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:

• 25 homes were sold in Scotch Plains in May – compare to 21 in May, 2016.
• 150 homes were offered for sale in Scotch Plains in May – compared to 165 in May of 2016
• 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 May was $527,560 – compare to the 12 month average of $535,014.
• Average list price in Scotch Plains in May was $681,110 – compare to the 12 month average of $676,066.
• Consumer confidence helps increase prices. Scotch Plains home prices have been increasing steadily for several years, although there has not been any significant growth this year.  One 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 May, the average sold home in Scotch Plains was on the market for 82 days – compared to the 12 month average of 54 days.
• Longer Days on Market is unusual in the spring.

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.

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.