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Local Real Estate Market •
December 2, 2022
Real Estate Market Update for Union County NJ: November 2022
Real Estate Market Update
The Real Estate Market in Union County NJ for the month of November remained a Seller’s Market. The Average Sale price was $638K which was +16% to last year and +4% to the prior 3 months. This was a slight drop off over the past few months but remains an upward trajectory in price overall. Homes continued to sell above list price, with the average sales price going for about 1% over. This is a softer than the peak earlier this year but is in line with last year . Some homes are still selling for significantly over asking.
Part of the reason we are still seeing these high prices is that inventory remains very lean. There were only 303 homes sold for the month which was -32% to last year and in line with record lows over the last 2 years. There were also only 284 new listings for the month which was -29% to last year and the lowest number of new listings we’ve seen since last December
We have seen a slight down trend in Days on Market which is the number of days a home is on the market before it sells. This was 38 days this month which has been increasing over the past couple of months but is still much faster than 2020 numbers.
Notable Home Sales
There were some notable sales this month! The two homes with the highest sales prices were a house in Summit that sold for $4.2M which was $350K over asking in only 22 days and a home in Westfield that sold for $3.25M in only 7 days! Another notable Westfield sale was a home on Eaglecroft that went for $161K over asking at $1.36 in only 9 days. There was also a house on Indian Spring Rd in Cranford that sold for $96K over asking at $915K in only 14 days.
So overall, it’s still a strong seller’s market. Homes aren’t selling quite as fast or for quite as much over list price, but prices are not dropping here the way you have probably been hearing they are in the media headline. Let me know if you have any questions and I’ll continue to keep you updated.
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Cranford NJ News •
November 28, 2022
Giving Tuesday in the Cranford NJ Area
Giving Tuesday is a global generosity movement that was created in 2012. Occurring on the Tuesday after Thanksgiving, Giving Tuesday serves to inspire acts of generosity, directly following three major Holiday shopping days (Black Friday, Small Business Saturday, Cyber Monday). Participants in the movement are encouraged to share their acts of generosity and kindness to inspire others to do the same. In the Cranford NJ area, there are many different ways to give back on Giving Tuesday. Consider donating to one of the below causes or finding something else that is close to your heart.
St. Hubert’s Animal Welfare Center Giving Tuesday
St. Hubert’s Animal Welfare Center is dedicated to the humane treatment of animals. More than just an animal shelter, they have a pet animal rescue and relocation program that is one of the best in the nation. They also offer pet training. For Giving Tuesday, St. Hubert’s is matching all donations, dollar for dollar, up to $100,000. Donations will be used to fund their vital, community-based programs. Learn more or donate here.
CASA of Union County Holiday Drive
Court Appointed Special Advocates (CASA) of Union County advocates for abused, neglected and abandoned children placed in foster homes or residential facilities. They recruit, train and supervise volunteers who ensure children’s best interests remain the priority. They have an annual holiday drive to ensure that every child receives a gift over the holidays. You can donate by buying a gift from their Amazon wish list or donating $50 to CASA, who will buy the gift for you.
FLAG for Cranford Ornament Fundraiser
The Front Line Appreciate Group (FLAG) for Cranford was created in March of 2020, during the height of the pandemic. They have since applied to become a 501c3 charitable organization and continue to support the Cranford community. This Holiday season, they are selling ornaments featuring Droescher’s Mill and Riverside Inn (The “Dive”). Ornaments are $15 each with proceeeds going to the Orr Family. The Orr Family is a local Cranford family dealing with numerous health issues over the past year. These ornaments are a great way to showcase iconic Cranford landmarks on your Christmas tree while also supporting a local family! Learn more about the fundraiser here.
A&W Chiropractic Annual Pajama & Book Drive
Donations from last year’s Pajama & Book Drive at A&W Chiroporactic
Every holiday season, A&W Chiropractic Center collects new pajamas and books to be distributed to children in the Union County foster care system. This fundraiser grows every year and they are hoping to break records again this year. They are collecting NEW pajamas (size newborn-teen) and NEW children’s books. Donations can be dropped off at their office on 126 South Ave in Cranford. They are also accepting donations via Venmo to @wendy-menneg who will buy in bulk. They are collecting donations through January 7th.
Whether you choose to donate to one of the above organizations or give back in some other way, Giving Tuesday is all about celebrating acts of generosity. Even if you don’t have a lot of money to give, volunteering and simple acts of kindness go a long way. Share how you are participating on social media to inspire others to do the same! #GivingTuesday
Local Real Estate Market •
November 1, 2022
Cranford Real Estate Market Update: October 2022
The Real Estate Market in Cranford NJ softened a bit in the month of October. The average sales price dropped from the prior month. The average days on market was a little faster, though, which means that homes are selling a bit faster. Inventory also remains very lean. Homes that are priced right are still selling at or above listing price in a short period of time, there are just very few homes for buyers to choose from!
Average Sales Price
The average sales price for October was $557,312, which was 15% lower than the the previous 3 months. This was also -8% to October 2021, but still an increase over most of 2021 and early 2022. Only 16 homes sold for the month of October, which was 44% less than October 2021 and 25% less than the previous 3 months.
Average & Median Sales Price in Cranford in October 2022
Homes Sold
The homes that sold in Cranford in October ranged in price from $247,000 to $980,00. This was in line with their list price, on average, although 5 of the homes sold for more than their List Price. The most notable was 5 Thomas which sold for $750,000 which was +$51,000 over List Price. On average, homes sold in 34 Days, although 6 of these properties sold in 2 weeks or less. The homes that sold more quickly, sold at our above list price. Generally, homes that sat on the market longer, sold for below list price. This indicates these homes were mostly likely priced too high to begin with.
Homes Sold in Cranford in October 2022
Market Updates
The Real Estate Market in the Cranford area and Nationally continues to change. For home buyers and sellers, it is important to work with a Real Estate Agent that has a strong pulse on your local market. Sign up here to receive email updates from Brooke Filosa on the Real Estate Market in your area.
Local Real Estate Market •
October 28, 2022
Interesting Statistics: The Cranford NJ Real Estate Market
The local New Jersey Real Estatee Market isn’t as bad as the National Headlines might lead you to believe. There are some interesting statistics on the Cranford NJ Real Estate Market when you dig in a little. So far, in the month of October, there are 15 homes for sale that went under contract. These homes were on the market for an average of 33 days before going under contract. While this is slower than last year, 8 of the homes went under contact in less than 2 weeks! Homes are still selling quickly if they are priced right and have features buyers are looking for.
It is important to work with a Real Estate Agent in your local market that can educate you on most recent market trends. Whether you are looking to buy or sell a home, you need to understand the nuances of your specific area. I pride myself on keeping a strong pulse on the local Real Estate Market so that I can advise my clients accordingly.
Local Real Estate Market •
October 21, 2022
Homes for Sale in Cranford NJ this week
There are currently 19 homes for sale in Cranford NJ, as of Friday, October 21, 2022. The homes for sale range in price from $275,000 for a two bedroom townhouse to $1,390,000 for a 6 bedroom colonial. 4 of these homes were new listings this week which include a 4 bedroom split level home listed for $929,000 in the College Estates Neighborhood. So far this month, there have only been 12 new home listings in Cranford which is -41% to last year.
MARKET ACTIVITY ON EXISTING HOMES FOR SALE IN CRANFORD NJ
One of the homes for sale in Cranford NJ, 7 Roger Norton Pl, dropped in price from $559,900 to $549,900 this week. This home, which has been on the market for 24 days, is in the Indian Village neighborhood in Cranford. Additionally 7 other homes that are on the market, had price drops in previous week. The average Days on Market on homes for sale right now is 40 days and there are 6 homes that have been on the market for over 50 days. This is a definite slow down from the trend earlier this year and last year. For October month to date, the average DOM is 30 days which is 19% more than this time last year.
OPEN HOUSES IN CRANFORD NJ
There are 4 Open Houses scheduled for this weekend including 3 for the properties that just came on the market this week. 2 of these Open Houses are on Princeton Rd which is in the College Estates neighborhood of Cranford. Click here for a full round up of Open Houses in Union County.
ABOUT CRANFORD NJ
Cranford NJ is a desirable suburb in Union County, NJ. Cranford has a great Downtown, Good Schools and an amazing Community. Although the Real Estate Market nationally has been softening for a while, the Cranford NJ Real Estate Market has remained stronger until recently. Over the past few months, we have started to see homes sitting on the market for a bit longer and dropping in price; but inventory remains very light. To keep a pulse on the Cranford NJ Real Estate Market, sign up to receive Neighborhood News
Local Real Estate Market •
October 8, 2022
Homes for Sale in Cranford NJ
There are currently 24 homes for sale in Cranford NJ, as of Friday, October 7, 2022. The homes for sale range in price from $225,000 for a one bedroom condo to $1,390,000 for a 6 bedroom colonial. 5 of these homes were new listings this week.
PRICE DROPS ON HOMES FOR SALE IN CRANFORD NJ
Two of the homes for sale in Cranford NJ dropped in price this week. 12 Georgia Street dropped from $975,000 to $939,000 and 3 W End Pl dropped from $439,000 to $419,000. Both properties were on the market for less than 3 weeks before the price drops. In addition, three other homes dropped in price the previous week. Price drops like this are a sign of the shifting Real Estate Market that we have seen over the past couple of months.
OPEN HOUSES IN CRANFORD NJ
There are 9 Open Houses scheduled for this weekend including 4 for the properties that just came on the market this week. 2 of these Open Houses are on Rutgers Rd which is in the desirable College Estates neighborhood of Cranford. Click here for a full round up of Open Houses in Union County.
11 Rutgers Rd. New Listing with Open House this week
POPULAR HOME STYLES IN CRANFORD
One interesting note is that split levels are the most common style of homes for sale in Cranford NJ right now. Split level homes were a very common style in the 1950s but most of these homes have been updated. Colonial style homes are also common; the two homes at the highest price points are Colonial Style.
ABOUT CRANFORD NJ
Cranford NJ is a desirable suburb in Union County, NJ. Cranford has a great Downtown, Good Schools and an amazing Community. Brooke is a very active member of the community and shares information about local businesses and events on her Parkbench Website. Although the Real Estate Market overall has been softening, the Cranford NJ Real Estate Market has remained hot. We have started to see a slight slow down over the past month with homes sitting on the market for a bit longer and dropping in price, but inventory remains very light. To keep a pulse on the Cranford NJ Real Estate Market, sign up to receive Neighborhood News.
Cranford NJ News •
October 5, 2022
October Events in Cranford NJ
There are an abundance of October Events in Cranford NJ for the community to enjoy. Many of these events are both annual traditions and fundraisers that go towards good causes.
OKTOBERFEST IN CRANFORD NJ
Cranford Jaycee’s Annual Fundraiser
Oktoberfest is back on Saturday, October 1 at Union College from 5-10pm. This event sells out every year and has been called the “party of the fall”. The $55 ticket cost includes unlimited drinks, a souvenir mug, and live music. Attendees can pre-order food from local restaurants or food trucks will be on site for purchase that night. Proceeds benefit the Cranford First Aid Squad and other community organizations. Oktoberfest is only one of the many events the Cranford Jaycee’s put on through the year; check out their website to learn more.
PORCHFEST IN CRANFORD NJ
Live Music on Porches
Porchfest is another Annual Event that started in Cranford in 2017. The Cranford Community Connection started this inclusive, town-wide event as an opportunity for residents of all ages to enjoy music on porches throughout town. They were inspired by a neighborhood music festival in Ithaca, NY.
Porchfest is on Saturday, October 8 and is a completely free, family-friendly event! Residents volunteer their porches for the event and the bands play completely for free. Ten porches were selected this year and are evenly spread across town so attendees can easily walk or bike between performances. There are 40 bands playing in total this year with 4 per porch, playing for about 45 minutes each. Most of the bands are rock, covers and “singer songwriter” and some have come back year over year. The organizers published a full schedule of events for the day as well as an interactive map so attendees can easily plan out their route. T-shirts are available for sale the day of the event for $20 to help offset some of the insurance and volunteer t-shirt costs.
RUBBER DUCKY RACE
Hanson Park Conservancy’s Big Fundraiser
The Rubber Ducky Race is another beloved Annual Event that is on Sunday, October 9 at 4 pm. Over a thousand rubber ducks are released from canoes in the Rahway River at Sperry Park to race down the falls to the cheers of bystanders. This is a fun activity for all ages and prizes are awarded to the fastest ducks.
This is the Conservancy’s biggest fundraiser of the year and all proceeds go towards Hanson Park Maintenance and Educational programs. Duck’s are sold at Periwinkles or The Canoe Club for $5 each or a flock of 5 for $20. To learn more about the Hanson Park Conservancy, please check out their website or watch my interview with Ellen McHenry, the President of the Conservancy. Hanson Park is a true gem!
SCARECROW STROLL
15th Annual Downtown Cranford Event
The Downtown Cranford Scarecrow Stroll is October 14-31 this year and is one of the most highly anticipated events of the year. Local groups create Scarecrows that line the streets of Downtown Cranford. Residents and visitors are invited to stroll through town and vote on their favorites. This year, Downtown Cranford planned numerous Halloween-themed events in conjunction with the stroll. The first event, the Candy stroll, is an opportunity for children Trick-or Treat at participating stores. Other events scheduled for the month include Neewollah and an Apple Pie Eating Contest at Eastman Plaza Check out the full line up on events on Downtown Cranford’s website.
EVEN MORE OCTOBER EVENTS IN CRANFORD NJ
Believe it or not, these are only a few of the October events in Cranford NJ. For a full round up of events and updates, make sure to follow WeLoveCranford on Facebook and Instagram!
Oktoberfest is a festive night in Cranford!
Bands playing for Porchfest
Real Estate Tips •
August 23, 2022
Home Renovations That Offer the Best ROI for Resale
Gustavo Gonzalez August 1, 2022
Looking to make some upgrades and wondering which will have the biggest pay off? If you guessed kitchen and bathrooms, you’re spot on. Another good one is landscaping. Whether they’re big or small, a few upgrades can pay big dividends when it’s time to sell your home. Follow these tips to prioritize and put more money in your pocket when you’re ready to sell.
Before you do anything, make sure you consider the value of your house, the neighborhood, the housing market where you live and how soon you will sell after you make the improvements. If you live in a neighborhood where properties are selling for $300,000, doing a $150,000 renovation may not add as much to your property value as you might think.
Kitchens and Baths
One thing to keep in mind is that just because a remodel is expensive doesn’t necessarily mean it will give you the best return on investment. Even minor updates can yield a big return. Consider painting, refinishing surfaces and upgrading appliances, which can lead to a big pay out.
Sticking to a budget is always important, and keep in mind that an average, medium-sized kitchen remodel can cost between $20,000 – $50,000, while the average bathroom remodel is $10,000. In most cases, homeowners see a return of a 100% or more with a kitchen or bath remodel, so it’s definitely well worth the investment. Plus, you get to live in a beautiful new space.
A Finished Basement
If finishing your basement is something you’ve been putting off, now might be the perfect time. According to cost versus value surveys conducted annually by Remodeling magazine, “The average return on investment for a basement project is around 75 cents on the dollar. Besides the financial gains, refinishing a basement will add new functionality to your home: more bedrooms, more efficient storage and more space for entertaining.” Seems like a sure-fire win, win.
Add Curb Appeal
When buyers see that the outside of the property is taken care of, they’ll be more excited to see the inside. Remember, first impressions make lasting impressions. According to Anji, “Curb appeal can increase your home value by 7%. Buyers are increasingly prioritizing outdoor living spaces and an attractive lawn has the biggest ROI at 256%. Trees can add $1,000 to $10,000 to your home value and simple landscape maintenance tasks usually pay for themselves.”
Whether you’re in the market to sell your home or just want to make some budget-friendly renovations that you and your family can enjoy, making the right upgrades can help enhance your quality of life and add a few more dollars to your bank account down the road.
