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 June, 2020.

Active Listings82 compared to 136 in 2019 / -39.71%

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Under Contract94 compared to 54 in 2019 / -74.07%

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

Average Price that Closed$1,452,911 compared to $1,308,069 in 2019 / +11%

Average Days on Market59 compared to 47 in 2019 / +25.53%

Sales Price to Original List Price97.14% compared to 97.45% in 2019 / -0.32%

Highest Price home that sold in April: $3,600,000

Rate of absorption*

6.36 months compared to 4.06% months in 2019 / 56.65%

June 2020 was considered a seller's market, while June 2019 absorption rate indicated a strong buyer's 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.