Local Real Estate Market March 5, 2024

February Cranford Real Estate Snapshot: Lean Inventory, Soaring Prices, Swift Sales

Lean Inventory Driving Prices

The Cranford Real Estate Market picked up for February with the Average Sale Price of Single Family homes, jumping to $7661,111, which was 29% higher than last year. There were 9 homes sold for the month, which may seem like a low number, but was an 80% increase over the 5 sold in both the previous month and in February of 2023. The number of homes sold is typically at the lowest in January and February each year then increases as we get into the Spring months and peaks in Summer.

Swift Sales in a Competitive Market:

In looking at the homes sold for the month, you can see that most of them sold quite quickly and for over list price. Although there were 3 homes that sat on the market for over 100 days, the rest of homes sold for an average of 105.7% of list price in only 11 days.

There were 18 new homes listed for sale for the month, which was a nice jump from the previous 3 month trend where we only saw an overage of only 8 homes come on the market each month. And these new listings are going quickly! 9 of the 18 homes have already accepted an offer and are Under Contract, in an average of only 10 days and another 5 are have either accepted an offer or are currently reviewing multiple offers. There are a lot of buyers out there but still not enough homes for them!

The Challenge of Low Inventory Persists:

February showcased a real estate market in Cranford characterized by tight inventory and brisk sales.  Although we are beginning to see signs of the Spring Market with an uptick in new listings, the swift acceptance of offers highlights the persistent demand.  As inventory remains lean, prices continue to climb, and homes change hands swiftly, signaling a seller’s market that shows no signs of slowing down. 

I’ll be keeping a close eye on the market and recapping the latest in my Weekly Local email. If you have any questions or would like any addition information about the market or what you home may be worth, let’s connect! 

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