Monthly Residential Property Market Analysis For Scotch Plains, New Jersey- July 2008

By
Real Estate Agent with ERA Queen City Realty

The July 2007 average volume of residential listings was 238 with an average price of $666,834 . The July 2008 volume was 203 with an average price of $696,472. The Change in volume was a 1% decrease.

Equally interesting was the similarities in the new listings activity. July 2007 saw 40 listings averaging $554,493 and July 2008 had 40 new listings averaging $539,016.

Now we come to the numbers reflecting the sales activity. July 2007 had 24 properties go under contract averaging $533,725 versus July 2008 with 15 properties averaging $564,053.

Finally, the month of July 2007 closed out with 26 homes sold averaging $598,659, while July 2008 saw 24 homes sold averaging $600,042.

In summary, the market remains robust for listings. Sales on the other hand are down, while prices are up slightly.

 

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