The real estate market in Cranford, NJ has adjusted in a similar fashion to surrounding towns, with prices easing off historic highs at a rate of about 6-9% from one year ago. Recently though, homes have sold at a faster rate - especially in December. This decline in inventory has made sales more brisk, and the next few months will be critical for the price trend. If inventory remains constant, the prices should remain stable. If inventory rises to mid- 2006 levels again, we can expect the gradual pricing declines to occur.
There are currently 58 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 12 properties that closed in January in Cranford, the average selling price was $505,841and the average days on market was 55. (according to Garden State MLS Statistics)
Prepared by Sean Carroll, Realtor
RE/MAX Classic Group
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