There are currently 57 single family homes and 5 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 10 properties that closed in January in Cranford, the average selling price was $488,720 and the average days on market was 73. (according to Garden State MLS Statistics)
Prepared By:Sean Carroll - RealtorRE/MAX Classic Group
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http://www.CranfordHomesOnline.com
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