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 two properties available for sale in January 2007, with an average list price of $399,000. That's considerably lower than 2006 by about 22%. The days on market was 128, 26% less than 2006 for the same period. Interestingly enough, there was one listing in January 2007 and none in 2006. No multifamily properties went under contract in January for either year. Likewise there were no closing in January for either year.

Scotch Plains is a bedrock for single family homes. The few multifamily properties tend to see much less turnover. Its a good thing for investors.....if you can get one!