Homeowners and home buyers in Cranford are smart to learn about the real estate market to help make an informed decision about when to buy and sell a home in Cranford.
Here’s what’s been happening lately.
- 29 homes were sold in Cranford in May – compare to 14 in May, 2016.
- 88 homes were offered for sale in Cranford in May – compared to 96 in May of 2016
- As inventory shrinks, demand for homes usually increases. This can help to raise prices and/or shorten the length of time homes are on the market.
- Average sale price in Cranford in May was $502,552 – compare to the 12 month average of $457,935.
- Average list price in Cranford in May was $539,420 – compare to the 12 month average of $510,852.
- Consumer confidence helps increase prices. Cranford remains one of the hottest communities in Union County.
Days on Market:
- In May, the average sold home in Cranford was on the market for 33 days – compared to the 12 month average of 44 days.
- Shortened Days on Market is typical in the spring.
- A significant improvement in Days on Market is due to a shrinking inventory.
What this means for buyers:
- Be educated. Learn what kind of home you want. Decide with your family members what you need in a home and what you want in a home.
- Be informed. Spend some time getting to know the inventory. Learn what homes look like in your price range. Learn what home features you can afford.
- Be ready. Have your pre-approval ready so that you can act quickly when you find your perfect home.
What this means for sellers:
- If you’re on the fence about selling your home, this may be the perfect opportunity to get the most money in the shortest amount of time.
- Even in a shrinking inventory situation, you’re still competing with other homes on the market. View the other homes that are offered for sale and make sure your home is the best one in its price range.
- Make your home available for potential buyers.