Scotch Plains New Jersey's Monthly Residential Property Market Analysis - February 2007

The city of Scotch Plains was founded in 1684 the first settlers were Scottish immigrants who cleared the land and built a community, initially called Scotsplain.

The battle of Short Hills was fought in this area in 1777 during the Revolutionary War.

Fast forward to February 2007 and this township is home to some of the most beautiful equestrian estates communities in central New Jersey.

There were 219 residential properties for sale in February 2007 with an average price of $701,777.

During the month 56 new listings were introduced to the market with an average list price of $645,907. This same period 28 residential properties went under contract. The average list price of the properties with offers was a little more than 87.90% of those that just came on the market, at $568,329.

The residential properties which actually sold and closed title in February, sold for an average sales price of $507,484  and there were 14 of them, with an average of 116 days on the market.

What does all of this mean? Well, sellers can expect to have their properties on the market for just over three months before they are sold. However, properties appropriately prepared for marketing (necessary repairs completed and the home properly staged) and properly priced, continue to get offers!