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Scotch Plains Real Estate Market Report - July 2014

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Buyers and sellers in Scotch Plains, NJ, need to understand the local market before they make any moves. This slide show will explain the current market, compare it to past years, and make recommendations for home buyers and home sellers

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Scotch Plains Real Estate Market Report - July 2014

  1. 1. How’s the Real Estate Market in Scotch Plains? July, 2014
  2. 2. 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.
  3. 3. Inventory There are currently 142 homes offered for sale in Scotch Plains and they range in price from $180,000 to $2,750,000. Ja n- 12 Fe b- 12 M ar- 12 Ap r- 12 M ay- 12 Ju n- 12 Jul - 12 Au g- 12 Se p- 12 Oc t- 12 No v- 12 De c- 12 Ja n- 13 Fe b- 13 M ar- 13 Ap r- 13 M ay- 13 Ju n- 13 Jul - 13 Au g- 13 Se p- 13 Oc t- 13 No v- 13 De c- 13 Ja n- 14 Fe b- 14 M ar- 14 Ap r- 14 M ay- 14 Ju n- 14 Jul - 14 Active Listings 17818619819119718817417015214512010110512515416217316215214313613911995108109117146165173179 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 0 50 100 150 200 250 Homes Active and Sold Listings - Scotch Plains, NJ
  4. 4. Ja n- 12 Fe b- 12 M ar- 12 Ap r- 12 M ay- 12 Ju n- 12 Jul - 12 Au g- 12 Se p- 12 Oc t- 12 No v- 12 De c- 12 Ja n- 13 Fe b- 13 M ar- 13 Ap r- 13 M ay- 13 Ju n- 13 Jul - 13 Au g- 13 Se p- 13 Oc t- 13 No v- 13 De c- 13 Ja n- 14 Fe b- 14 M ar- 14 Ap r- 14 M ay- 14 Ju n- 14 Jul - 14 Active Listings 17818619819119718817417015214512010110512515416217316215214313613911995108109117146165173179 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 0 50 100 150 200 250 Homes Active and Sold Listings - Scotch Plains, NJ Inventory 12 month avg= 139 July 2014 = 179 July 2013 = 152 July 2012 = 174 July ‘12 July ‘13 July ‘14 12 month avg
  5. 5. Ja n- 12 Fe b- 12 M ar- 12 Ap r- 12 M ay- 12 Ju n- 12 Jul - 12 Au g- 12 Se p- 12 Oc t- 12 No v- 12 De c- 12 Ja n- 13 Fe b- 13 M ar- 13 Ap r- 13 M ay- 13 Ju n- 13 Jul - 13 Au g- 13 Se p- 13 Oc t- 13 No v- 13 De c- 13 Ja n- 14 Fe b- 14 M ar- 14 Ap r- 14 M ay- 14 Ju n- 14 Jul - 14 Active Listings 17818619819119718817417015214512010110512515416217316215214313613911995108109117146165173179 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 0 50 100 150 200 250 Homes Active and Sold Listings - Scotch Plains, NJ Inventory 12 month avg= 139 July 2014 = 179 July 2013 = 152 July 2012 = 174 July ‘12 July ‘13 July ‘14 12 month avg Minor increase in inventory this year over last. Typically results in a decrease in prices.
  6. 6. Prices The average selling price of a home in Scotch Plains in July was $572,282. 0 100000 200000 300000 400000 500000 600000 700000 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 Average Sale Price and List Price - Scotch Plains, NJ
  7. 7. 0 100000 200000 300000 400000 500000 600000 700000 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 Average Sale Price and List Price - Scotch Plains, NJ Prices 12 month avg = $490,866 July 2014 = $ 572,282 July 2013 = $574,837 July 2012 = $546,002 July ‘12 July ‘13 July ‘14
  8. 8. 0 100000 200000 300000 400000 500000 600000 700000 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 Average Sale Price and List Price - Scotch Plains, NJ Prices 12 month avg = $490,866 July 2014 = $ 572,282 July 2013 = $574,837 July 2012 = $546,002 July ‘12 July ‘13 July ‘14 Prices have fluctuated very little in the past two years.
  9. 9. Days on Market The average sold home in Scotch Plains in July was sold after 43 days. 0 20 40 60 80 100 120 140 160 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 Average Days on Market - Scotch Plains
  10. 10. 0 20 40 60 80 100 120 140 160 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 Average Days on Market - Scotch Plains Days on Market 12 month avg = 61 July 2014 = 43 July 2013 = 64 July 2012 = 51 July ‘12 July ‘13 July ‘14
  11. 11. 0 20 40 60 80 100 120 140 160 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 Average Days on Market - Scotch Plains Days on Market 12 month avg = 61 July 2014 = 43 July 2013 = 64 July 2012 = 51 July ‘12 July ‘13 July ‘14 Homes typically sell faster in the summer, and sales this summer have been exceptionally fast.
  12. 12. 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!

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