Cranford NJ Real Estate Market – Summer 2012

Cranford NJ with its renovated downtown district and tranquil, small town lifestyle, is still a popular place to live,

but Cranford home owners have had to deal with a summer real estate market that has been down a little in volume, compared to the summer of 2011.

There are currently 69 homes available on the market in Cranford, ranging from a fixer-upper with an asking price of $179,00 on Johnson Avenue  to a classic Victorian beauty asking $899,000. If you are interested in searching for Cranford NJ Homes for Sale, please use this link.

 In June 2012, there were 24 closed home sales in Cranford

ranging from $152,500 to $645,000 – the median sales price being $415,000.  There was also an average of 48 days on market and properties sold at an average of 97% of sold-price-to-list-price.  This is not so much different to June in 2011 when there were 25 closed sales ranging from $193,000 to $825,000.  The median sales price was a little higher at $440,000 for that year with an average of 60 days on market and the same 97% on sold-price-to-list-price.

The slow-down for Cranford real estate sales really started to show in July 2012 when there were 17 closings of sales compared to 26 in the same month of 2011.  The median sales price in 2012 was $380,000, compared to the $437,500 of 2011.  Average days on market were 41 in 2012 compared to 53 in 2011, and the sold-price-to-list-price ratio for both years showed an average of 97%.

August 2012 has been a busy month in real estate for many towns in this Central New Jersey area.  Cranford had slightly less sales in 2012 with 17 homes closed recorded in August, as compared to 20 in 2011.  However, the average sales price did climb a little, there being a median sales price of $387,500 in 2011 and $421,000 in 2012.  Average days on market were quite a lot less in 2012 being 34 as compared to 66 in 2011 and the sold-price-to-list-price ratio climbed a little to 98%.

If you look at the real estate market in Cranford NJ for the past 2 years, you will see that the number of available homes on the market has dropped and the median price range of available homes has now returned to 2010 levels.   With the end of the summer, sales have slowed again but the median list price has risen – see graphic.

“It seems to me that sales are down as a direct result of a lower supply of saleable inventory

… because as in most markets, Cranford homes for sale that were well presented and marketed at the correct price sold quickly.”  A good example of this is a very pretty Colonial Home (pictured) that sold after being listed for 10 days for $5,000 over asking price.

So now might be a great time to consider moving to Cranford?

“My prediction is that if inventory levels remain low through next year we should see prices increase, albeit slowly”

So if you are trading up  to a more expensive home, it might be in you best interests to buy now rather than later.

It you’re looking for a suburban home with a yard and a garage, decent schools, a reasonable commute and a lively downtown, Cranford could be the town for you!

If you would like more information about buying or selling a home, please contact me on my direct line at (732) 261-6151.  I’d be glad to help you.

This information courtesy of Jackie Safran who is an award winning Real Estate Agent at RE/MAX Properties Unlimited in Westfield, NJ (732) 261-6151.  I help nice people sell and buy beautiful homes in Union and Middlesex Counties.