Scotch Plains NJ Real Estate Market Update - November 2008

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Here are the raw numbers for Scotch Plains, NJ Real Estate for the Month Ending October 31, 2008.

Average Sales Price: $506,551

Average Days on Market: 75

Average List to Sale Price Ratio: 94.8%

Closed Transactions: 12

The sales activity declined sharply from prior months, as the financial news in September caused buyer activity to also decline sharply due to uncertainty, and a further tightening of the credit market. There were still a good number of closings for the fall, but I anticipate this 4th quarter total to be much less than a year ago. Check back for year over year comparisons, as well as quarterly comparisons, so we can see where we are in the market trends.

Buyers: Opportunities to buy into this great town of Scotch Plainsare many. But you have to act quickly on the well priced homes, as motivated sellers are already building in the market correction to their list prices!!! Although prices may still trend downward for the near future, if you find the home you love, this is a GREAT time to buy it at a discounted price. By buying now, and staying in the home for the long term, you will still likely see good appreciation as we look beyond the 4-5 year horizon.

Sellers: Get good, honest pricing advice from your Realtor, and let us guide you to position your home properly in the marketplace to ensure that our marketing does what it's designed to do. You CAN still sell for a fair price..Just not the 2005 price!! Prices are still trending downward, so get ahead of the market.

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