Prominent Property Sotheby's International Realty's regional Summit office provides a inside look into the Summit real estate market, utilizing Garden State Multiple Listing Service statistics illustrating the numbers and trends that tell the story.

This is a 'super-sized' edition of the Summit Real Estate Report, detailing information from both April and May of 2019.

April (compared to April, 2018)

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Active Listings: 145 compared to 105 / +38.10%

Under Contract: 64 compared to 49 / -23.44%

Average List Price: $917,519 compared to $1,033,396 / -11.22%

Average Price Closed: $1,009,620 compared to $110,064 / -9.05%

Average Days on Market: 46 compared to 57 / -18.05%

Highest Price that Closed:   $1,725,000

Sales Price / List Price Ratio: 97.02% compared to 97.89% / -0.89%

Rate of Absorption:  7.31 to 4.98 in 2018 

Takeaway: Buyers Market

May (compared to May, 2018)

Active Listings:  151 compared to 108 / +39.81%

Under Contract:  63 compared to 65  / -3.08%

Average List Price: $1,153,813 compared to $1,149,966 /  No Change

Average Price Closed:  $1,036,518 compared to $1,118,809 / -7.36%

Average Days on Market:  47 compared to 52 / -8.83%

Highest Price that Closed:  $2,650,000

Sales Price / List Price Ratio:  98.27% compared to 97.55% / -0.73%

Rate of Absorption:  8.83 compared to 4.05 / + 118.02%

Takeaway: Significant buyers market with considerable inventory.