May 2023 Real Estate Market update for Cranford NJ

The Real estate Market really turned on in Cranford for the month of May.  18 homes sold for the month which was which the highest number of homes sold in a month since last November and a significant jump from April when only 10 homes sold for the month.

Sale Price vs List Price Continues to Rise

The average sales price for the month jumped to $669K and, even more notably, the Sale Price vs List Price Ratio jumped to 108%. This means, that, on average, homes sold for more than 8% over list price. Homes are also selling very quickly, in an average of only 17 days. The trend of homes selling very quickly and for significantly overly list price is driven by continued lean inventory. For the month we only had 1.17 months supply of inventory.  This means that if no additional homes are listed for sale, we will run out of inventory in a little over a month. The Sale vs List Price trend is very much in line with what we saw last year when this number ramped up started in January and peaked in June.

Notable Home Sales

There were some very impressive home sales for the month with the majority of homes selling for over List Price with some as high as 33% over list price! The Sales prices for 45 Wadworth and 314 Claremont are quite impressive at over $900K for 3 bedroom homes. There were also 2 homes on James Street that sold for over 1 Million dollars.

Strong Seller’s Market

With continued lean inventory and home prices continuing to rise, there continues to be huge opportunity for Sellers in this Market. If you have any questions about the above or are interested in learning what your home may be worth in today’s market, don’t hesitate to reach out. I would be happy to provide you with a complimentary CMA.