Summit & New Providence July 2017 Real Estate Report

Much like temperatures in New Providence and Summit, home prices are soaring. As summer has gotten progressively hotter, so has the real estate market in our desirable communities.

Mirroring what’s occurring across the nation, inventory is tight in Union County, meaning there are fewer homes for buyers to choose from, making competition for properties fierce.

In light of that, prices surged in both New Providence and Summit. Let’s take a look at some of the statistics for home sales over the past twelve months and beyond.

New Providence Real Estate Market

Home sale prices in New Providence rose in July as fewer new listings caused inventory to dip by approximately 7 percent. The average home sold for $621,288, up from $601,123 at the same time in 2016, and closing in on the average sale price for the same time in 2015, which came in at $626,622.

In what appears to be a simple case of supply and demand, that decrease in inventory accounts for home sales prices rising. With fewer available, buyers didn’t hesitate and the average time spent on the market was 43 days compared with 44 in 2016 and 55 in 2015.

Summit Real Estate Market

Home sale prices in Summit have risen over the last twelve months, with the average sale price at $1,004,577, up from $956,631 in 2016, but down from $1,018,490 in 2015.

Inventory is tightening as new listings are down by 6 percent, as are the average days on the market. That figure dropped slightly to an average of 42 versus 45 in both 2015 and 2016.