Scotch Plains Real Estate Market Report - July 2016

By
Real Estate Agent with Remax First Realty II 0790808

Before you buy or sell a home in Scotch Plains, it's important to understand how the real estate market conditions affect prices. Here's what you need to know this month.

 

Inventory: Typically, increasing inventory in a housing market causes prices to decrease due to the law of supply and demand. Currently, there are 104 homes offered for sale in Scotch Plains compared to a 12 month average of 74 homes. Summer typically has a higher inventory but this is the highest inventory Scotch Plains has seen since 2012.

This graph shows the current inventory in red and this month's unusually high inventory is obvious. The seasonal peaks and valleys are not a concern - inventory is typically lower in the winter and higher in the summer. The blue line on this graph shows the number of sales per month. There were 16 homes sold in June compared to a 12 month average of 13 per month.Continued very strong sales will help balance out the high inventory moving forward.

Despite this, the number of homes offered in Scotch Plains continues to decrease overall. The straight red line in this graph is the trend line and it shows a strong improvement in the inventory over the past 4 years. The straight blue line is the trend line for the number of homes sold and it also shows a strong improvement.

Prices:

The average home sold in Scotch Plains in June was sold for $473,244. Of course, many factors go into the pricing of a home including condition. Homes in better condition will be sold at a higher price than those that need updating or maintenance. The average sale price in June was 11% higher than the 12 month average sale price.

The trend line is the straight black line on the graph and it shows a strong increase in prices over the past 4 1/2 years. Home ownership in Scotch Plains continues to be a strong investment.

Days on Market: Many factors determine how long a home will take to sell. Homes in better condition will sell faster. Homes that are marketed strongly will sell faster than homes that are not marketed strongly. The average home that was sold in Scotch Plains in June was sold after 50 days on the market. This graph shows the average days on market for the past 4 1/2 years. Not only does it show an improvement overall, it also shows a decrease in the variability of the days on the market which is an indicator of a more stable market.

If you’re planning on selling your Scotch Plains home, call Team Zuhl today for a free comparative market analysis of your home. If you’re thinking of buying a home in Scotch Plains, call us today!

For more information on Scotch Plains Real Estate:

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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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. 

Comments (4)

Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

It looks like a healthy market to me. Rates are low

Jul 14, 2016 10:45 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families moving to the area will appreciate your local market reports.

Jul 14, 2016 11:47 PM
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Thanks for the update Wayne and Jean Marie Zuhl - I have family through out NJ and always interested in how the markets run.

Jul 15, 2016 12:54 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I recentlywas back to New Jersey and saw a lot of nice prospects there and I'm hoping for good things for the entire area!

Jul 16, 2016 04:43 PM