Home sale prices remain strong in New Providence and Summit. Once again, fewer listings made their way onto the market, causing prices to surge. As summer can be a relatively quiet time following the flurry of buying and selling that accompanies the spring season, it’s no surprise that closed sales were down and flat in New Providence and Summit, respectively.
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 in September as fewer new listings meant inventory was low. This month, the number of new properties on the market fell by approximately 10 percent. The average home sold for $632,173, 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.
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 down 31 percent from one year earlier. Jason Forster, Maxavenue real estate expert, explained that drop occurred because buyers are choosing to wait for other properties to come on the market.
“There’s interest,” Forster noted, “but inventory is low and obviously buyers just aren’t finding properties they like.”
Summit Real Estate Market
Home sale prices in Summit have risen over the last twelve months, with the average sale price at $1,007,752 up from $956,631 in 2016, but down from $1,018,490 in 2015.
Inventory in the Hilltop City was down by 5 percent, while the average days on the market decreased. That figure dropped to 43 days, down from 45 days on the market in both 2015 and 2016. The number of closed sales — 33 — remained flat relative to last year at this time.
“There are a lot of buyers out there but they’re not pulling the trigger,” Forster said. “During the summer we see a slow down in regard to purchasing. I think we’ll see things pick up as that season ends.”