Scotch Plains New Jersey's Monthly Multifamily Property Market Analysis

Scotch Plains has very few multifamily properties, so it stands to reason that there are few available for sale. However, what Scotch Plains lacks in numbers it more than makes up for in character and charm. the multifamily homes afford their owners the same rich architectural detail enjoyed by owners of single family residences.

There was only one property available for sale in December, with a list price of $329,000. That's slightly lower than 2005 by about 28%. The days on market was 211, 44% longer than 2005 for the same period. Interestingly enough, there were no new listings in December for either year. Nor did any multifamily properties go under contract in December for either year. Likewise there were no closing in December for either year.

A year end review indicates that 24 multifamily properties were listed for sale in 2006, 1 more than 2005. The average list price was $438,575. In 2006 three properties closed with an average sales price of $389,933, approximately a 9% decrease over 2005.

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