Here are the raw numbers for March 2008 in Cranford NJ Real Estate. More detailed analysis to follow
Number of Closed Sales: 18 (this includes those that went under contract before March)
Number of Listings that Went Under Contract: 16
Average Sales Price: $375,391
Average Days on Market of Sold Homes: 67
List to Sale Price Ratio: 97%
Number of New Listings: 38
That is a LOT of homes going under contract and closing in March which was fueled likely by lowering interest rates, slightly warmer weather, and sellers PROPERLY pricing their homes.
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.
View January's Cranford report here: January 2008 Cranford NJ Real Estate Report
View February's Cranford report here: February 2008 Cranford NJ Real Estate Report
Later this week, check back here for a comparison analysis year over year, as well as trending reports for the Cranford NJ Real Estate Market
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