Our commitment to Summit and all of our communities will never change. We live in a special community with extraordinary people. Now it is more important than ever to show kindness.
We are in this together and will be stronger than ever.
We have consistently pioneered the use of technology as a resource for our clients and agents alike, and we are using that technology to 'show' homes through video and virtual tours and various digital marketing outlets/ tools.
Transactions in progress are continuing to move forward and close. This includes items like home inspections, appraisals, and Certificate of Occupancy from City of Summit, etc. Special, mitigating circumstances apply within the current environment.
Our digital document system has been a huge advantage for our clients during this time, and Attorneys, title companies and our offices are using technology (e-signature) to get the homes to the closing table.
We firmly believe that the market is poised for a successful rebound when the environment changes for the positive and, subsequently, when health restrictions are reasonably relaxed.
Many of our clients were scheduled to list their homes for mid- to late-March and have asked what they should do. Because we have a team of marketing personnel, photographers, videographers and stagers, we can wait until health safety authorities provide a 'green light' and then quickly get the home on the market.
February 2020 Market Stats
While March has understandably seen a significant drop in activity, February metrics indicated a very strong start to the spring market which is why -- when combined with client conversations which reveal that many buyers currently in high-density urban centers are now intensively ramping up their search in suburban areas -- we believe that a market rebound will be swift and significant.
Active Listings -- 88 compared to 89 in 2019 / -1.12%
Under Contract -- 46 compared to 35 in 2019 / +31.43
Average List Price -- $849,636 compared to $1,224,075 in 2019 / -30.6%
Average Price that Closed -- $816,143 compared to $1,175,850 in 2019 / -30.6%
Average Days on Market -- 89 compared to 40 in 2019 / +122%
Sales Price to Original List Price -- 96.27% compared to 96.88% in 2019 / NC
Highest Price home that sold in February 2020 -- $1,750,000
Rate of Absorption* -- 3.24 months compared to 6.53 months in 2019 / -42.73%
February 2020 was considered a balanced market.
February 2019 absorption rate indicated a buyers market.
*The absorption rate is a term most commonly used to evaluate the rate at which available homes are sold in a specific market during a given time period.
Prominent Properties Sotheby’s International Realty offers a team of more than 625 licensed professionals and staff working out of 14 offices throughout Northern and Central New Jersey. Regional Offices are located in Summit, Short Hills, Alpine, Edgewater, Englewood Cliffs, Franklin Lakes, Jersey City, Hoboken, Montclair, Montville, Ridgewood, Saddle River, Tenafly and Westfield.
For more information about Prominent Properties Sotheby’s International Realty, visit prominentproperties.com, call the Summit regional office at 908-273-8808, or stop by at 309 Springfield Avenue.