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.
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.
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.