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.
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.
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.
For more information on Scotch Plains Real Estate:
- Real Estate Market Report for Scotch Plains - July 2016
- Scotch Plains Real Estate Market Report - April 2016
- Scotch Plains Real Estate Market Report - March 2016
- Scotch Plains Real Estate News - November 2015
- Scotch Plains Real Estate - August 2015
- How Long Will My Scotch Plains homes be on the Market? July 2015
- Buying and Selling a Scotch Plains Home - July 2015
- The Scotch Plains Real Estate Market Report for First Quarter 2015
- Scotch Plains Market Report - November, 214
- Scotch Plains Real Estate Market Report - June 2014
- Scotch Plains Summer Real Estate - June 24, 2014
- Scotch Plains Real Estate Market Report (Infographic) - 5/24/14
- Scotch Plains Real Estate Market Report - 5/24/14
- Real Estate Market Report for Scotch Plains, NJ - 4/23/2014
- Scotch Plains Real News - 3/9/2014
- Homes are Selling Quickly in Scotch Plains! 1/18/2014
- Scotch Plains Real Estate Market Report - 12/14/13
- October in the Scotch Plain Real Estate Market - November, 2013
- The Scotch Plains Real Estate Market Report - October, 2013
- Scotch Plains Real Estate Market Report - August, 2013 - 08/06/13
- Sell My Scotch Plains Home in 7 Steps - 06/03/13
- Scotch Plains Real Estate Market Report for April, 2013 - 05/27/13
- Scotch Plains Real Estate Market Report for Jan.-March, 2013 - 04/08/13
- How long will my Union County home be on the market? - 02/24/13
- Buying and Selling a Home in Scotch Plains - 01/13/13
- Shift in Scotch Plains Real Estate Market - 10/26/12
- How does the number of baths/beds affect sale price in Scotch Plains? - 10/13/12
- Free Market Report of Scotch Plains! - 08/18/12
- Scotch Plains Market Report - 07/20/12
- Scotch Plains Market Trends - 03/11/12