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 a more normal market.
Sales price of homes in Scotch Plains can be expected to remain steady. Lowered inventory will increase demand and may actually increase prices.
For more information on the Real Estate Market in Scotch Plains: