Summit & New Providence August 2017 Real Estate Market Report

Once again, home sale prices are strong in New Providence and Summit. And it’s no wonder given recent news that both communities are home to a couple of New Jersey’s top school districts. At the same time, the borough of New Providence was named one of the safest places to live in the Garden State.

As fewer listings come on the market, prices surge accordingly, and that’s exactly what we’ve seen this month. Buyers aren’t hesitating to strike a deal once they find the right property. 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 August as fewer new listings meant inventory was low. This month, the number of new listings fell by approximately 12 percent. The average home sold for $613,156, up from $601,123 at the same time in 2016, and steadily approaching the average sale price for the same time in 2015, which came in at $626,622.

With fewer homes available, buyers looking to settle in before the end of summer got right down to business. The number of closed sales was up by 25 percent this month. The average time spent on the market was 45 days, close to last year’s figure of 44 days, but far shorter than the time spent on the market in 2015, which was 55 days.

Summit Real Estate Market

Home sale prices in Summit have risen over the last twelve months, with the average sale price at $988,194, up from $956,631 in 2016, but down from $1,018,490 in 2015.

Inventory in the Hilltop City is also down by 12 percent, while the average days on the market remained flat. That figure dropped came in at 45 days, equal to what it was in both 2015 and 2016.