Prominent Property Sotheby's International Realty's regional Summit office provides 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 of the Summit Real Estate Report details information from August, 2019.

Active Listings: 111 compared to 77 in 2018 / +42%

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Under Contract: 32 compared to 28 in 2018 / +14%

Average List price: $1,206,423 compared to $1,447,207 in 2018 / -17%

Average Price that Closed: $1,158,217 compared to $1,398,561 in 2018 / -17%

Average Days on Market: 48 compared to 44 in 2018 / +9%

Sales Price to Original List Price Ratio: 97% compared to 98% in 2018 / -1%

Highest Price Home that Sold in August 2019: $3,525,000

Rate of Absorption: 3.38% compared to 2.06% in 2018 / +64%

Takeaways

The Summit Market was a sellers market  this time last year. The current year in month of August is reflective of a 'balanced market.'

Interest rates have continue to fall, resulting in more buying power for home buyers. Affordable lending provides the ability for buyers to obtain more for their money or, if they choose, go to higher price points.

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.