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:

• 14 homes were sold in Scotch Plains in January – compare to 20 in January, 2017.
• 121 homes were offered for sale in Scotch Plains in January – compared to 136 in January of 2018.
• As inventory shrinks, demand for homes usually increases. This can help to raise prices and/or shorten the length of time homes are on the market.

Prices:

• Average sale price in Scotch Plains in January was $494,143- compare to the the average sale price in January of 2017 which was $486,936.
• Average list price in Scotch Plains in January was $664,941 – compare to the 12 month average of $685,779.
• Consumer confidence helps increase prices. Scotch Plains home prices vary seasonally and are currently at the lowest price seen in 12 months. One reason is low prices typically seen in Union County in the winter. Another explanation for the lower than expected sale price may be an increase in the condo market in Scotch Plains. Condos are included in the single family home statistics even though their average sale price is typically lower than that of a stand alone home.

Days on Market:

• In January, the average sold home in Scotch Plains was on the market for 41 days – compared to the 12 month average of 58 days.
• 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.

What this means for buyers:

• Be educated. Learn what kind of home you want. Decide with your family members what you need in a home and what you want in a home.
• Be informed. Spend some time getting to know the inventory. Learn what homes look like in your price range. Learn what home features you can afford.
• Be ready. Have your pre-approval ready so that you can act quickly when you find your perfect home.

What this means for sellers:

• If you’re on the fence about selling your home, this may be the perfect opportunity to get the most money in the shortest amount of time.
• Even in a shrinking inventory situation, you’re still competing with other homes on the market. View the other homes that are offered for sale and make sure your home is the best one in its price range.
• Make your home available for potential buyers.

For a video summary, 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 click here or call us at 908-917-4189.