Each month, 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 September, 2019.
Active Listings: 117 compared to 96 in 2018 / +21.88%
Under Contract: 39 compared to 27 in 2018 / +44.44%
Average List Price: $1,221,508 compared to $1,277,905 in 2018 / -4.45%
Ave Price that Closed: $940,846 compared to $956,385 in 2018 / -1.63%
Average Days on Market: 48 compared to 44 in 2018 / +9%
Sales Price to Original List Price Ratio: 98% compared to 97% in 2018 / +1%
Highest Price Home Sold in September 2019: $1,739,000
Rate of Absorption: 4.84 months compared to 3.85 in 2018 / 25.71%
Overall Market has shifted back to balanced
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. Although September rate shows 'balanced' -- versus sellers or buyers -- market. Homes priced above $1.5 million are moving at a slower rate than homes below $1.5 million. Above $1.5 million, the rate of absorption indicates a buyers market.
Interest rates remain low and at a level to motivate buyers
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.