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 is another 'super-sized' edition of the Summit Real Estate Report, detailing information from June and July of 2019.

Early Summer shows market has slightly softened, but interest rates are low and motivated buyers are in the market.

Sign Up for Summit Newsletter
Our newsletter delivers the local news that you can trust.

June

Active Listings: 136 compared to 93 in 2018 / +46%

Under Contract: 54 compared to 54 in 2018 / NC

Average List Price: $1,308,069 compared to $1,333,695 in 2018 / -2%

Average Price - Closed: $1,208,166 compared to $1,262,268 in 2018 / -4.29%

Average Days on Market: 47 compared to 45 in 2018 / +3.51%

Sales Price to Original List Price Ratio: 97% compared to 99% in 2018 / -2%

Highest Price Home Sold: $2,918,750

Rate of Absorption: 6.36 months compared to 3.13 in 2018 / 103.19%

Takeaway: Market continues to hold as a 'buyers market'.

July

Active Listings: 115 compared to 91 in 2018 / + 26.37%

Under Contract: 40 compared to 41 in 2018 / -2.44%

Average List Price: $1,116,995 compared to $1,320,876 in 2018 / -15.44%

Average Price - Closed: $1,079,486 compared to $1,290,136 in 2018 / -16.33%

Average Days on Market: 46 compared to 43 in 2018 / +6.16%

Sales Price to Original List Price Ratio: 97% compared to 99% in 2018 / -2%

Highest Price Home Sold: $2,500,000

Rate of Absorption: 4.50 compared to 2.74 in 2018 / +64%

Takeaways: While summer overall has shifting from sellers market to buyers market compared to 2018.  June 2019 showed as 'buyers market' and July 2019 shifted to more of a 'balanced market'.

Overall the beginning summer market shows an increase on Days on Market and slight decrease in Average Sales Price.

Interest rates are low and at a level to motivate buyers to purchase.

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.