Real Estate

Summit Real Estate Market Remains Strong, Experts Cautiously Optimistic

7bc4d07124d0aa47eb9a_DSC_0002.jpeg
The average sales-to-list price of a Summit home in 2015 is a robust 98.19%.
62e6bcf9b7f7d0289905_Screen_Shot_2015-07-30_at_12.01.26_AM.png
7bc4d07124d0aa47eb9a_DSC_0002.jpeg
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

Summit

To Our Current and Future Representatives

July 17, 2018

To Our Current and Future Representatives - Wherever They May Be:

We can never forget we are a nation of immigrants. 

We cannot fall prey to fear, ignorance and anger when we  have been historically driven by freedom and justice. 

We must have the courage and will to fight hate, bigotry and prejudice. 

We must not wake up to what we hoped was a bad dream and ...

Upcoming Events

Carousel_image_92eaadab4fea5d764092_edc2dcd4802a1c409d7c_screen_shot_2018-04-03_at_1.15.57_pm

Sun, July 22, 8:00 AM

Summit Summer Farmers Market, Summit

Summit Farmers Market

Community Calendar Food & Drink Green Health & Wellness

Carousel_image_3104d62d4140717c0d39_c4b1c442498721eb1133_da642dc68aa7d0728e5c_9de480c638b23e5ff30b_15439854_1068128309964954_2075775014450964550_n

Sun, July 22, 5:00 PM

Central Presbyterian Church, Summit

Summer Outdoor Worship with BBQ

Arts & Entertainment Religions And Spirituality

Carousel_image_b7bf86ab9b5cba4793d9_347facfa8ac6817752ac_19055513_10158829487705483_8854478692329281822_o

Mon, July 23, 7:45 AM

17 Kent Place Boulevard, Summit

Monday Morning Yoga

Health & Wellness

Summit Police Blotter

July 9, 2018

6/19 - Peter Ferguson, 31, of New York, New York was arrested on a contempt of court warrant out of Point Pleasant Beach. Mr. Ferguson posted bail and was provided a new court date.

6/22 - At 1552 hours a report was taken for a theft of one thousand (1,000) mops from Overlook Hospital. The reporting individual indicated the theft occurred between 6/10 and 6/21. Taken from a storage area ...

Audio: Point View's Petrides Details Three Things to Watch During Earnings Season on 'Wall St. Unplugged'

July 20, 2018

Point View Wealth Management's Managing Director and Portfolio Manager, John Petrides, on Wall Street Unplugged discussing portfolio positioning during earnings season:

curzioresearch.com/three-critical-things-to-watch-during-earnings-season

For more than 25 years, Point View Wealth Management, Inc. has been working with families in Summit and beyond, providing ...

Video: Point View's Dietze Says Valuations, Buybacks, Dividend Make Financials Attractive

Point View Wealth Management's Founder, President and Chief Investment Strategist, David Dietze, appeared live on CNBC detailing the outlook for financial stocks and more:

cnbc.com/video

For more than 25 years, Point View Wealth Management, Inc. has been working with families in Summit and beyond, providing customized portfolio management services and comprehensive ...

Picking up the Pieces – The Benefits of Account Consolidation

Over a lifetime of investing we often have numerous accounts located at different financial firms.  Rarely are these accounts managed with a grand plan that takes into account all the individual pieces.   Account proliferation can be detrimental to your investment performance, increase your risk profile, and lighten your pocketbook.  

Account consolidation offers the ...

AtlantiCast

AtlantiCast: Episode 18

On this week’s AtlantiCast, you’ll find out how accessing care at Atlantic Health System is now easier, more affordable and closer to home than ever, learn which item from the produce aisle could be the newest weapon against cancer, see what Atlantic Health System, the New York Times and Instagram all have in common and much more.

 

 

Are You Ready for Your Child to Turn 18?

If your son or daughter is turning 18, here are a few things you need to know:

If you have an UGMA/UTMA savings account for your child, did you know those assets are his/her legal property and once that instrument matures (most often 21 years old or 18, if you designated that at time of account creation), those assets are at your child’s disposal with no restrictions or ...

Would Shedding

How much wood wouldn’t a woodchuck chuck if a woodchuck could chuck woodn’t?

 

Enough already.  

 

I get it.  It is an easy mistake to make, misusing would and wouldn’t.  It happens to me all the time.

 

“Honey, when I said I didn’t see any reason why I would go to the ballet, I meant to say I couldn’t see ...