Scotch Plains Real Estate Market Report - August 2019

By
Real Estate Agent with Samsel & Associates 0790808

Homeowners and home buyers in Scotch Plains  are smart to learn about the real estate market to help make an informed decision about when to buy and sell a home in Scotch Plains .

Here’s what’s been happening lately.

Inventory:

  • 23 homes were sold in Scotch Plains in July - compared to the 12 month average of 28.6 homes per month.
  • Inventory is up to 151 currently listed homes compared to a 12 month average of 151.3 homes.

 

  Homes offered for sale Sold homes
July 2019 151 23
July 2018 178 45
12 month average 151.3 28.6

Click here to view currently listed homes in Scotch Plains.

  • As inventory grows, demand for homes usually drops. This can help to lower prices and/or lengthen how long it takes to sell a home.

 

 

Prices:

  • The average sale price in Scotch Plains in July was $592,665 - compared to the the 12 month average sale price of $561,151. Increasing sale prices is common in the summer and homeowners are experiencing a comfortable return on investment.
  • The average list price in Scotch Plains in July was $637,705 - home sellers who want to compete in the end of summer real estate market in Scotch Plains are going to have to rethink their pricing strategy.

 

  Average List Price Average Sale Price
July 2019 $637,705 $592,665
July 2018 $682,999 $541,748
12 month average $621,827 $561,151
  • Scotch Plains home prices vary seasonally and the trend line indicates steady growth over the past 7 years with every indication that prices will continue to rise.

Average Sale and List Price for homes sold in Scotch Plains aug 2019

Days on Market:

  • In July , the average sold home in Scotch Plains was on the market for 47 days - compared to 44 days in June  and compared to 32 days in July of 2018.

 

  Days on Market
July 2019 47
July 2018 32
12 month average 44.8
  • The speed of a home sale is dependent on home condition, pricing, and marketing. Homes typically sell slower in the winter than the rest of the year as is evident in this six year graph below. The trend line, however, shows that the time it takes to sell a home continues to get shorter overall.

Days on Market for homes sold in Scotch Plains aug 2091

To read how this affects buyers and sellers, please click here. 

To read more about the real estate market in Scotch Plains, please read our earlier market reports here.  For more information on how Team Zuhl can help you, please call us at 908-917-4189.

 

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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. 

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Rainmaker
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Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Looks like some of the numbers are down but the average price is up so that is a good thing!

Aug 26, 2019 07:15 AM #1
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Rainmaker
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Wayne and Jean Marie Zuhl

The Last Names You'll Ever Need in Real Estate
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