scotch plains real estate market report - july 2014

How’s the Real Estate Market in Scotch Plains?

July, 2014

If you're planning on buying or selling a home

in Scotch Plains, the first step is to learn about the

Scotch Plains real estate market conditions.

Inventory

There are currently 142 homes offered for sale in Scotch Plains and they range in price from $180,000 to $2,750,000.

Jan-12

Feb-12

Mar-12

Apr-12

May-

12

Jun-12

Jul-

12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-

13

Jun-13

Jul-

13

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-

14

Jun-14

Jul-

14

Active Listings

178

186

198

191

197

188

174

170

152

145

120

101

105

125

154

162

173

162

152

143

136

139

119

95 108

109

117

146

165

173

179

Sold Listings

9 10 20 24 24 35 28 22 18 24 20 14 17 12 8 18 19 31 31 33 23 28 9 24 16 4 16 12 22 33 28

25

75

125

175

225

Active and Sold Listings - Scotch Plains, NJ

Hom

es

Jan-12

Feb-12

Mar-12

Apr-12

May-

12

Jun-12

Jul-

12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-

13

Jun-13

Jul-

13

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-

14

Jun-14

Jul-

14

Active Listings

178

186

198

191

197

188

174

170

152

145

120

101

105

125

154

162

173

162

152

143

136

139

119

95 108

109

117

146

165

173

179

Sold Listings

9 10 20 24 24 35 28 22 18 24 20 14 17 12 8 18 19 31 31 33 23 28 9 24 16 4 16 12 22 33 28

25

75

125

175

225


Hom

es

Inventory

12 month avg= 139July 2014 = 179July 2013 = 152July 2012 = 174

July ‘12July ‘13

July ‘14

12 month avg

Jan-12

Feb-12

Mar-12

Apr-12

May-

12

Jun-12

Jul-

12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-

13

Jun-13

Jul-

13

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-

14

Jun-14

Jul-

14

Active Listings

178

186

198

191

197

188

174

170

152

145

120

101

105

125

154

162

173

162

152

143

136

139

119

95 108

109

117

146

165

173

179

Sold Listings

9 10 20 24 24 35 28 22 18 24 20 14 17 12 8 18 19 31 31 33 23 28 9 24 16 4 16 12 22 33 28

25

75

125

175

225


Hom

es

Inventory

12 month avg= 139July 2014 = 179July 2013 = 152July 2012 = 174


July ‘14

12 month avgMinor increase in inventory this year over last. Typically results in a decrease in prices.

Prices

The average selling price of a home in Scotch Plains in July was $572,282.

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12Jul-1

2

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12Jan

-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13Jul-1

3

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13Jan

-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14Jul-1

40

100000

200000

300000

400000

500000

600000

700000

Average Sale Price and List Price - Scotch Plains, NJ

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12Jul-1

2

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12Jan

-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13Jul-1

3

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13Jan

-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14Jul-1

40

100000

200000

300000

400000

500000

600000

700000


Prices

12 month avg = $490,866July 2014 = $ 572,282July 2013 = $574,837July 2012 = $546,002


July ‘14

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12Jul-1

2

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12Jan

-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13Jul-1

3

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13Jan

-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14Jul-1

40

100000

200000

300000

400000

500000

600000

700000


Prices

12 month avg = $490,866July 2014 = $ 572,282July 2013 = $574,837July 2012 = $546,002


July ‘14

Prices have fluctuated very little in the past two years.

Days on Market

The average sold home in Scotch Plains in July was sold after 43 days.

Jan

-12

Mar-12

May-12

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

0

20

40

60

80

100

120

140

160

Average Days on Market - Scotch Plains

Jan-12

Mar-12

May-12

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

0

20

40

60

80

100

120

140

160


Days on Market

12 month avg = 61July 2014 = 43July 2013 = 64July 2012 = 51 July ‘12

July ‘13

July ‘14

Jan-12

Mar-12

May-12

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

0

20

40

60

80

100

120

140

160


Days on Market

12 month avg = 61July 2014 = 43July 2013 = 64July 2012 = 51 July ‘12

July ‘13

July ‘14Homes typically sell faster in the summer, and sales this summer have been exceptionally fast.

What does this mean to you?Prices and inventory are relatively stable, but

sales are increasing.If you’re planning to BUY a home, this might be

a great time to get a deal! If you’re planning to SELL a home, you need to

make sure your home is in top showing condition and that it’s priced right so that it stands up to the competition!