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 Q4, 2019.

Active listings: 79 compared to 71 in 2018 / +11%

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

Under Contract: 45 compared to 25 in 2018 / +80%

Average List Price: $1,088,084 compared to $1,098,342 in 2018 / -1%

Average Price that Closed: $932,914 compared to $972,033 in 2018 / -4%

Average Days on Market: 83 compared to 87 in 2018 / -5%

Sales Price to Original List Price Ratio: 98% compared to 98% in 2018 / NC

Highest Price Home Sold in Q4: $2,043,333 compared to $2,310,000 in 2018

Rate of Absorption: 5.52%

Takeaway

Overall Market remains 'balanced'.

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. Although Q4 rate shows a 'balanced' market -- versus a 'sellers' or 'buyers' market -- homes priced above $1.5 million are moving at a slower rate than homes below $1.5 million. For homes priced above $1.5 million, the rate of absorption indicates a 'buyers' market.

Interest rates remain low and at a level to motivate buyers

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.