Active – 92

Attorney review – 3

Under contract – 41

Sold in the last 12 months – 275

New listings in the last 14 days – 14

The inventory of available homes for sale continues to drop in Summit New Jersey. In the last 2 weeks of August this number could go below 90. Although this is a very slow time of year, the trend is fewer homes for buyers to choose from. This is very good news for sellers because it has caused prices to rise 5.3 %. Homes are being priced better and are selling in less time. Buyers are taking advantage of of better values as well as extreemly low interest rates. For now it looks like the market has corrected itself to a “new normal”.

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tom@tommcdonough.com