Prices up in Scotch Plains - August 2016

By
Real Estate Agent with Remax First Realty II 0790808

Scotch Plains is currently experiencing a very strong real estate market. Here's what you need to know for August, 2016.

Inventory: There are currently 170 single family homes offered for sale in Scotch Plains. In the graph below, you can see that summer inventory is often high and this summer is no exception. In the graph below, the blue line represents the inventory over the past 4 years and it's plain to see that summer inventories are typically high and winter inventories are typically low. Faster home sales this summer will reduce the inventory in the next few months.

There were 34 homes sold in Scotch Plains in July. The red line in the graph below represents the number of homes sold. The straight red line shows the trend in sales over the past 4 years and there is a very noticeable trend toward an increase in sales. The law of supply and demand predicts that increasing sales will cause prices to increase and Scotch Plains has indeed seen an increase in prices. 

scotchplainsINVjuly2016.jpg

Prices: The average home that sold in Scotch Plains in July was sold for $555,804. The graph below shows the sale prices in Scotch Plains for the last several years and the straight line in the graph shows the trend line. There is a very strong trend toward increasing prices which gives us every reason to believe that investment in a Scotch Plains home will continue to bring a great return on investment.

scotchplainsPRICEjuly2016.jpg

Days on Market: Homeowners who want their home to sell quickly will work with their Realtor to ensure that their home is marketed aggressively, is in pristine condition, and is priced appropriately. There is a very high demand for homes in Scotch Plains this summer and homes are selling quickly. The average home in Scotch Plains that sold in July was sold after 40 days on the market - the fastest times we've seen in years.

scotchplainsDOMjuly2016.jpg

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 (1)

Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

I love your info graphic and all of the helpful charts showing the real estate market in your area.

Aug 01, 2016 02:40 AM