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Lean Inventory Persists
The Cranford real estate market in September continued to be defined by its lean inventory, with only 12 homes sold during the month. This marked a 48% decrease compared to August and a 29% decline from the same period last year. The scarcity of available properties has been a recurring theme, challenging both buyers and sellers in the market.
Fluctuations in Sales Prices
After months of witnessing an upward trajectory in sales prices, September saw a notable shift. The average sales price dropped to $600,181, representing a significant 22% decrease from August. This decline was steeper than the typical seasonal drop-off as we transition into the fall months, and it was 16% lower compared to September 2022. While this may seem like a setback, it’s essential to consider the larger context of the market.
Sales Price/List Price Ratio
The Sales Price/List Price ratio, a key indicator of market competitiveness, fell to 101.03% in September. This means that, on average, homes were sold for just over 1% above their list price. While this figure was lower than the year-to-date trend of 104.8%, it was consistent with September figures from the previous year. This suggests that the market remains resilient, with buyers willing to pay above the list price for the right properties.
Competitively Priced Homes Still in Demand
Despite the apparent softening of some market metrics, competitively priced homes continued to be in high demand. During September, 13 homes went under contract in an average of only 14 days, with an average list price of $735,831. This demonstrates that well-priced properties are selling swiftly and often for significantly more than their list price, highlighting the importance of strategic pricing for sellers.
Increase in New Listings
In a positive turn, there were 22 new listings put on the market in September, representing an 83% increase compared to the same period last year. This surge in new listings may provide some relief to buyers actively seeking properties in Cranford.
Conclusion
September’s real estate market in Cranford, NJ, was characterized by continued lean inventory and fluctuations in sales prices. While the average sales price saw a significant drop, it’s essential to consider the broader market dynamics. Well-priced homes continue to be sought after, and buyers are willing to pay above list price for properties that meet their criteria. With an increase in new listings, there is hope that the market will see some alleviation in the supply-demand imbalance. As we move forward, it will be interesting to observe how these trends evolve and if inventory levels can rebound in the coming months.
