Cranford Real Estate Market Report - March 2020

By
Real Estate Agent with Remax First Realty II 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 81 homes offered for sale in Cranford in February compared to the 72 homes that were on the market in February of 2019. 18 homes were sold in February.

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 4.50 months of inventory, a significant rebound after November's 7.5 months of inventory. Some experts believe that the spring real estate market is starting early.

Prices

The average sale price of a home sold in Cranford in February was $474,778 - another month with dropping prices. 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 February in Cranford had been on the market for an average of 72 days -  slower than the 52 days we saw in February of 2019 and slower than any other month since early 2016.   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.

 

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

Please visit Team Zuhl's Cranford Real Estate home page to learn what this means for buyers and sellers/

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. 

Comments (5)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Wayne and Jean. So spring has sprung early in Cranford? Time will tell but looking good so far! Enjoy your day.

Mar 08, 2020 05:26 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Wayne and Jean Marie Zuhl I love that graphic....  I would use that if I were a buyers' agent .... I'd buy a database of names and addresses for a certain age group and income level.... the easiest and most likely to respond would be first time home buyers.... you can buy that database from Accudata.... no matter how large the one database is, the fee is $200.....

Mar 08, 2020 08:01 AM
Wayne Zuhl

Good advice, Barbara Todaro - thank you!


 

Mar 10, 2020 03:16 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Wayne and Jean - things should really be picking up now with rate cut.

Mar 08, 2020 11:57 AM
Nicholas Crane
Woodland Companies - Cadott, WI
Managing & Appraising Forest Land

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

Nick 

Mar 09, 2020 07:25 PM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Mar 10, 2020 06:02 AM