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:

• 26 homes were sold in Scotch Plains in September – 30% fewer than were sold in August. Buyers  still find Scotch Plains real estate very attractive, but a less active market is a good indicator that the fall has arrived. With schools in session, fewer families are thinking of buying or selling a home, and this lull in the real estate market typically lasts for a few months, until early spring.
• Inventory is up to 160 currently listed homes compared to a 12 month average of 150 homes. As buyers slow down, houses are lasting on the market longer.   You can see from the overall trend line in the graph below that inventory trends downward over the past 6 years, but this currently bump in inventory is more evidence that the fall market is slowing down.
• As inventory grows, demand for homes usually drops. This can help to lower prices and/or lengthen how long it takes to sell a home.

 

Prices:

• The average sale price in Scotch Plains in September was $539,492 – compare to the the 12 month average sale price of $571,707. Decreasing sale prices is more evidence of a softening market.
• The average list price in Scotch Plains in September was $698,959 – home sellers who want to compete in the fall real estate market in Scotch Plains 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 6 years. This current dip isn’t likely to be permanent and is predicted to improve before early spring.

Days on Market:

• In September, the average sold home in Scotch Plains was on the market for 50 days – compared to 37 days in August and the 12 month average of 48 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 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.

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.
• Work with a professional you trust who can help you navigate the muddy waters of bidding wars.

What this means for sellers:

• In a growing inventory situation, you’re competing with other homes on the market more than ever. 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.
• Work with your real estate professional to make sure that your home is priced right and marketed strongly!

 

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.