Cranford, NJ Market Report
December, 2014
Heading into the home stretch!
Here we are once again, deep in the throes of holiday shopping season. While visions of sugar plums dance in the heads of some, others have visions of a new home for the new year!
While the numbers in November year-over-year were pretty static, we head toward the end of 2014 on a positive note for the Cranford, NJ real estate market.
Through November, the number of closed sales is up 13% over last year, while the number of days on the market is down 13%. In other words, more homes have sold in Cranford, NJ than last year, and they are selling quicker.
And quick sales usually mean higher prices. And here in Cranford, this has proven to be the case! The median sales price was up to $420,000 and Sellers were receiving 97.9% of their list price.
Finally, the ever-important absorption rate dropped to 3.7 months of inventory in November. Traditionally, the holiday season slows down for real estate sales, but the data shows that a home in Cranford, NJ just might be the best holiday gift of the season!!
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