Cranford Real Estate Market Report - October 2019

By
Real Estate Agent with Samsel & Associates 0790808

Cranford remains one of the most sought after towns in Union County. Here's what's been happening in the Cranford real estate market this month.

Inventory

There were 116 homes offered for sale in Cranford in September compared to the 12 month average of 105 homes. 14 homes were sold in September which is a big drop since the 25 homes sold in August and the 47 homes sold in July.

Inventory and sales are variable  monthly as shown by the peaks and valleys in the graph above. Some variability can also be attributed to homes that are more desirable or less desirable than the average Cranford home. Homes that are in exceptional condition or well priced won't stay on the market long, whereas distressed properties or homes in disrepair stay around longer and cause data variations. Even conditions such as weather affect home sales - fewer buyers are out looking on days that are oppressively hot or rainy.

Prices

The average sale price of a home sold in Cranford in September was $470,000,  slightly lower than the 12 month average of $488,914.

 

The important thing to note about the graph is not the variability but rather the overall long term trend which is represented by the straight red and blue lines which show a healthy increase in home list prices and sale prices in Cranford over the past seven years.

Many forecasters are predicting a turn around in the real estate market and are expecting a busy winter. Factors such as existing and pending home sales and buyer traffic indicate that we may be headed for a rebound.

Days on Market

The homes that were sold in September in Cranford had been on the market for an average of 48 days -  noticeably slower than the 12 month average in Cranford of 39 days and also slower than the 34 days for the last several months. Summer sales are usually brisk whereas winter sales tend to slow down. Homes that are in better condition, are priced better, or are marketed more strongly tend to sell faster.

The overall trend line in this graph shows a strong decrease in days on market in Cranford going back seven years.

To learn what this means for buyers and sellers in Cranford, please click here.

To read more about the real estate market in Cranford, please read our earlier market reports here.  For more information on how Team Zuhl can help you, please click here or call us at 908-917-4189.

 

 

 

 

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

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Rainmaker
796,531
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

48 days on the market is still an excellent number.  Love the promo pic, it is perfect for this blog and info.  Hope that you have an awesome day!

Oct 15, 2019 05:48 AM #1
Rainmaker
5,081,130
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Wayne and Jean Marie Zuhl (Jean Marie).... our market has changed considerably from the summer.... we're on a roller coaster.... 

Oct 15, 2019 06:04 AM #2
Rainmaker
1,967,501
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Wayne and Jean Marie Zuhl - Sellers should definitely beleaf in the Zuhl Team for results!

Oct 15, 2019 06:09 AM #3
Rainmaker
120,448
Raymond Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you for the update on your area.  We are experiencing the same seasonal slow down that we have experienced the last few years here in Elk Grove.

Oct 15, 2019 10:18 AM #4
Rainer
475,586
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

 

Oct 15, 2019 07:26 PM #5
Rainmaker
1,710,764
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

I love reading about what is going on around the country - thanks for sharing. I think we are seeing a soft market right now - but hopefully that will turn around for us too

Oct 18, 2019 07:30 AM #6
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Rainmaker
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Wayne and Jean Marie Zuhl

The Last Names You'll Ever Need in Real Estate
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