If you own a home in Scotch Plains, or if you want to own a home in Scotch Plains, this is the place to find out what you need to know this winter.
Inventory: There are currently 145 single family homes offered for sale in Scotch Plains compared to a 12 month average of 153 homes. Fewer homes are typically listed in the winter months and this is not unusually low for November. Twenty two homes were sold in November at an average sale price of $488,091.
The graph for real estate inventory and sold homes in Scotch Plains shows seasonal trends of high inventory and sales in the summer months and low inventory and sales in the winter months. The red line in this graph is the sold listings. The straight red line shows the trends in sales going back to January of 2012 and eliminates seasonal variability. It shows a definite upward trend and about 50% more homes are sold each month now compared to 4 years ago.
The blue line on this graph shows active listings and the straight blue line shows the trend of inventory eliminating the seasonal variability. It shows a gradual decrease in inventory now compared to 4 years ago. Lower inventory coupled with increasing sales typically results in an improved home value and return on investment for home buyers in Scotch Plains.
Prices: The average sale price in November of 2016 in Scotch Plains was $488,091, about 4.7% lower than the 12 month average of $512,427. Even eliminating the seasonal peaks and valleys, home prices in Scotch Plains show tremendous variability. The trend line in the graph shows a more complete picture. It indicates a 10% increase in prices overall in Scotch Plains since January of 2012.
Days on Market: How long it takes to sell a Scotch Plains home is affected by three factors – price, condition, and marketing. Homes that are priced at market value sell faster than homes that are overpriced. Homes in better condition will sell faster than homes in poor condition. And homes that are marketed well will sell faster than homes that are not marketed well.
In November of 2016, the average sold home was sold after 40 days – faster than most of Union County and much faster than the 12 month average of 57 days. Most importantly, homes in Scotch Plains are selling significantly faster now than they were 4 years ago as indicated on the straight pink trend line in the graph.
If we can help you with your Scotch Plains home sale or purchase, please call us at 908-917-4189 or 201-674-3840. We represent Hallmark realtors where our mission is to provide excellent customer service so that our clients become clients for life.