price went up year-over-year by almost 8%, to $452,500.
And finally, that ever-important absorption rate, dropped to 4.0 months of inventory, showing that Cranford, NJ real estate is still in demand.
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