Scotch Plains Market Update – November 2016

November 12, 2016

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If you’re thinking about buying or selling a home in Scotch Plains, the first step you should take is to educate yourself about how the real estate market is doing in Scotch Plains.

Here’s what you need to know for November, 2016.

Inventory: There are currently 118 single family homes offered for sale in Scotch Plains ranging in price from $179,900 to $2,524,900.   To search listings, please click here. Twenty-six homes were sold in October which is about 19% lower than the average over the last 12 months.

This past summer had an average inventory for Scotch Plains. However, the number of sold homes is on the rise, good news for Scotch Plains sellers!

Scotch Plains Inventory

Prices: In October 2016, the average sold home in Scotch Plains was sold for $483,517 which is about 9% below than the 12-month average. This graph shows the average sale price for the last 4 years. It shows some variability from one month to another with a  decrease over the last 2 months. The black straight line behind the graph is the trend line which factors in long-term trends in Scotch Plains real estate prices. The trend line shows a definite upward trend – in fact, the trend line is showing that, when all is considered, the average sale price 4 years ago was around $470,000 and now we’re looking at numbers closer to $520,000 which shows an increase of about 10%  return on investment over 4 years.

Scotch Plains Sales Price

Days on Market: The 3 factors that affect how long it will take to sell your home are price, condition, and marketing. In October of 2016, the average sold home was sold after 54 days – that’s a bit of a slowdown from the very rapid sales we saw this summer but not unusually slow for October.

Scotch Plains DOM

If we can help you with your Scotch Plains home sale or purchase, please call us at 908-917-4189. We proudly represent Hallmark realtors where our mission is to provide excellent customer service so that our clients become clients for life.

All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers’ clients. We cooperate with them fully.