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.
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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
Have you heard of “Mapril?”In the Retail world, companies often look at March and April combined numbers to get a true sense of what is going on for business during that time period since the movement of Easter & Passover year over year can really impact business.The same can be said for Real Estate where Spring Break shifts can impact home sales activity, so here is my Mapril Real Estate Market recap!
We definitely saw the Spring Market turn on with housing inventory rising and more homes going under contract.Home prices continue to rise and homes continue to sell for significantly over list price.But inventory still remains very lean overall, with the number of homes sold -44%.
Low Inventory means that it’s a competitive Seller’s Market out there!The average home is selling for 4.57% over list price with some properties going for significantly more than that.Many people predicted that we would not see this kind of activity in the market again this year but it’s happening!Last year, the Sales/List Price ratio peaked in June.April 23 came in slightly below April 22 but overall seeing a similar trajectory that we saw last year.
Homes Sold in March & April
There were certainly some impressive home sales over the past couple of months.Below, I’ve highlighted the homes that sold for significantly over list price with some homes going for as much as 15-22% over! We are also starting to see more and more homes priced over $1M.The sale of 26 Beech at $1.326M is quite notable!
There are currently 15 homes for sale in town and 3 of them are listed for over $1.2M.There are no homes listed in the $600-700K price point which tends to be a sweet spot. This unprecedented Market is a great opportunity for homeowners who have been thinking about selling to pull the trigger. The market generally peaks in the Summer so it is not too late to take advantage of this time to cash out on their equity.
The Real Estate Market in Cranford NJ started to pick up in the month of January. The Average Sale price was $574K which was +6% to December. Homes continued to sell above list price, with the average sales price going for about 2% over. This is a softer than the peak in the middle of last year but some homes are still selling for significantly over asking. Two homes in town sold for 10% and 14% over list price, respectively, and both sold in less than ten days.
Part of the reason we are still seeing high prices is that inventory remains very lean. There were only 9 homes sold for the month which was -18% to last year -40% to December. On a positive note, new listings picked up from December with 12 new homes listed which is +50% to Dec but still down to last year and very low historically. New listings are also selling quickly. Seven of the new listings for the month already went under contract in an average of twelve days. The remaining five new listings have only been on the market for less than a week and will likely go quickly.
For home owners that have been considering selling their homes, now is a fantastic time to list! Buyers are hungry for options and homes are selling quickly. Traffic was extremely high at Open Houses last week and there were definitely some bidding wars. Although this may seem intimidating to Buyers, there are many things they can do to stay competitive. I am very tuned in to the local market and keep a close pules on the latest trends so they I can help to guide and advise my clients.
Let me know if you have any questions and I’ll continue to keep you updated on the Real Estate Market in Cranford.
The 2022 Real Estate Market was definitely one for the record books. Coming off a pandemic-fueled boom in 2021, many early predictions were that prices would fall and the market would stabilize a bit. Instead, continued low inventory coupled with dramatically rising mortgage rates resulted in a roller coaster of a year. Below are some of the highlights of the Real Estate Market in Union County, NJ in 2022.
Home Prices Rose to All-Time Highs
The average sales price in Union County, NJ rose to $616,533 in 2022 which was an increase of 7.9% over 2021. This peaked at $710,161 in June, then dropped off towards the end of the year. Even with the slight drop, prices remained above pre-pandemic numbers. Homes also continued to sell over list price, going for an average of 103.08% of list price. This peaked at 106.29% in May, then fell off during the back half of the year. In spite of the slight drop off, the overall local real estate market remains incredibly strong. Well-priced properties entering the market are selling within days and some are still receiving multiple bids. On the flip side, many of the limited number of properties for sale have accumulated a substantial number of days on the market. They were not properly priced to begin with so when they do eventually sell, it is for below list price.
Average & Median Homes Sales Price in Union County NJ
Housing Inventory hit Records Lows
The primary reason homes prices rose in 2022 is that inventory remained very lean. It is simply the law of supply and demand. There were only 6,427 homes available for sale in 2022 which was 32% less than 2021. And inventory in 2021 was already significantly lower than 2020. New listings to the market were also down by 27% for the year so home buyers simply did not have much to choose from. Months of supply of inventory were at an average of 1.44 for the year which is an indication of a Seller’s Market. The market it generally considered a Buyer’s Market when months of supply are over 6 months. That has not happened since before 2020.
Housing Inventory and Month’s Supply of Inventory in Union County NJ
Mortgage Rates rose dramatically
After years of mortgage rates falling and ultimately hitting record lows in 2021, rates climbed dramatically in 2022. Driven by high inflation, rates jumped from 3.22% at the beginning of the year to a record high of 7.08% in November. Fortunately, they dropped a bit at the end of the year to an average of 6.33% in December. In spite of this increase, rates are still well below the all-time high of 18.6% in 1981. They are also below the average of 7.76 since Freddie Mac starting track in the 1970s. Although rising mortgage rates often deter buyers, many financial experts agree that home ownership can be a very lucrative long-term investment even with higher rates. There are also many different financing options available to buyers to keep payments affordable.
Real Estate Market Predictions for 2023
The 2023 Real Estate Market predictions vary wildly. Some experts predict a substantial downturn while others see a flattening or even continued growth. The reality is that no one can time the market. History proves the best time to buy a home or sell a home is when the need or desire is there. Upgrading in a market that has seen a substantial rise means you’re going to get more for the property you’re selling as well. Buyers and sellers should pay less attention to the national headlines and partner with a local Real Estate professional that is familiar with the intricacies of their specific market. I will be keeping a very close eye on the market and continue to report out on trends I am seeing. Subscribe to my blog receive updates as soon as they are posted.
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.
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
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.
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