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Cranford Real Estate Market Update - July 2014
The document summarizes the real estate market conditions in Cranford, NJ in July 2014. It finds that inventory of homes for sale has decreased from the previous year, while average home sale prices and the speed of home sales have increased. Specifically, the average home sale price in July 2014 was $461,294, up from $440,001 the prior year, and homes sold on average within 36 days, faster than the 49 day average. This market environment favors buyers due to low inventory and sellers due to high prices and quick sales.
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Cranford Real Estate Market Update - July 2014
- 1. How’s the RealEstate Market in Cranford? July, 2014
- 2. If you're planningon buying or selling a home in Cranford, the first step is to learn about the Cranford real estate market conditions.
- 3. Inventory There are currently 70homes offered for sale in Cranford and they range in price from $180,000 to $1,350,000. 0 20 40 60 80 100 120 140 HomesforSale Active and Sold Listings - Cranford, NJ
- 4. 0 20 40 60 80 100 120 140 HomesforSale Active and SoldListings - Cranford, NJ Inventory 12 month avg= 94 July 2014 = 101 July 2013 = 123 July 2012 = 89 July ‘12 July ‘13 July ‘14 12 month avg
- 5. 0 20 40 60 80 100 120 140 HomesforSale Active and SoldListings - Cranford, NJ Inventory 12 month avg= 94 July 2014 = 101 July 2013 = 123 July 2012 = 89 July ‘12 July ‘13 July ‘14 12 month avg * A decrease in supply often results in an increase in prices.
- 6. Prices The average selling price ofa home in Cranford in July was $461,294. 0 100000 200000 300000 400000 500000 600000 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Price Average Sales Price Vs. Average List Price - Cranford
- 7. 0 100000 200000 300000 400000 500000 600000 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Price Average Sales PriceVs. Average List Price - Cranford Prices 12 month avg = $417,605 July 2014 = $ 461,294 July 2013 = $440,001 July 2012 = $378,965 July ‘12 July ‘13 July ‘14
- 8. 0 100000 200000 300000 400000 500000 600000 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Price Average Sales PriceVs. Average List Price - Cranford Prices 12 month avg = $417,605 July 2014 = $ 461,294 July 2013 = $440,001 July 2012 = $378,965 July ‘12 July ‘13 July ‘14 * Definite upward trend in average sale price.
- 9. Days on Market Theaverage sold home in Cranford in July was sold after 36 days. 0 20 40 60 80 100 120 140 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Average Days on Market - Cranford, NJ
- 10. 0 20 40 60 80 100 120 140 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Average Days onMarket - Cranford, NJ Days on Market 12 month avg = 49 July 2014 = 36 July 2013 = 46 July 2012 = 41 July ‘12 July ‘13 July ‘14
- 11. 0 20 40 60 80 100 120 140 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Average Days onMarket - Cranford, NJ Days on Market 12 month avg = 49 July 2014 = 36 July 2013 = 46 July 2012 = 41 July ‘12 July ‘13 July ‘14 * Buyers are buying fast in Cranford!
- 12. What does thismean to you? Prices are up, inventory is down, and homes are selling quickly! If you’re planning to BUY a home, this might be a great time to get a deal! If you’re planning to SELL a home, you need to make sure your home is in top showing condition and that it’s priced right so that it stands up to the competition!