Let’s take a look at the Year in Review for the Cranford Real Estate Market.  A powerful December put the cherry on top of a year filled with record-breaking home prices and growth in the Million Dollar housing market.  Let’s dive in!

MARKET CONDITIONS

Residential home prices reached $695,468, marking a 12% increase from the previous year.  Fueled by low inventory,  demand for homes drove up prices with only 203 homes selling in town for the year, which was 9% less than 2022.   

SALES PRICES INCREASED

In 2023, the average home sold for 5% over the list price. Noteworthy, 26% of homes surpassed the 10% over list price mark, and 9 homes achieved a remarkable 20% over list price. The standout was 45 Wadsworth, closing at $900,000—33% over the initial $679,000 list price.

SWIFT SALES

Homes had a brisk turnover, spending an average of 19 days on the market—27% faster than the year before. It became routine for homes to hit the market on a Friday and attract multiple offers by the following Monday or Tuesday.  58% of homes sold in less than 2 weeks and 15% sold in less than 1 week.

MILLION DOLLAR MILESTONE

The million-dollar housing market saw growth, with 19 homes crossing the $1 million mark—almost double from 2022. The highest recorded price was $1,496,000 for 21 Indian Spring Rd. These homes were predominantly new constructions, renovations, or historic properties.

DECEMBER WRAP-UP

Closing the year on a positive note, December saw 18 homes change hands at an average price of $680,577, a 25% increase from December 2022. On average, these homes sold for 5% over the list price, with 4 Virginia Street standing out at $851,000—17% over the $730,000 list price.

2024 OUTLOOK

Looking ahead, expectations for 2024 are relatively stable. Lean inventory and continued price growth are anticipated, albeit at a more moderate pace. While mortgage rates dropped at the close of 2023, they are not expected to reach the historic lows seen in recent years. A Seller’s Market will likely persist, offering a bit more predictability for Home Buyers.  I’ll be closely watching the market.  To stay on top of the latest Real Estate and local news, sign up for my Weekly Local email.  

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.

Home prices continued to rise in Cranford for the month of July, coming in at $691K which was 15% higher than last July.  This price growth is really driven by continued low inventory.   Twenty three homes sold in the month  and only twenty one new homes were listed for sale which was -28% to last year.  

Home Sales Highlights

This year, there have been more homes sell in the million dollar price range than in previous years.  This trend continued with two homes selling for over $1M this month for the month.   Home are also selling quickly and for significantly over list price.  The average home sold for 7% over list price and in only 18 Days.  We are in Summer peak which is when we typically see prices at the high for the year but this continued year over year growth is pretty crazy.  As long as inventory remains so lean, it will most likely not slow down.  If you are thinking about listing or curious what your home is worth in this market, let’s connect!

To watch my previous market updates, subscribe to my YouTube channel.

The Real Estate Market in Cranford is hitting Summer Peak with continued strong numbers for June.   Twenty eight homes sold in Cranford in June, which was 86% more than the previous month’s trend.  Prices continue to rise and homes continue to sell in record time for significantly over List Price, driven by continued lean inventory.  The average sales price for the month jumped to $771K which was +15% to May and +9% to last June.

The Sales Price vs List price ratio was 108%.  This means that homes sold, on average, for 8% over list price which is in line with last year and last month. Homes are also selling very quickly, in an average of only 13 days. 

We continue to see more homes selling for over a Million dollars with four selling this month.  Another notable home sale was 9 Pittsfield which sold for $200K over list price at $999,000. There were multiple other homes that sold for more that $100K over list price.

There are no signs of this market slowing down anytime soon. As long as inventory remains lean, home prices will continue to rise which is a huge opportunity for Sellers.  If you are interested in learning what your home may be worth in today’s market, let’s connect!  I would be happy to provide you with a complimentary CMA.

Sign up for Neighborhood News to keep an active pulse on the Real Estate Market in your neighborhood.

Follow me on Facebook or Instagram for regular updates!

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.

If your current home isn’t working for you, but you aren’t sure you want to move, this one is for you! I’m excited to announce that I’m partnering with the  fabulous Evan Hooper of EH Interiors to offer a free Home Design & Valuation Experience to one lucky winner.  Evan will try to convince you to STAY by offering up design solutions while I’ll convince you to GO by showing you how much your home is worth and how much money you can make.  What you’ll win:

• In-person design consultation to review your current situation & challenges 
• 3D Design Rendering of potential updates you can make to one room in your home if you decide to STAY
• Comparative Market Analysis of your home’s value & overview of the current local market conditions
• View of current housing inventory if you decide you want to GO

Enter to win now at https://tinyurl.com/stayORgoNJ. Enter by June 2.