Despite the gray skies and slippery streets outside, the forecast for the Summit area real estate market is bright. Though many have weathered tough financial times over the past few years, the average sale price of homes in our area (Summit, New Providence, Berkeley Heights, Chatham, Madison and Millburn/Short Hills) increased from 2009 to 2010 by a range of 2% - 9%. This momentum seems to be growing, which leaves Realtors and residents hopeful that the 2011 spring market will continue to be strong.
Sales associates Betsy Crosby and Linda Peck attribute our area’s growth to the solid reputation of our schools and our prime location on the Midtown Direct train line. Lois Schneider, President and CEO of Lois Schneider Realtor in Summit, adds that since Wall Street is doing better, so are we. In fact, 2010 proved to be the second best year for Lois Schneider Realtor since the company opened in 1976, and one of their recent listings received six offers in the first two weeks, selling substantially above the asking price. Several of their recent listings have sold with multiple offers as a result of current low levels of housing inventory and a pent-up demand for homes in our area. What is Lois Schneider’s advice for those who are thinking of selling a home this spring? “Don’t wait for the dogwoods to bloom! The buyers are here already!”