Plainfield, NJ Real Estate News

By William Collins, Property and Asset Management
(ERA Queen City Realty)
June 2008 has seen more single family homes for sale over June 2007, listings were up by 10%. Coincidentally, the average list price was down from $347,000 to $312,000. There were 80 new listings during the month with an average list price of $312,000. New listing prices were an average of $324,000 in 2007. Only 14 homes went under contract with an average price of $281,000. Noticeably different was the $279,000 average price of homes sold in June 2008. This is a 20% reduction in sales price over June of 2007.
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
June 2008 has seen fewer commercial properties for sale over June 2007. Coincidentally, the average list price was down from $768,824 to $543,268 . There were three new listings during the month with an average list price of $461,666. New listing prices were an average of $644,700  in 2007. Only two properties went under contract with an average price of $827,500 . Noticeably no commercial properties were sold in June of either year.  
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By Eugene Jones
(Weichert Realtors)
Plainfield, NJ market analysis for June 2008 Compared to May 2008         June:                                                                   May: Active Listings = 479                                                447                                            Average LP = $ 312,148                                $ 309,789 New Listings    = 80                                                  74             Average LP = $ 311,725                                $ 318,585 Under Contract= 14                                                  10             Average LP = $ 280,786                                $ 230,990 Sold Listings    = 8                                                    19             Average SP = $ 278,750                                $ 269,316             Average...
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By Eugene Jones
(Weichert Realtors)
Plainfield, NJ market analysis for May 2008 Compared to April 2008         May:                                                                   April: Active Listings = 439                                                432                                            Average LP = $ 316,625                                $ 313,229 New Listings    = 74                                                  106             Average LP = $ 327,215                                $ 302,139 Under Contract= 11                                                  23             Average LP = $ 246,073                                $ 293,852 Sold Listings    = 16                                                   15             Average SP = $ 275,438                                $ 323,013             Aver...
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By Eugene Jones
(Weichert Realtors)
Plainfield, NJ market analysis for April 2008Compared to March 2008    April:                                                                   March:Active Listings = 426                                                 394                                            Average LP = $ 317,673                                 $ 318,998New Listings    = 106                                                 67            Average LP = $ 307,718                                 $ 299,993Under Contract= 24                                                   25            Average LP = $ 287,233                                 $ 294,152Sold Listings    = 14                                                    8            Average SP = $ 323,585                                 $ 274,200            Average D...
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By Eugene Jones
(Weichert Realtors)
Plainfield, NJ market analysis for March 2008Compared to February 2008    March:                                                                   February:Active Listings = 385                                                 379                                            Average LP = $ 320,718                                 $ 321,371New Listings    = 66                                                   61            Average LP = $ 301,615                                 $ 294,575Under Contract= 23                                                   10            Average LP = $ 301,626                                 $ 288,470Sold Listings    = 7                                                      8            Average SP = $ 273,857                                 $ 280,206            A...
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By Eugene Jones
(Weichert Realtors)
Plainfield Market Analysis Report       Jan. 2008Feb. 2008Active Listings:384376Avg. LP:330,910.00326,681.00   New Listings:8260Avg. LP:331,767.00302,538.00   Under Contract:1012Avg: LP259,260.00299,967.00   Sold Listings:77Avg. SP:286,737.00298,807.00Avg. DOM:9055Avg. SP/LP:97%96%      *Statistics based on information from Garden State MLS, L.L.C. Deemed reliable but not guaranteed.There were less active listings on the market for the month of February in Plainfield, and a considerably lesser amount of new listings as well. Homes under contract were slightly higher, while homes sold were the same. 
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By Eugene Jones
(Weichert Realtors)
Plainfield, NJ market analysis for January 2008Compared to December 2007    January:                                                                   December:Active Listings = 377                                                 381                                            Average LP = $ 331,914                                 $ 336,875New Listings    = 81                                                   30            Average LP = $ 336,612                                 $ 354,390Under Contract= 12                                                   10            Average LP = $ 263,133                                 $ 317,660Sold Listings    = 6                                                      12            Average SP = $ 308,693                                 $ 253,808        ...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
Plainfield's 383 single family homes averaged a list price of $357,720, during the month of May. 68 properties came on the market with an average list price of $348,439. 23 properties went under contract averaging a list price of $356,557. Nineteenproperties sold during the month averaging a sales price of $330,674. Plainfield continues to enjoy a robust market by comparison to other neighboring towns. The varied price range generates sales at all level of the spectrum.
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
Plainfield had 169 multifamily properties listed in May, with an average list price of $397,217. During the month 30 properties came on the market with an average list price of $392,657. Only two properties went under contract in May with an average list price of $317,500. Four properties closed during the month with an average sales price of $351,750.
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
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 140 properties available for sale in March, with a list price of $399,013. That's higher than 2006 by about 2%. There were 23 new listings in March,  with an average list price of $392,683, 10 less than 2006. Five multifamily properties went under contract in Mrach, with an average list price of $421,540. There were only four closings in 2007 verses 10 in 2006.We are looking at an average of two months before the multifamily properties are sold. Having said that, properties are selling.  
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
March 2007 saw a 22% increase in the number of listings over March 2006. Plainfield had 363 single family homes listed for March  2007 with a average list price of $358,842. Of the 363 listings, 86 were new with a average price of $345,178. During the month there were 21 sales with an average sales price of $332,629.  There were 17 closings in March with a average closing price of $275,111.  One could infer significant price reductions were taken, before these sales were consummated. Sales were down by 67% in comparison to March 2006. However, the average sales price to list price was a strong 98% for March 2007. Keep in mind this is adjusted list price to sales price. Reductions were taken before contracts were entered into. Sellers are becoming more realistic about what the market wil...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
February 2007 saw a 23% increase in the number of listings over February 2006. Plainfield had 344 single family homes listed for February  2007 with a average list price of $361,511. Of the 344 listings, 78 were new with a average price of $374,370 . During the month there were 23 sales with an average sales price of $339,239.  One could infer significant price reductions were taken, before these sales were consummated. Sales were down by 13% in comparison to February 2006. However, the average sales price to list price was a strong 98%. Keep in mind this is adjusted list price to sales price. Reductions were taken before contracts were entered into. Another interesting factor is that the February 2007 list price on new listings, was up by 9% over February 2006. That's better than Janua...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
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 140 properties available for sale in February, with a list price of $399,013. That's higher than 2006 by about 2%. There were 23 new listings in February,  with an average list price of $392,683, 10 less than 2006. Five multifamily properties went under contract in February, with an average list price of $421,540. There were only four closings in 2007 verses 10 in 2006.We are looking at an average of two months before the multifamily properties are sold. Having said that, properties are...
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By Paul Anyanwu, CRS, SFR, Broker-Salesperson, Sales West Orange,NJ
(RE/MAX SOLUTIONS)
  A Two FamilY Home Located in Orange New Jersey, great for first time home buyers, total of four bedrooms two bedroom on each side. House needs some TLC inside, exterior has a vinyl siding, it is located in residential areas, close to park, and public transportation. Why rent when you can own this two family unit , you can write off property taxes and mortgage interests after one year of ownership, make this your American dream home. Seller is very motivated and is asking $279000 and price is negotiable. If you need more information feel free to contact me via my website  www.metropolitancastles.com  
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
The city of Plainfield was formed by 1869. The first railroad line through Plainfield was established in 1884. The first Western Union office was opened in 1862. Fast forward to January 2007 and this City is one of the most architecturally rich residential communities in central new jersey.There were 305 residential properties for sale in January 2007 with an average price of $365,153, most of which had lingered on the market for a little over three months.During the month 71 new listings were introduced to the market with an average list price of $331,014. This same period 17 residential properties went under contract. The average list price of the properties with offers was was seven percent less than those that just came on the market, at $308,699.The residential properties which act...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
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 January, with a list price of $407,875. That's higher than 2006 by about 4%. The days on market was 98, 44% less than 2006 for the same period. There were 37 new listings in January,  9 more than 2006. seven multifamily properties went under contract in January, five less than 2006. There were only two closings in 2007 verses 12 in 2006.We are still looking at an average of three months before the multifamily properties are sold. Having said that, pr...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
The city of Plainfield was formed by 1869. The first railroad line through Plainfield was established in 1884. The first Western Union office was opened in 1862. Fast forward to December 2006 and this City is one of the most architecturally rich residential communities in central new jersey.There were 312 residential properties for sale in December 2006 with an average price of $378,720, most of which had lingered on the market for a little over three months.During the month 54 new listings were introduced to the market with an average list price of $416,079. This same period 19 residential properties went under contract. The average list price of the properties with offers was a little more than half that of those that just came on the market, at $289,811.The residential properties whi...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
PLAINFIELD'S PAST  Plainfield was first inhabited by Watchung Indians, part of the Lenni-Lenape tribe in Delaware. However, by 1685 their were seven Scottish families living on their farms established a long Cedar Brook. As was the case with most settlements, the residents were seeking religious and political freedom. The settlement was then known as Milltown, as a result of a grist mill built in 1706 on Green Brook. At one time during the revolutionary period the city was host to a militia post, consisting of 95 acres and a fort, along the east bank of the Green Brook. In 1800 after the post office was opened the settlement changed the name to Plainfield. The name change was more reflective of the open fields in the area. Thomas F. Gordon wrote a piece entitled A Gazetteer of the State...
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By William Collins, Property and Asset Management
(ERA Queen City Realty)
We have the same basic scenario here with the multi-family properties, as we do with the single family. Listing volume is up and sales volume is down. List prices are likewise tumbling downward! November 2006 saw a 25.69% increase in the number of listings over November 2005. Plainfield had 137 multi-family homes listed for November 2006 with a median list price of $395,000, averaging 103 days on the market. Of the 137 listings, 24 were new with a median price of $379,900. During the month there were 7 sales with a median sales price of $360,000. Sales were down by 58.82% in comparison to November 2005. However, the sale price to list price was a strong 91.14%.   Visit my website: http://www.jerseylandrealtor.com/  
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