As inventory remains low in New Providence and Summit, prices continue to increase.
Maxavenue expert Jason Forster explained that what we’re seeing in the real estate market in both communities is similar to what we saw last year: strong interest in buying homes in these desirable areas.
Let’s take a look at the local real estate market.
New Providence Real Estate Market
The median listing price for active listings in New Providence rose in March compared with one year ago, increasing from $670,000 in March 2017 to $767,000 in March of this year. The median price for listings under contract also jumped from $609,000 in March 2017 to $789,000 in March 2018.
These price increases are a result of low inventory, Forster noted.
The number of active listings on the market one year ago was 23, compared with 15 at the same time this year.
“Fewer homes available means prices are going to go up,” Forster said. “At the same time, we’ve seen the average number of days on the market for sold listings drop significantly from 83 to 23 between March of last year and March 2018.”
Summit Real Estate Market
The median listing price for active listings in Summit has increased over the last twelve months, rising from $1,225,000 in March of 2017 to $1,249,000 in March of this year. The median price for listings under contract also jumped from $1,134,723 in March 2017 to $1,234,721 in March 2018.
The number of active listings was also down in the Hilltop City from 62 in March of 2017 to 43 in March of this year.