Cranford Real Estate Market Report - February 2020

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 71 homes offered for sale in Cranford in January compared to the 85 homes that were on the market in January of 2019. 20 homes were sold in January which is a terrific improvement over the 14 homes that sold in November, and slightly above the 19 homes that were sold in January of 2019.

 

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.

To search for listings in Cranford, please visit WayneZuhl.com.

Cranford has 3.55 months of inventory, a significant rebound after November's 7.5 months of inventory. After a slow autumn, the winter market in Cranford is picking up. For a more detailed explanation of Cranford's Months of Inventory, please visit Sell My Cranford Home. Some experts believe that the spring real estate market is starting early

Prices

The average sale price of a home sold in Cranford in January was $479,495 - a bit of a drop. Winter is often accompanied by lower sales prices and it's likely that prices will improve as the spring market picks up.

 

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 January in Cranford had been on the market for an average of 49 days -  slower than the 39 days we saw in January of 2019 and slower than any other month since last winter.   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. 

Please visit Sell My Cranford Home to learn what this means for buyers and sellers in Cranford.

To read more about the real estate market in Cranford, please read our earlier market reports here.  To search for listings in Cranford, please visit WayneZuhl.com. 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
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

hi Wayne and Jean Marie Zuhl - you always put context behind your statistics and give people opportunities to make rational choices.

Feb 11, 2020 06:32 AM #1
Rainmaker
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Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Appreciate the update and insight. Thank you for sharing!

Feb 11, 2020 12:14 PM #2
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Nice update on Cranford. These local reports are invaluable for those looking in the area.

Feb 11, 2020 01:03 PM #3
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Feb 13, 2020 01:48 AM #4
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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for taking the time to compile and share this important market information.  This is professionalism at its best - by providing buyers and sellers information needed so they can make informed decisions.  Best wishes!

Feb 13, 2020 09:48 AM #5
Rainmaker
586,244
Sara Wagner
The Woodland Companies - Adams, WI
Stevens Point Rentals

Thanks for sharing the information on this community, I hope you sell many of these homes. 

Sara 😊

 

Feb 15, 2020 12:25 AM #6
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