The real estate market in Cranford has adjusted in a similar fashion to surrounding towns, with prices easing off historic highs at a rate of about 5%-8% from one year ago. There are currently 86 single family homes and 7 multi family homes on the market for sale. These numbers have stayed relatively stable over the past few months, with an equal number of sales and new listings. Inventory levels are much higher than before, giving buyers more options when selecting a home.
Although prices and demand in general have trended lower, Cranford still remains an appealing option for many buyers, which has enabled homes to sell quickly if they are priced properly. Multiple offers are still a possiblity for competetively priced homes.
I expect this price softening trend to continue for the next several months, with buyers willing to pay a fair price for homes, and disregarding homes that are priced considerably above market value.
There were 8 properties that closed in October in Cranford. The average selling price was $404,813 and the average days on market was 60.
Location Characteristics: Cranford is a lovely suburban NYC community with a population of about 23,000 people. The town has an excellent school system, and a quaint downtown area, which is in the process of revitalization - including new condominiums and retail establishments.
The town sits on the Raritan Line of NJ Transit, and commuters can access New York City via transfer at Newark Penn Station.
For more information about Cranford, please visit the township's official website at:
http://www.Cranford.com
Submitted by:
Sean Carroll - RE/MAX Classic Group
908-898-0800 - office
908-418-7152 -cell
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