Union County Homes

Real Estate Market Report - Cranford - October 2017

Homeowners and home buyers in Cranford are smart to learn about the real estate market to help make an informed decision about when to buy and sell a home in Cranford.

Here’s what’s been happening lately.

Inventory:

  • 23 homes were sold in Cranford in September - compared to 31 in September of 2016.
  • 82 homes were offered for sale in Cranford in June - compared to 89 in August and 96 in September of 2016.
  • As inventory shrinks, demand for homes usually increases. This can help to raise prices and/or shorten the length of time homes are on the market.

Prices:

  • Average sale price in Cranford in September was $499,895 - compared to the 12 month average of $477,644 and compared to the average sale price in August of $529,591.
  • Average list price in Cranford in September was $513,004 - compare to the 12 month average of $520628 and compared to the average list price in August of $484,384.
  • Consumer confidence helps increase prices. Cranford remains one of the hottest communities in Union County.
  • There are many affordable homes offered for sale this fall, including this beauty at 213 South Union Avenue offered for just $585,000.

Days on Market:

  • In September, the average sold home in Cranford was on the market for 39 days - compared to 30 days in August and compared to the 12 month average of 41 days - one of the fastest selling towns in Union County.
  • Lengthening Days on Market is typical in autumn.

What this means for buyers:

  • Be educated. Learn what kind of home you want. Decide with your family members what you need in a home and what you want in a home.
  • Be informed. Spend some time getting to know the inventory. Learn what homes look like in your price range. Learn what home features you can afford.
  • Be ready. Have your pre-approval ready so that you can act quickly when you find your perfect home.

What this means for sellers:

  • If you're on the fence about selling your home, this may be the perfect opportunity to get the most money in the shortest amount of time.
  • Even in a shrinking inventory situation, you're still competing with other homes on the market. View the other homes that are offered for sale and make sure your home is the best one in its price range.
  • Make your home available for potential buyers.

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. 

Comment balloon 2 commentsWayne and Jean Marie Zuhl • October 08 2017 08:47PM
Real Estate Market Report - Cranford - October 2017
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