Property Prices Fall in Cranbury

Correction: The median price for a property sold in Cranbury in 2013 is $375,000.

The number of properties that were sold in Cranbury during the first quarter of 2013 dropped from the same time last year, as prices continue to plummet, according to Prudential Fox & Roach, Realtors HomExpert Market Report.

According to the report, five properties were sold during the first quarter of 2013, compared with 6 last year. The median price of those properties dropped 43.82 percent, from $667,500 in 2012 to $375,000 in 2013. In addition, those homes were on the market for 96 days in 2013, compared with 127 last year, a drop of 24.5 percent.

Throughout Middlesex County, the number of homes sold during the first quarter of 2013 rose 1.1 percent, from 928 in 2012 to 938 this year. The median price for those homes rose 5.8 percent, from $240,000 in 2012 to $254,000 in 2013. Those homes spent 110 days on the market this year, compared with 108 days last year.

Here are some other findings in the report. To find the report online, click HERE.

• Atlantic County median home prices decreased 14.6 percent to $175,000 in the first quarter of 2013, compared to the median sale price in the first quarter of 2012, which stood at $205,000. In the first quarter of 2013, Atlantic County saw 205 homes sold, a 14.6 percent decrease from the 240 homes sold in the first quarter of 2012. The average number of days a home remained on the market decreased to 141 days in the first quarter of 2013 from 145 days in the first quarter of 2012.

Findings are compiled using the company’s exclusive HomExpert Data, which analyzes TREND Multiple Listing Service (MLS) data and provides the timeliest information available in the industry. The HomExpert Market Report offers analysis of real estate activity regionally, by county, MLS area or zip code across the Prudential Fox & Roach service area.