Scotch Plains New Jersey's Monthly Residential Property Market Analysis

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 December 2006 and this township is home to some of the most beautiful equestrian estates communities in central New Jersey.

There were 191 residential properties for sale in December 2006 with an average price of $713,410, most of which were on the market for a little over four months.

During the month 18 new listings were introduced to the market with an average list price of $739,818. This same period 11 residential properties went under contract. The average list price of the properties with offers was a little more than sixty percent of those that just came on the market, at $516,364.

The residential properties which actually sold and closed title in December, sold for an average sales price of $605,640 and there were 20 of them, with an average of 85 days on the market.

During 2006, 2608 properties were sold in Scotch Plains, the average sales price was $573,811 and the average days on the market was 79.

What does all of this mean? Well, sellers can expect to have their properties on the market for an average of 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!