Summit, NJ Real Estate 

Today during one of my appointments with a buyer looking for a home in Summit, NJ I was asked, “How many homes are currently active in the Summit, NJ real estate market?” I contemplated it for a second and said my ballpark answer was a little over a hundred, yet due to the nature of real estate the number of active Summit listing could fluctuate daily.

After giving my educated guess my curiosity got the best of me and I decided to search the Garden State MLS for every Summit, NJ listing currently active. It turns out there are exactly 133 active Summit, NJ listings as of today, September 25^th 2007.

Although this number is not an extremely important statistic to know I am glad that I was asked this question because it lead me to idea. I created a website primarily dedicated to Summit, NJ Real Estate and the communities surrounding Summit, yet no where on my website have I broken down Summit, NJ’s active listings into price ranges to analyze.

Understanding the active listings within the Summit, NJ real estate market has a duel purpose. The first is to aid Summit, NJ homeowners thinking about selling their home in the near future. Wouldn’t it be nice to know that Summit’s $400,000 to $600,000 price range is selling quickly if you own a home in that range? This knowledge may help you take advantage of the market and decide to sell now rather then wait. It would also be helpful for sellers to know if there are a limited number of homes currently active in a given price range. Remember the fewer the active homes the less competition. The second purpose is for buyers interested in the Summit, NJ market. If you knew that the $800,000 to $1,000,000 range is moving extremely slowly you may not pay full price for a listing that just came on the market. It may also be beneficial to know a given price range is inundated with listings because the greater the competition the more likely the price will be lowered.

As you can see this type of real estate market analysis can be useful to anyone interested in the Summit, NJ real estate market. Thus without further adieu here is the Summit, NJ active listings broken down by price range. I have also included the average number of rooms, bedrooms, baths, and garage spaces for each price range to help those buyers unfamiliar with Summit, NJ’s real estate market to become better educated in how large a home each price range will afford you. I hope you find this information beneficial.

Summit, NJ Real Estate Price Range Summary and Statistics 

 

The $200,000- $400,000 Price Range offered:

• 7 Active Listings
• An Average List Price of $373,343.
• The Original Average List Price was $376,929.
• The Original to Current List Price Ratio is 99%
• The Average Days on Market is 70.
• The Average Home Size is 5 Rooms, 2 Bedrooms, 1 Bath, and No Garage.

The $400,000- $600,000 Price Range offered:

• 39 Active Listings
• An Average List Price of $504,238.
• The Original Average List Price was $519,000.
• The Original to Current List Price Ratio is 97%
• The Average Days on Market is 71.
• The Average Home Size is 7 Rooms, 3 Bedrooms, 2 Bath, and 1 Garage.

The $600,000- $800,000 Price Range offered:

• 18 Active Listings
• An Average List Price of $718,616.
• The Original Average List Price was $728,089.
• The Original to Current List Price Ratio is 99%
• The Average Days on Market is 75.
• The Average Home Size is 8 Rooms, 3 Bedrooms, 2 Bath, and 1 Garage.

The $800,000- $1,000,000 Price Range offered:

• 23 Active Listings
• An Average List Price of $894,279.
• The Original Average List Price was $915,321.
• The Original to Current List Price Ratio is 98%
• The Average Days on Market is 84.
• The Average Home Size is 8 Rooms, 3 Bedrooms, 3Bath, and 2 Garage.

The $1,000,000- $1,200,000 PriceRange offered: 

• 10 Active Listings
• An Average List Price of $1,128,900.
• The Original Average List Price was $1,187,864.
• The Original to Current List Price Ratio is 95%
• The Average Days on Market is 78.
• The Average Home Size is 10 Rooms, 4 Bedrooms, 3 Bath, and 2 Garage.

The $1,200,000- $1,500,000 Price Range offered

• 8 Active Listings
• An Average List Price of $1,370,778.
• The Original Average List Price was $1,398,000.
• The Original to Current List Price Ratio is 98%
• The Average Days on Market is 59.
• The Average Home Size is 10 Rooms, 5 Bedrooms, 3 Bath, and 2 Garage.

The $1,500,000- $2,000,000 Price Range offered:

• 5 Active Listings 
• An Average List Price of $1,826,667.
• The Original Average List Price was $1,910,000.
• The Original to Current List Price Ratio is 96%
• The Average Days on Market is 45.
• The Average Home Size is 12 Rooms, 6 Bedrooms, 4 Bath, and 2 Garage.

The $2,000,000- $2,500,000 Price Range offered:

• 5 Active Listings 
• An Average List Price of $2,266,800.
• The Original Average List Price was $2,277,800.
• The Original to Current List Price Ratio is approximately 100%
• The Average Days on Market is 43.
• The Average Home Size is 13 Rooms, 6 Bedrooms, 4 Bath, and 2 Garage.

The $2,500,000- $3,000,000 Price Range offered:

• 6 Active Listings
• An Average List Price of $2,761,667.
• The Original Average List Price was $2,795,000.
• The Original to Current List Price Ratio is 99%
• The Average Days on Market is 89.
• The Average Home Size is 13 Rooms, 5 Bedrooms, 4 Bath, and 2 Garage.

The $3,000,000- $4,000,000 Price Range offered:

• 4 Active Listings
• An Average List Price of $3,342,500.
• The Original Average List Price was $3,392,500.
• The Original to Current List Price Ratio is 99%
• The Average Days on Market is 58.
• The Average Home Size is 13 Rooms, 5 Bedrooms, 5 Bath, and 2 Garage.

The $4,000,000- $5,000,000 Price Range offered:

• 1 Active Listing 
• An Average List Price of $4,250,000.
• The Original Average List Price was $4,675,000.
• The Original to Current List Price Ratio is 91%
• The Average Days on Market is 78.
• The Average Home Size is 16 Rooms, 8 Bedrooms, 7 Bath, and 3 Garage.

The $5,000,000 + Price Range offered: 

• 1 Active Listing 
• An Average List Price of $10,500,000.
• The Original Average List Price was $10,500,000.
• The Original to Current List Price Ratio is 100%
• The Average Days on Market is 208.
• The Average Home Size is 17 Rooms, 6 Bedrooms, 5 Bath, and 3 Garage.

Summary of the Summit, NJ Active Real Estate Market The Summit, NJ active real estate market, as a whole, has an average original list price to new list price ratio of 98%. This means that the original list price was high by at least 2% on average. Since none of these homes have been sold, to date, it also stands to reason that some of these list prices are still too high for buyers to perceive value. With that being said it is important to remember to price your home correctly from the beginning if you choose to sell. Remember if the average Summit, NJ home actively listed is sitting for 80 days you, as a seller, want to ensure that you do not eclipse this average. In fact the quicker your home sells the better the likely hood that you will net more money.

 For buyers interested in the Summit, NJ real estate market understanding that the typical home sits for 80 days is also important. This means that homes sitting for over 80 days must not be attracting buyers who perceive value. If the value is not perceived the home is not worth what the sellers are asking. It is even more beneficial to understand the statistics for your given price range because homes in certain price ranges should sell even faster if priced correctly. For instance Summit’s $2,000,000 to $2,500,000 price range has an average days on market of 43. This means that homes in this range should not take 80 days to sell. If you pay attention to these market standards it will ensure that you, as a buyer, make smart decisions regarding the purchase of your next Summit, NJ home.

Request More Information

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I hope this analysis of the Summit, NJ real estate market was both beneficial and educational. If you are interested in more information about Summit, NJ real estate or would like an excel chart containing all price ranges and statistics emailed to you please contact me at (908)656-3858 or Michael-Pennisi@Burgdorff.com .

I am also willing to provide anyone interested in learning about another specific real estate market with a free market evaluation and analysis. Just send me an email at Michael-Pennisi@Burgdorff.com with a detailed explanation of what you are looking for. Please make sure to include the location(s), price range, and any other information you deem necessary to establishing your search. 

For anyone currently selling or buying real estate in Summit, NJ I would also be happy to create a more in-depth look at any given price range or specific home, street, etc. This would include the market history, price analysis, rate of absorption, and an updated market study. If you are interested in what I can offer please email me at Michael-Pennisi@Burgdorff.com or call me direct at (908) 656-3858.

Remember whether you are buying, selling, or investing I can provide you with a number of resources to help aid any of your real estate needs. I look forward to hearing from you.

The Key to Your Dream Home -   www.MichaelPennisi.com 

 

Resource Links:

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Summit, NJ Real Estate

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