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 75 homes offered for sale in Cranford in December compared to the 12 month average of 104 homes. 36 homes were sold in December which is a terrific improvement over the 14 homes that sold in November, bringing the 12 month average to 23 homes per month.
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.
Cranford has 2.08 months of inventory, a significant rebound after November's 7.5 months of inventory. Please click here for a more detailed explanation of months of inventory in real estate. After a slow autumn, the winter market in Cranford is picking up. Some experts believe that the spring real estate market is starting early.
The average sale price of a home sold in Cranford in December was $514,071 - a nice rebound since November's average sale price of $427,822 and better than the 12 month average of $487,852. Higher prices often accompany decreased 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 black 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 December in Cranford had been on the market for an average of 38 days - faster than the 12 month average in Cranford of 40 days and also faster than the 40 days we averaged in December of 2018. As inventory decreases, days on market also often decreases. Homes that are in better condition, are priced better, or are marketed more strongly tend to sell faster.