Real Estate

Summit Real Estate Market Remains Strong, Experts Cautiously Optimistic

The average sales-to-list price of a Summit home in 2015 is a robust 98.19%.
SUMMIT, NJ - Market statistics show that the Hilltop City real estate market continues to show strength, showing robust numbers in overall sales price, sales price to list price, and number of days on the market. 
In reports summarizing May and June, compiled by Cathi Allebe of Midtown Direct Marketing and supplied by Keller Williams Premier Properties in Summit, all indicators remain strong, despite high inventory levels.
One area of minor concern exists however, in the fact that under contract listings were down one-third in May, compared to year-over-year data comparing 2014 v. 2015. Active listings were up 33% (108 v. 81), however under contract homes were down 33% in May, and down 15% in June, compared to 2014..
"Typically, excess inventory is due to pricing, which is critical -- especially in the first two weeks on the market," said Lucy Thompson, Broker/Sales Associate at Keller Williams Premier Properties in Summit. "This period is when you are first exposed to the market, and when there is the most excitement and visibility for the listing. If the home is not priced properly, that opportunity may be lost."
According to KW Summit Sales Associate Maureen Kaelin, the increase in under contract homes further validates the pricing issue. "The changes from May to June show that homes priced incorrectly likely experienced price reductions, and homes priced properly sold quickly."
Average sales price to list price is a robust 98.19%. "This is a positive indicator for the Summit market, and shows that homes that are selling, are going under contract for essentially the list price," said Lynn Reed, Keller Williams Summit Sales Associate.
For the year, the average sales price of a Summit home is $956,372, up 18% over the same period last year. "Homes are up in value, but bear in mind this is through six months, so we really only have half the picture," said Tom Heyl, Keller Williams Summit Sales Associate. "While just under a million dollars is currently the 'sweet spot', upper- and lower-price points are not as strong and selling slower."

Other June report highlights:
- The highest-priced Summit sold property was a seven-bedroom Colonial on Wildwood Lane, which sold for $3.25 million - 91.55% of list price.
- There are 108 active listings in the Summit market, with an average list price of $1.567 million, which have been on the market for an average of 59 days.
- There were 58 under contract listings in Summit, with an average list price of $972,341, and were on the market for an average of 38 days.
- Of Summit homes under contract in June, the average list price was $1.048 million, with the average sales price $1.033 million, 99.15% of the list price.
By contrast, Chatham Township year-to-date totals show an average sales price of $1.060 million, which is 98.15% of list price, and there are 63 active listings. Short Hills stats indicate an average sales price of $1.675 million, which is 99.88% of list price, and there are 91 active listings.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News


Upcoming Events


Sun, April 22, 8:00 AM

Summit Summer Farmers Market, Summit

Summit Farmers Market

Community Calendar Food & Drink Green Health & Wellness


Sun, April 22, 1:00 PM

17 Kent Place Boulevard, Summit

Self-Care Event

Health & Wellness Religions And Spirituality


Mon, April 23, 7:00 PM

Summit Free Public Library, Summit

Grades K-5: Books and Woofs

Arts & Entertainment Education

Summit Fire Department Blotter

02/01/2018, 7:26 am - FD dispatched to Route 78 East Bound mile marker 47.2 for a reported motor vehicle accident with entrapment and injuries. On arrival both the Springfield and Summit Fire Departments set up for extrication. The vehicle was chocked to stabilize the vehicle. EMS performed patient care. A hose line was stretched for possible fire suppression by the Berkeley Heights FD.

Summit Police Blotter

April 11, 2018

3/13 - Jayhee Cho, 32, of Summit was arrested and charged with criminal mischief. Mr. Cho was processed and released with a pending court date.

3/13 - Aseyefigh K. Papanye, 30, of Brooklyn, New York was arrested and charged with theft of credit cards, fraudulent use of credit cards, theft by deception, theft by unlawful taking, obstruction of the administration of the law, and possession of ...

Audio: Point View's Petrides Says Despite Company Growth, Netflix Stock Valuation Just Too High

April 18, 2018

Point View Wealth Management's Managing Director and Portfolio Manager, John Petrides, live on Bloomberg Radio discussing what to do with Netflix stock post the strong quarterly results:

Note -  interview starts at 2:00-minute mark.

For nearly 25 years, Point View Wealth Management, Inc. has been working with families in ...

Team Veronica Holds "Be the Match" Drive Apr. 23

Team Veronica is coming to a town near you!

Veronica is a seven-year-old who is in need of a bone marrow transplant. Be The Match is a national registry for finding a match(es) for a bone marrow transplant. It is a simple swab test of the inside of your mouth. 

On Mon., April 23, Be The Match will be at the Bayonne Fire House from 3 - 7 p.m.

Veronica of West ...

Fear of Rising Rates? Remember The Reason You Own Bonds

If the current interest environment has you concerned about your bond portfolio, remember why you are investing in bonds.  The role bonds, or fixed income, play in a portfolio is not solely based on performance.  Bonds are used to offer stability, particularly when stock market volatility is rising. Rate hikes can dampen bond performance, but keep perspective on how rising rates impact ...

Cluelessly Clueless

I teenaged my way through high school under the assumption that my parents had no idea what I was doing.  I like to think I was pretty good at withholding information and presenting situations in ways that were other than they really were.


Still, sometimes they found things out.  Like the time my friends plopped me on our front door step at one o'clock in the morning ...

Practice for the PARCC @ Your Library

Students in Grades 3 and up who live in Summit can practice the Math and Language Arts skills that they learned in school and prepare for the upcoming PARCC exam using the Summit Free Public Library’s FREE subscriptions to Lumos Step Up and Learning Express.  

To access Lumos Step Up and Learning Express, visit the library’s website:

Mouse-over ...