Unwrapping the Scotch Plains Real Estate Market - December 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:

  • 21 homes were sold in Scotch Plains in November - compared to the 12 month average of 26.8 homes per month.
  • Inventory is 117 currently listed homes compared to a 12 month average of 143 homes and to the 156 homes that were offered for sale at this time last year.

Click here to view currently listed homes in Scotch Plains.

  • As inventory decreases, demand for homes usually increases. This can help to raise prices and/or decrease how long it takes to sell a home.

Realtors use an analysis called Months of Inventory to evaluate the real estate market. The Months of Inventory is equal to how long it would take to sell the existing inventory if no new houses were put on the market.  When the Months of Inventory is below four months, realtors call it a seller's market because the supply is relatively low so sellers have a stronger position in negotiations between a buyer and a seller. When the Months of Inventory is above seven months, realtors call it a buyer's market because the supply is relatively high and buyers have a stronger position in negotiations. Months of Inventory between four and seven is considered a normal market with a good balance of buyers and sellers.

In Scotch Plains, there are currently 5.57 months of inventory in a normal market. There are enough homes listed for sale to satisfy the current buyers in Scotch Plains.

 

Prices:

  • The average sale price in Scotch Plains in November was $461,148 - compared to the the 12 month average sale price of $548,744. After a brisk few months this summer, prices are dropping.
  • The average list price in Scotch Plains in November was $647,066. While prices will likely rise again in the spring,  home sellers who want to sell their Scotch Plains homes this winter are going to have to rethink their pricing strategy.

 

Days on Market:

  • In November, the average sold home in Scotch Plains was on the market for 40 days - compared to 32 days in November of last year and to the 12 month average of 45.6 days. Sales remain brisk.
  • 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 time it takes to sell a home continues to get shorter overall.

 

Please click here to learn what this means for buyers and sellers.

 

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.

 

Posted by

 

 

 

~ 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.

 

facebook  Pinterest  LinkedIn  Read Our Blog!

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. 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
New Jersey Union County Scotch Plains
Groups:
New Jersey & Pennsylvania -- Realtors/Loan Officers/Title Clerks/Real Estate Lawyers
New Jersey Real Estate Experts
Tags:
scotch plains realtors
scotch plains real estate
buying a home in scotch plains
selling a home in scotch plains

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,759,962
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

such a nice presentation of the Scotch Plains real estate  market - thanks for sharing

Dec 30, 2019 09:46 AM #1
Rainmaker
2,050,005
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Wayne and Jean Marie Zuhl - as always your explainations are well done and easy to follow.

Dec 30, 2019 12:58 PM #2
Rainer
308,708
Nicholas Crane
Woodland Companies - Cadott, WI
Managing & Appraising Forest Land

Thanks for sharing the information on this community, I hope you sell many of these properties. 

Nick  🏡

 

Jan 03, 2020 04:06 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,354,149

Wayne and Jean Marie Zuhl

The Last Names You'll Ever Need in Real Estate
Want more information about Union County real estate?
*
*
*
*
Spam prevention

Additional Information