Cranford NJ NewsLocal Real Estate Market May 2, 2023

Spring Real Estate Market Update: March & April Cranford NJ

Have you heard of “Mapril?” In the Retail world, companies often look at March and April combined numbers to get a true sense of what is going on for business during that time period since the movement of Easter & Passover year over year can really impact business. The same can be said for Real Estate where Spring Break shifts can impact home sales activity, so here is my Mapril Real Estate Market recap!

We definitely saw the Spring Market turn on with housing inventory rising and more homes going under contract. Home prices continue to rise and homes continue to sell for significantly over list price. But inventory still remains very lean overall, with the number of homes sold -44%.

Low Inventory means that it’s a competitive Seller’s Market out there! The average home is selling for 4.57% over list price with some properties going for significantly more than that. Many people predicted that we would not see this kind of activity in the market again this year but it’s happening! Last year, the Sales/List Price ratio peaked in June. April 23 came in slightly below April 22 but overall seeing a similar trajectory that we saw last year.

Homes Sold in March & April

There were certainly some impressive home sales over the past couple of months. Below, I’ve highlighted the homes that sold for significantly over list price with some homes going for as much as 15-22% over! We are also starting to see more and more homes priced over $1M. The sale of 26 Beech at $1.326M is quite notable!

There are currently 15 homes for sale in town  and 3 of them are listed for over $1.2M.  There are no homes listed in the $600-700K price point which tends to be a sweet spot.   This unprecedented Market is a great opportunity for homeowners who have been thinking about selling to pull the trigger.   The market generally peaks in the Summer so it is not too late to take advantage of this time to cash out on their equity.