Real Estate Market Update for
07076 (Scotch Plains, NJ)
Welcome to December's Market Update. Let’s take a look at residential real-estate activity in your area during the month of November. The number of active listings was down 29% from one year earlier, and down 6% from the previous month. This smaller inventory means that buyers who waited to buy may have had a smaller selection to choose from. As you can see, the median listing price for the month was just over 720-thousand dollars. Compared to last year, the average number of days units spent on the market before being sold was down 39%. This lower number of days may signal a positive trend in the local inventory-turnover rate. The median sale price was just under 440-thousand dollars. The number of units sold increased 44% year-over-year, and increased 4% month-over-month. These figures may indicate that buyers have been taking advantage of opportunities in this market. Thanks for watching. We hope you use this information to make smart, informed decisions in your upcoming real-estate transactions. Feel free to contact us for more information or further assistance.