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 101 homes offered for sale in Cranford in November compared to the 12 month average of 107 homes. 12 homes were sold in November which is much fewer than the 12 month average of 22 homes and is also much fewer than the 19 homes sold in November of 2018.
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 November was $448,292 - significantly lower than October's average sale price of $531,086 and lower than the 12 month average of $489,383. Lower prices often accompany increased inventory.
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.
Days on Market
The homes that were sold in November in Cranford had been on the market for an average of 47 days - noticeably slower than the 12 month average in Cranford of 40 days and also slower than the 29 days we averaged in November of 2018. As inventory increases, days on market also often increases. 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.
Please click here to learn what this means for buyers and sellers.