Let’s take a look:
The average list to sales ratio for Scotch Plains in January 2011 is 95.4% The current inventory can best be described as sluggish.
Currently there are 20 sales pending in the market overall, leaving 102 listings still for sale. The resulting pending ratio is 16.4% which sounds great, but let’s look closer. Typically, a pending ratio indicates the supply and demand of the market. A high ratio means that listings are in demand and quickly going to contract. A low ratio means there are not enough qualified buyers for the existing supply.
Currently the $400K to $500K price range has a relatively large inventory of properties pending sale. The $400K to $500K price range has a relatively large inventory of properties for sale (currently 18 listings). The average list price (or asking price) for all properties in Scotch Plains is $614,040.
82 contracts have closed in the last 6 months with an average sold price of $495,203. So breaking it down, the $400k to $500k price range contains the highest number of sold listings. A total of 60 listings have expired in the last 6 months. The $300K to $400K price range has the highest number of expired listing with 13 properties. Listings may expire for many reasons such as being priced too high, inadequately marketed or the property being in poor condition.
Analysis of sold homes in Scotch Plains for the last 6 months reveals an average sold price of $495,203 and 82 days on the market. However, it would appear that properties in the $800K to $900K price range have sold the quickest over the past 6 months. Analysis of the overall absorption rate in Scotch Plains indicate an inventory of 7.5 months based on the last 6 months of sales. It is also significant to mention that this estimate does not take into account any additional properties that will come on the market in the future.
The recent history of sales for the last 30 days shows the average sold price as $522,234 with an average Days on Market of 106 days.
For more information and tables and graphs, please take a look a book below: