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.

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