The inventory of homes for sale in Summit is getting to it’s lowest level in years.

Active – 96

Attorney review – 4

Under contract – 50

Sold in the past 12 months – 281

New listings in the past 14 days – 9

The available homes for sale are down over 10% in two weeks. Only a year ago that number was around 170. Houses under contract, sold and new to the market are also down. Much of this is simply due to August is a slow time because of obvious reasons. When the inventory shrinks, prices stablize and begin to appreciate. Sellers are more inclined to list their home for a realistic price. The buyer recognizes this and with low interest rates they feel better about purchasing a home. We have been waiting for the market to correct itself which takes several years. From the looks of things real estate in New Jersey is entering a “new normal” that we all might enjoy.

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