Cranford is a beautiful town located in central Union County. About 23,000 people call Cranford home and New Jersey Monthly magazine ranked Cranford as its 34th best place to live in its 2010 rankings.
Before you buy or sell a home, it’s critical to understand local market conditions. Here’s what you need to know for August, 2014.
Inventory: There are 97 homes offered for sale in Cranford, ranging in price from $169,000 to $1,350,000. Inventory is dropping – down from 102 in July and a summer high of 119 in June. There were 29 homes sold in Cranford in August, the highest month of the summer.
Prices: The median sold price of a home in Cranford in August was $439,000, up from July’s $420,500 and up from the 12 month average of $411,039. The median list price of a home in Cranford in August was $449,000, up from July’s $427,450 and up from the 12 month average of $425,517.
Days on Market: Homes in Cranford continue to sell quickly. The average home that sold in Cranford in August was sold after only 36 days on the market.
What does this mean to you? The summer market appears to be coming to an end. The homes that were in market-ready condition and that were priced to sell were sold over the summer, but the summer has ended strongly. Even though inventory is dropping, there are still some beauties left so buyers arriving late to the market still have some opportunities. Sellers who want to sell their homes this winter will have to have a strong marketing campaign, great pricing, and be market ready in order to appeal to the decreased number of buyers in the market right now.
Today, nearly 15,000 people call this suburban township home. Public school children in Clark are served by Frank K. Hehnly Elementary School, Valley Road Elementary School, Carl H. Kumpf Middle School, and Arthur L. Johnson High School.
Inventory: There are currently 83 homes offered for sale this month in Clark. Prices range from $179,000 to $1,050,000. Inventory is up this month which is normal for the end of the summer. There were 18 homes sold in August – slightly slower than earlier in the summer.
Prices: The median sale price in Clark in August was $359,500, down from July’s median of $393,950, and slightly below the 12 month median of $368,407. List prices continue to rise. August’s median list price was $425,000, up from July’s median of $399,333 and above the 12 month average of $420,807.
Time on Market: The average sold home in Clark in August was sold after 54 days on the market – slower than July’s DOM of 40 days and just under the 12 month average of 55 days.