Summit NJ Real Estate Trends

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Summit Real Estate Trends – Listing vs. Sold Prices

Are you considering buying a home or selling a home in Summit NJ? If so, you might want to check out the most recent Summit NJ Real Estate Trends. Comparing the listing price and sold prices gives us a good idea of where the real estate market is heading. Before we look at the trends, let’s first talk about the difference between a listing price and a sold price. The listing price is what the sellers are asking for their home, while the sold price is what a buyer is willing to pay for the home. Looking at the following chart, we can see that over the past 12 months, the median listing price was at its lowest in December of last year, and then it reached its peak in March of 2016. It has been declining since with the exception of a spike again in the Spring market in May of 2016. The sold prices saw a sharp decline when the listing prices saw their peak in March of 2016. Sold prices reached their peak in June of this year and then began to decline slightly through September. However, listing prices have been on the rise over the last couple of months. Thinking of selling? Click here to find out what your home is worth.

Summit NJ Real Estate Trends

Summit NJ Real Estate Trends

Summit NJ Real Estate Trends – Market Inventory Trends

Looking further into the Summit NJ Real Estate Trends, the graph below shows us the number of active listings that have been on the market in Summit NJ and how long they have been on the market. The number of active listings in Summit NJ dropped by 2% from the previous month.   The median number of days active properties have been listed is 43 which is significantly shorter than the national average. The number of sales in August dropped by 95.5% from the previous month.

Summit NJ Market Inventory Trends

Summit NJ Market Inventory Trends

Summit NJ Real Estate Trends – Learn More!

As we conclude our look into the Summit NJ Real Estate Trends, some other interesting statistics to note are: $1,219,390 is the median listing price, 43 is the median days on market, and the number of active listings is 84.

If I can provide you with additional information regarding Summit NJ real estate trends, or if I can show you any of the fantastic properties for sale, please contact me. I can be reached by phone at 973.637.0004 or via email at Shannon@ShannonAronson.com. For more information about Summit NJ and our surrounding communities, please be sure to visit my website at www.NJRealEstateDirect.com.