The borough of Fanwood, NJ is home to just under 7500 people. Students in Fanwood are served by the Scotch Plains-Fanwood Regional School District. The Fanwood station is a New Jersey Transit railroad station on the Raritan Valley Line, making Fanwood a convenient home for commuters to NYC.
Inventory is down in Fanwood. There are currently 17 single family homes offered for sale in Fanwood, ranging in price from $199,000 to $770,000. Eight homes have sold so far in January, compared to the total of 5 homes sold during the entire month of December. While inventory has shrunk (25 active listings a month ago, 32 listings a year ago), sales have been brisk. Eight homes have sold so far in January, compared to the total of 5 homes sold during the entire month of December.
As you might anticipate, the average days on market of homes sold in Fanwood is very low. The county average days on market in 2013 was 74 days. The 2013 average for Fanwood was only 56 days and the December average was 46 days.
With homes selling this quickly in Fanwood, how are prices affected? The average sale price in Fanwood in December was $415,600. The average sale price in December of 2012was $405,000 and the average in all of 2013 was $427,709. This is about average for Union County.
What does this mean to the home buyer or seller in Fanwood? Call Team Zuhl today!
For more information on selling a home:
For more information on Fanwood Real Estate:
Summer is half over.
While you’re enjoying the sun and sand and warm nights, don’t forget that students have summer reading to do. Here’s a roundup of all the summer reading for Union County students:
Real Estate Professionals judge the strength of a real estate market based upon the Months of Supply in the area. This number tells you how many months it would take for all the current homes for sale on the market to sell, based upon the rate of sales in the past.
A Months of Supply of 5 months is considered average – buyers and sellers are about equal in the area and homes are being bought at about the same rate that they are being put on the market.
A Months of Supply of less than 5 months is what real estate professionals often call a “seller’s market.” This means that there are more buyers than sellers in the area and homes are selling quicker than they are being put on the market. Typically, this increases prices.
A Months of Supply of greater than 5 months is what real estate professionals call a “buyer’s market.” This means that there are more sellers than buyers in the area and homes are sitting unsold for a while. Typically, this decreases prices.
How is your town doing? Here’s the latest data:
What does all this mean to you as a buyer or a seller?
The only town where there is a true seller’s market is Fanwood. There are more buyers looking to buy homes in Fanwood than there are homes for sale. Buyers are experiencing competition.
Mountainside is nearly a normal market with only slightly more sellers than buyers.
Garwood and Westfield had seller’s markets earlier in the year, but increased inventory without a corresponding increase in buyers has resulted in a buyer’s market.
The other towns in Union County are all experiencing strong buyer’s market. Homes there are priced low and sellers are experiencing competition.
For more information on how this affects you, contact us for a complimentary consultation.
Fanwood Recreation Commission invites all residents to welcome Santa Claus to
Fanwood on December 2 at the North Avenue train station. Kids will be able to take a free photo with Santa beginning at 3 pm and holiday music, crafts, refreshments and contests will be provided. Fanwood Mayor Colleen Mahr will light the Fanwood Christmas tree at 5 pm.
The Fanwood Fire Department, Rescue Squad, and PBA Local 123 will sponsor Santa’s door to door gift delivery. Santa will deliver gifts to Fanwood homes on December 15th starting at 11 am. You can drop off a gift starting on December 2nd and you can find the rules and schedule here
Welcome to December! Things are bustling in Union County this month with so much to do!
Here’s a run down of exciting events you don’t want to miss:
Going on now until December 8th - Scotch Plains and Fanwood business are participating in a “Shop & Dine” event which was organized by Amy Boroff of Fanwood
who created a Facebook group titled “Scotch Plains – Fanwood Shop & Dine.” She is joined by the Scotch Plains-Fanwood BPA in sponsoring the event. Click here for more information.
December 1 and 2 – The Nutcracker Suite at Union County PAC in Rahway. For more information, click here.
December 2nd - The African Children’s Choir will perform their holiday show will perform at Enlow Hall at Kean University,1000 Morris Avenue in Union. For more information, click here.
December 8 - The Orchestra of St. Peter by the Sea perform holiday classics at Union County PAC in Rahway. You can find more information here. December 7 – A Rockin’ Holiday Celebration starring Lightning Lou Christie and Jimmy Beaumont & The Skyliners will perform at Union County PAC in Rahway. Click here for ticketing information and times.
December 9 - The Greater Newark Youth Orchestras’ 23rd Annual Winter Concert at Union County PAC in Rahway. For more information, click here.
December 13 - Big Bad Voodoo Daddy’s Wild and Swingin’ Holiday Party will take place at Union County PAC in Rahway. Click here for ticketing information and times.
December 15 and 16 – The Nutcracker Ballet at Kean University,1000 Morris Avenue in Union. More information can be found by clicking here.
December 16 – Holiday Brass, a quartet of brass and percussion, will perform holiday favorites at Enlow Hall at Kean University,1000 Morris Avenue in Union. Please click here for more information.
Happy Holidays, Union County!