Cranford NJ Home Sales – October 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Number of Listings on Market = 127
• Average List Price For Active Listings     =     $437,242
• Number of New Listings Entering Market     =     29
• Number of Listings Placed Under Contract     =     18
• Absorption Rate =     6.06  Months
• Number of Sales Closed During Month     = 14
  • Average Original List Price     =     $516,479
  • Average Sale Price     =     $481,893
  • Average OLP/SP Ratio =     93.30%
  • Average Days on Market     =     52
    

The Following Is The List of Sold Homes Sorted by Closing Date

For additional information on these or any other homes sold in Cranford, contact Hal Benz -Cranford NJ’s Home Sale & Short Sale Specialist. 908-216-4836

Cranford Home Sales - September 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Number of Listings on Market = 121
  
• Average List Price For Active Listings     =     $458,827
• Number of New Listings Entering Market     =     33
  
• Number of Listings Placed Under Contract     =     11
  
• Absorption Rate =     10.0  Months
• Number of Sales Closed During Month     = 9
  • Average Original List Price     =     $442,833
  • Average Sale Price     =     $418,611
  • Average OLP/SP Ratio =     94.53%
  • Average Days on Market     =     82
    

The Following Is The List of Sold Homes Sorted by Closing Date

For additional information on these or any other homes sold in Cranford, contact Hal Benz -Cranford NJ’s Home Sale & Short Sale Specialist. 908-216-4836

Cranford NJ Home Sales - August 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Number of Listings on Market = 112
• Average List Price For Active Listings     =     $454,294
• Number of New Listings Entering Market     =     24
• Number of Listings Placed Under Contract     =     14
• Absorption Rate =     7.0  Months
• Number of Sales Closed During Month     = 12
  • Average Original List Price     =     $556,900
  • Average Sale Price     =     $523,292
  • Average OLP/SP Ratio =     93.97%
  • Average Days on Market     =     72

The Following Is The List of Sold Homes Sorted by Closing Date

For additional information on these or any other homes sold in Cranford, contact Hal Benz -Cranford NJ’s Home Sale & Short Sale Specialist. 908-216-4836

Cranford NJ Home Sales - July 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Average List Price For Active Listings     =     $474,735
• Number of New Listings Entering Market     =     24
• Number of Listings Placed Under Contract     =     12
• Absorption Rate     =     8.25  Months
• Number of Sales Closed During Month     =     16
  • Average Original List Price     =     $516,994
  • Average Sale Price     =     $492,781
  • Average OLP/SP Ratio     =     95.32%
  • Average Days on Market     =     47

The Following Is The List of Sold Homes Sorted by Closing Date

For additional information on these or any other homes sold in Cranford, contact Hal Benz - Cranford NJ’s Home Sale & Short Sale Specialist. 908-216-4836

Cranford NJ Home Sales - June 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Average List Price For Active Listings     =     $494,853
• Number of New Listings Entering Market     =     23
• Number of Listings Placed Under Contract     =     16
• Absorption Rate     =       6.13 Months
• Number of Sales Closed During Month     =      29
  • Average Original List Price     =     $458,221
  • Average Sale Price     =     $435,421
  • Average OLP/SP Ratio     =     95.02%
  • Average Days on Market     =     40

The Following Is The List of Closed Home Sales Sorted by Closing Date

Cranford NJ Home Sales - May 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Average List Price For Active Listings     =     $489,823
• Number of New Listings Entering Market     =     29
• Number of Listings Placed Under Contract     =     15
• Absorption Rate     =     6.73  Months
• Number of Sales Closed During Month     =     12
  • Average Original List Price     =     $467,425
  • Average Sale Price     =     $444,242
  • Average OLP/SP Ratio     =     95.04%
  • Average Days on Market     =     70

The Following Is The List of Closed Home Sales Sorted by Closing Date

Cranford NJ Home Sales – April 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Average List Price For Active Listings     =     $485,881
• Number of New Listings Entering Market     =     43
• Number of Listings Placed Under Contract     =     30
• Absorption Rate     =     3.2 Months
• Number of Sales Closed During Month     =    16
  • Average Original List Price     =     $392,981
  • Average Sale Price     =     $371,750
  • Average OLP/SP Ratio     =     94.6%
  • Average Days on Market     =     44

The Following Is The List of Closed Home Sales Sorted by Closing Date

One of the things that makes “in town living” so much fun is the street fairs! Every year, our towns put on a variety of events that provide fun for the whole family. Today was Cranford’s turn!!

Cranford Street Fair and Craft Show, 2010

I had the pleasure of handing out balloons to kids of all ages at the Keller Williams booth located at North and Alden street. I got to greet friends and neighbors, and had a LOT of fun! (And a LOT of sun…OUCH!!)

The short video below provides a brief glimpse into the day’s festivities. If you didn’t make it this time, be sure to catch the next one. I’ll try to keep you posted on the dates!

Enjoy…

Click here to view the embedded video.

Cranford NJ Home Sales – March 2010

(The following data is provided by the Garden State Multiple Listing Service, LLC. It is deemed to be reliable, but is not guaranteed.)

• Average List Price For Active Listings     =     $488,587
• Number of New Listings Entering Market     =     47
• Number of Listings Placed Under Contract     =     22
• Absorption Rate     =     3.55 Months
• Number of Sales Closed During Month     =     18
  • Average Original List Price     =     $417,894
  • Average Sale Price     =     $390,056
  • Average OLP/SP Ratio     =     93.34%
  • Average Days on Market     =     77

The Following Is The List of Closed Home Sales Sorted by Closing Date

 If you have any question about this information, please feel free to contact me!

I was speaking to some Westfield neighbors the other day about the roller coaster ride we’ve experienced in our local housing market over the past 10 years.  We were all excited on the ride up as our home values climbed to unimaginable heights.  And, we all became a bit nauseous as they hurtled back down again.  You know what they say…”what goes up must come down”. I guess somewhere inside we all knew that this would be no exception.

But the question on everyone’s mind that day was simple: are we there yet? My answer was “I think we’re close. It all comes down to affordability.”

Housing Affordability Drives The Market

Affordability has always been the key driver in housing. When home prices go beyond what people can afford, they come back down. Simple, right?  But what people can afford is a complicated mix of: 1) how much money they have, 2) how much money they can borrow, and 3) how emotionally comfortable they are about going into debt.

The National Association of Realtors tracks what’s known as the Housing Affordability Index (HAI). The index measures whether or not a median income family could qualify for a mortgage loan on a median priced home. (The calculations assume a 20% down-payment, and a qualifying ratio of 25%. This means that the total principal + interest payment can not exceed 25% of the borrower’s monthly income.) An index value of 100 means that the median income family has exactly the income and resources needed to qualify for a mortgage on the median priced home. A higher score means that they have more than enough resources while a lower score shows not enough.

The most recent HAI shows a national index score of 177.8%. This is the highest it’s been in a while. However the lowest score was in the northeast which posted a modest 131.4%.  According to NJ market expert Jeffrey Otteau (President of the Otteau Valuation Group), NJ’s affordability index typically hovers somewhere between 120% – 140%. But at the end of 2009, NJ posted an affordability index level of only 109%. (I guess the good news is that this is UP from a mere 81% in 2006.)  OK…these numbers hurt my head. What does it all mean?

I think it means that housing affordability is coming back in NJ, but we’re not quite there yet. There will still be some towns where prices will continue to decline. Others will level off and hold their own throughout 2010. (Incidentally, I think Westfield and many of the surrounding towns fall into the later camp).

But our journey back into affordability is fragile. There are several key things that could significantly alter the affordability equation. These include:

1. Rising mortgage interest rates,
2. Tight(er) credit qualification standards,
3. Decreased consumer demand as tax incentive programs expire,
4. Increasing inventory levels (if more distressed properties come into the market, OR  sellers who gave up in recent years decide to come into the market now),
5. Consumer Anxiety (aka “I’m still worried about losing my JOB” anxiety).

The recently announced State budget cuts will also factor into the discussion, although it’s too soon to say exactly how. Will buyers continue to pay current market prices in a town that anticipates cutbacks in services or school programs?

So…are we there yet? I think we’re close, but affordability will remain an important issue in NJ for many years to come. Stay tuned…I’ll keep you posted.