Prominent Property Sotheby's International Realty's regional Summit office provides an inside look at the Summit real estate market, utilizing Garden State Multiple Listing Service statistics illustrating the numbers and trends that tell the story.
This edition of the Summit Real Estate Report details information from March, 2020.
Active Listings -- 78 compared to 108 in 2019 / -27.78%
Under Contract -- 44 compared to 45 in 2019 / -2.22%
Average List Price -- $1,486,881 compared to $1,371,897 in 2019 / +8.38%
Average Price that Closed -- $885,668 compared to $1,123,318 in 2019 / -21.16%
Average Days on Market -- 83 compared to 40 in 2019 / +107.5%
Sales Price to Original List Price -- 96.77% compared to 96% in 2019 / +0.08%
Highest Price Home that Sold in March 2020 -- $1,425,000
Rate of Absorption*
4.67 months compared to 6.95 months in 2019 / -32.81%
March 2020 was considered a sellers market.
March 2019 absorption rate indicated a buyers market.
*The rate of absorption 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.