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:

• 31 homes were sold in Scotch Plains in December – compared to the 12 month average of 27 homes per month. November was slow (only 22 homes) so it’s not surprising the December sales bounced back.
• Inventory is 92 currently listed homes compared to a 12 month average of 138 homes and to the 121 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.

In Scotch Plains, there are currently 5.32 months of inventory in a normal market. There are enough homes listed for sale to satisfy the current buyers in Scotch Plains. For a more detailed explanation of Months of Inventory, please visit Team Zuhl’s Scotch Plains Real Estate Information page here.

 

Prices:

• The average sale price in Scotch Plains in December was $544,772 – compared to the the 12 month average sale price of $547,694. After a brisk few months this summer, prices are dropping.
• The average list price in Scotch Plains in December was $644,967. 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.

• 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.

 

Days on Market:

• In December, the average sold home in Scotch Plains was on the market for 64 days – compared to 47 days in December of last year and to the 12 month average of 48 days. Sales are slowing down – not unusual in the winter.

• 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.

 

Please visit Team Zuhl’s Scotch Plains Real Estate Information page here to learn what this means for buyersand 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.