As spring arrived in New Providence and Summit, it brought plenty of new listings with it. Last month, Maxavenue real estate expert Jason Forster explained that this season is typically the busiest as the nicer weather brings out sellers and buyers alike. Closed sales in New Providence are also on an upswing as buyers look to lock in mortgage rates, which, too, are on the rise. That buying trend is likely to continue as would-be buyers waiting on the sidelines decide it’s time to jump in before they miss out, Forster added.
Let’s take a look at the local real estate market.
New Providence Real Estate Market
Home sale prices in New Providence slipped slightly in March. The average home sold for $641,291, down a bit from $646,644 at the same time in 2017, but higher than the average sale price for the same time in 2016, which came in at $601,123.
Closed sales rose 57 percent from one year earlier, with 7 deals completed as buyers snapped up inventory.
“Percentage-wise that seems like a large amount, but that’s really only because it’s compared with so few deals last month,” Forster noted. “Inventory is creeping up but there’s a lot of FOMO (fear of missing out) going on. You have some buyers who say, ‘I really like this house, but what’s coming on next?’ Many are waiting to look at more homes before making a move.”
Summit Real Estate Market
Home sale prices in Summit have increased over the last twelve months, with the average sale price at $1,093,986, up from $1,053,762 in 2017, and $956,631 in 2016.
Closed sales in the Hilltop City remained flat with 11 deals completed.
“Those figures are probably due to a few higher-priced homes selling,” explained Forster. “I think we’re going to start seeing more buying happening. The weather may have been holding people back a little bit. I don’t expect inventory to skyrocket but we could see more listings coming on the market. But I think we’ll also see more purchasing as people start hopping off the fence now as mortgage rates increase. People want to lock in as those rates are expected to move higher.”