Home sale prices remain strong in New Providence and Summit. Following a quiet summer, sellers are listing their homes in New Providence, while inventory remains low in Summit, which explains why prices are up in the Hilltop City.
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 slightly in October. The average home sold for $628,765, 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 81 percent, with 29 new listings becoming available during October.
“I think a lot of people were waiting for end of the summer to put their houses on the market,” Jason Forster, Maxavenue real estate expert, explained. “Spring is typically the hot season to sell because many buyers and sellers want to settle in to new homes over the summer and be ready for the start of the new school year. If they miss that window, they list in the fall, and that’s why we’re seeing a lot of new homes come on the market in New Providence.”
Jason noted that the number of active listings, 56, is up a bit from last year’s figure, which was 51.
The average time spent on the market was 44 days, equal to last year, but far shorter than the time spent on the market in 2015, which was 55 days. Closed sales were down 27 percent from one year earlier, which Jason attributes to the previous shortage of inventory.
Summit Real Estate Market
Home sale prices in Summit have risen over the last twelve months, with the average sale price at $1,003,638 up from $956,631 in 2016, but down from $1,018,490 in 2015.
Inventory in the Hilltop City was down by 33 percent, with the number of new listings at 44. 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 — 22 — was down by 24 percent from last year at this time.
“Inventory is still low in Summit, which is driving prices up a little bit,” said Jason. “From what I’ve seen, people are a little reluctant to move forward. They’re interested, but they may be waiting for something new to come on the market.”