Prominent Property Sotheby's International Realty's regional Summit office provides an inside look at the Summit real estate market, utilizing Garden State Multiple Listing Service statistics illustrating the numbers and trends that tell the story.

This edition of the Summit Real Estate Report details information from April - May, 2020.

April 2020

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Active Listings76 compared to 145 in 2019 / -47.59%

Under Contract35 compared to 49 in 2019 / -28.57%

Average List Price$1,486,881 compared to $1,371,897 in 2019 / +8.3%

Average Price that Closed$1,114,257 compared to $1,278,408 in 2019 / -12.8%

Average Days on Market74 compared to 46 in 2019 / +59.05%

Sales Price to Original List Price96.71% compared to 97.02% in 2019 / -0.32%

Highest Price Home Sold in April 2020$1,630.000

*Rate of absorption:

4 months compared to 7.31% months in 2019-45.28%

April 2020 was considered a sellers market - April 2019 absorption rate indicated a buyers market.

*The rate of absorption is a term most commonly used to evaluate the rate at which available homes are sold in a specific market during a given time period.

May 2020

Active Listings85 compared to 151 in 2019 / -43.71%

Under Contract58 compared to 63 in 2019 / -7.94%

Average List Price$1,510,833 compared to $1,332,907 in 2019 / +13%

Average Price that Closed$958,068 compared to $1,139,063  in 2019 / -15.9%

Average Days on Market64 compared to 47 in 2019 /  +35.18%

Sales Price to Original List Price97.55% compared to 97.21% in 2019 / -0.35%

Highest Price home that Sold in April  2020$2,450,000

*Rate of absorption:

4.95 months compared to 8.83% months in 2019 / -43.94%

May 2020 was considered a sellers market - May 2019 absorption rate indicated a very strong buyers market. 

*The absorption rate is a term most commonly used to evaluate the rate at which available homes are sold in a specific market during a given time period.  

Prominent Properties Sotheby’s International Realty offers a team of more than 625 licensed professionals and staff working out of 14 offices throughout Northern and Central New Jersey. Regional Offices are located in Summit, Short Hills, Alpine, Edgewater, Englewood Cliffs, Franklin Lakes, Jersey City, Hoboken, Montclair, Montville, Ridgewood, Saddle River, Tenafly and Westfield.

For more information about Prominent Properties Sotheby’s International Realty, visit prominentproperties.com, call the Summit regional office at 908-273-8808, or stop by at 309 Springfield Avenue.