Every month, Prominent Property Sotheby's International Realty's regional Summit office will be providing 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 edition - March, 2019

March (compared to March, 2018)

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Active Listings: 108 compared to 81 in 2018 / +33%

Under Contract: 45 compared to 58 in 2018 / -22%

Average List {rice: $1,371,897 compared to $1,597,302 in 2018 / -14%

Average Price that Closed: $1,165,287 compared to $1,225,264 in 2018 / -5%

Average Days on Market: 50 compared to 62 in 2018 / -20%

Sales Price to Original List Price Ratio: 96.8% compared to 98.2% in 2018 / -1.4%

Highest Price Home that Sold: $3,675,000

Rate of Absorption: 6.9 months compared to 4.39 months in 2018

Takeaways -- In general, there has been more inventory on the market in 2019 and that trend continues.  The market is experiencing a slight correction, and homes are selling for less, in general, compared to 2018.

These factors make pricing the home at the "right" price even more important than in past two years. If the home is not priced correctly from the beginning, the sellers may be in situation where they are "chasing" the market and could potentially sell for less than if the property was priced right when coming on market.

Market has made a shift from balanced to a buyers market. Interest rates, while up slightly, remain strong and positive relative to the real estate market.

Prominent Properties Sotheby’s International Realty offers a team of more than 625 licensed professionals and staff working out of 13 offices throughout Northern and Central New Jersey. Regional Offices are located in Summit, Short Hills, Alpine, Edgewater, Englewood Cliffs, Franklin Lakes, Hoboken, Montclair, Montville, Ridgewood, Saddle River, Tenafly and Westfield.

For more information about Prominent Properties Sotheby’s International Realty, visit prominentproperties.com or call the Summit regional office at 908-273-8808 or stop by at 309 Springfield Avenue.