How’s the Real Estate Market in Summit?
The focus is on Summit, New Jersey, and numbers talk! The market in Summit has been consistently improving. Because the real estate market is seasonal, the best way to look at a market is by looking at sales in a given month compared to the same month in another year. In Summit, the number of homes that have gone Under Contract (UC) are higher each month so far this year. Another market indicator, the Absorption Rate (AR), gives a read on the strength of the market, with a lower number indicating a stronger market (calculated by dividing the number of homes available on the market in a given month by the number of homes that have gone under contract that month). Looking at April 2009 compared to April 2010, there were 100% more homes that sold, and the Absorption Rate was 52.4% lower (ie. stronger). [Data from the Garden State MLS]
| 2009 | 2010 | |||||
| #UC | #Active | AR | #UC | #Active | AR | |
| January | 4 | 82 | 20.5 | 11 | 137 | 12.5 |
| February | 10 | 116 | 11.6 | 15 | 141 | 9.4 |
| March | 18 | 162 | 9 | 38 | 185 | 4.9 |
| April | 20 | 205 | 10.3 | 40 | 194 | 4.9 |
For the details of all homes that closed in Summit in April 2010 go to www.SoldInSummit.com. If you are looking to buy or sell a home in the Summit New Jersey area- and, if you appreciate honest, reliable, and tech-savvy service, you can contact Judi for a free, no obligation consultation.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
