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Shift in Scotch Plains Real Estate Market
Scotch Plains, NJ, is a lovely town located in southwestern Union County and is home to approximately 23,500 people.
Scotch Plains has seen a very robust summer real estate market with nearly 100 homes sold this summer. The market has slowed down a bit in September with only 15 homes sold, however.
Active listings in Scotch Plains have dropped a bit, resulting in a lowering of the absorption rate.
A comparison between the sold listings and the active listings can be used to calculate the absorption rate. The absorption rate is the data upon which real estate professionals identify a market as a "buyer's market" or a "seller's market." If the absorption rate is above 6 months, there are more homes than there are buyers and the market is said to be a buyer's market. If the absorption rate is below 6 months, there are more buyers than there are homes and the market is said to be a seller's market.
The absorption rate in Scotch Plains has dropped from 8.41 in April to 6.34 in September. Corresponding to this is a shift from a strong buyer's market to ... more
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