Home prices remained robust in both New Providence and Summit during the past month, at the same time the number of closed sales in each community increased as buyers looked to complete deals before year-end.
Let’s take a closer look at the local markets.
New Providence Real Estate Market
Home sale prices in New Providence increased in December. The average home sold for $639,117, up from $601,123 at the same time in 2016, and surpassing the average sale price for the same time in 2015, which came in at $626,622.
This month, the number of new properties on the market rose by approximately 43 percent, with 10 new listings becoming available during December.
The average time spent on the market was 44 days, equal to last year’s figure, but far shorter than the time spent on the market in 2015, which was 55 days. Closed sales were up 56 percent from one year earlier, with 14 deals completed, as buyers were eager to complete their transactions and settle in before the start of a new year.
Summit Real Estate Market
Home sale prices in Summit have surged over the last twelve months, with the average sale price at $1,011,225, up from $956,631 in 2016, but down from $1,018,490 in 2015.
Inventory in the Hilltop City was up by 67 percent, with the number of new listings at 25.
The average number of days on the market also dropped slightly. That figure decreased to 42 days, down from 45 days on the market in both 2015 and 2016. The number of closed sales — 15 — was down by six percent from last year at this time.