Average sales price for past year up 8.1% vs. Prior Year
Home sellers in Scotch Plains, New Jersey are cashing out at bigger numbers, with the average sales price up 8.1% for the last twelve months compared to the year before.
According the the Garden State Multiple Listing Service, there were 325 residential homes sold in Scotch Plains for the year ending February 22, 2018. The average sale price was $571,338. This compares to almost the same number of homes some in the prior year (323), but the average sale price was only $527,960.
The 2018 trend is more than 2.5 times the price increase of 2017 compared to 2016. With an average sale price of $511,356 for the 12 months ending February 22, 2016, the rise for the following year was only 3.2%.
"We are seeing higher list prices this year as sellers try to meet the buyer demand," said Peter Klein, the sales team leader at the Tress Realty Group at Keller Williams.
"Older homes are being purchased and updated or being torn down," Klein continued. "I think part of the price increase is from the improvement of the housing stock in town."
Other factors that may have benefited sales price is a rising stock market, a generally low mortgage rate environment, and an increase in consumer confidence compared to the election year of 2016.
"I wouldn't be surprised if the Spring Sales Market will be strong for sellers," predicted Klein. "Homes that are priced and prepped right will draw a lot of buyer interest."
For more information on the Scotch Plains housing market, visit www.ScotchPlainsHouses.com.
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