Here is the market snapshot for Scotch Plains NJ Real Estate for the month ending January 2008.
Number of Active Listings: 174 (down from 212 a year ago)
Number of New Listings: 40 (down from 62 a year ago)
Under Contract: 12 (down from 19 a year ago)
Closed Sales: 12 (down from 17 a year ago)
Average Sales Price: $400,000 (down from $405,000 in 2007
Average Days on Market: 100 up from 94 a year ago
What does this mean?? Well, unlike Cranford and Westfield , Scotch Plains really has an over supply of inventory. Around 12 months of inventory to be exact (12 closed sales and 12 pending, with over 174 listings)
This varies from price range to price range, and differs in various neighborhoods throughout the town, of course, but the overall picture would indicate that prices in Scotch Plains may continue to decline slightly over the next several months, until this inventory starts to sell. If you are planning on selling your home, pricing it correctly with a thorough market analysis is an absolute MUST.
Thanks for reading!!
Sean Carroll - Realtor, Team Leader
"Team Carroll" - Scotch Plains, Cranford, Westfield Specialist
RE/MAX Classic Group
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