Plainfield, New Jersey's Monthly Multifamily Property Market Analysis

Plainfield has many multifamily properties, so it stands to reason that there are quite a few available for sale. As in Scotch Plains, so here in Plainfield you find that the multifamily homes afford their owners the same rich architectural detail enjoyed by owners of single family residences.

There were 138 properties available for sale in December, with a list price of $404,551. That's higher than 2005 by about 4%. The days on market was 111, 35.1% less than 2005 for the same period. There were 22 new listings in December, just 2 more than 2005. Nine multifamily properties went under contract in December, three less than 2005. There were only three closings in 2006 verses 16 in 2005.

A year end review indicates that 1,525 multifamily properties were listed for sale in 2006, 345 more than 2005. The average list price was $402,489. In 2006 110 properties closed with an average sales price of $358,813, approximately a 3% increase over 2005.