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 - January and February, 2019

January (compared to January, 2018)

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Active Listings:  73 compared to 64 (2018) / +14%

Under Contract: 29 compared to 25 (2018) / +16% 

Takeaway -- more inventory on market compared to last year at this time.

Average List Price: $1,402,211 compared to $1,016,954 (2018) / +37%

Average Price that Closed:  $863,205 compared to $985,056 (2018) / -12%

Average Days on Market:  51 compared to 52 (2018) / -2%

Highest Price Home that Closed:  $2,065,000

Sales Price / List Price Ratio: 95.45% compared to 98.63 (2018) / -3%

Rate of absorption: 6.08 months compared to 3.05 months (2018)

Takeaway -- Rate of absorption is how many months of inventory exists; if number is between 1 - 4 months it is considered sellers market (last year at this time), while If number is 4 - 6 months it is considered balanced market.

Fixed 30-year interest rate was at 4.35%

Takeaway -- Rate is very strong and encouraging toward the Real Estate Sector.

February (compared to February, 2018)

Active Listings:  89 compared to 86 (2018) / +3%

Under Contract: 35 compared to 43 (2018) / -18% 

Average List Price: $1,445,195 compared to $1,805,385 (2018) / -20%

Average Price that Closed:  $1,026,324 compared to $1,258,499 (2018) / -18%

Average Days on Market:  50 compared to 61 (2018) / -18%

Highest Price Home that Closed:  $3,475,000

Sales Price / List Price Ratio: 96.27% compared to 98.1 (2018) / -1.8%

Takeaway -- Seeing more inventory between January and February and an increase in number of homes under contract -- indicating that the Spring market remains robust.

Rate of absorption: 6.53 months compared to 3.67 months (2018)

Takeaway -- Rate of absorption is approaching a buyer's market.

Takeaway - Current Fixed 30-year interest rate remains a strong positive relative to the real estate sector.

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.