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2014 Home Sale Statistics

SUMMIT 2014 HOUSING OVERVIEWIn 2014 Summit homes took on average 41 days to sell compared to the Mid-Town Direct train line town average of 46. 259 homes sold in Summit, with an average sale price of $935,107. The list to sale price ratio of 99% is in line with the rest of the train line towns and is quite strong, showing an overall sellers’ market. Due to the higheraverage price point, and low days on market, we would say that Summit has a very robust real estate market. We expect to see this trend continue in 2015, keeping in mind that homes priced right in great locations, andprepared for sale, typically sell faster and for more money than those that are mispriced, need updating, or havelocation issues.

in order to provide the most accurate statistics for the segments below, we have compiled the data for each property soldgoing back to listing date of 1/1/2013. This allows us to identify the actual original list price and true days on market whichdiffers from the market overview because the mls does not account for relisted properties. The following are our results:

UNDER $500,000TransacTions: 62  average cumulaTive Days on markeT: 69original lisT To sale Price: 93.0%The under $500,000 market in Summit represented roughly 24% of all homes sold in2014. Compared to the rest of the Summit market, this market is slightly slower thannormal with a lower list to sale price ratio than any other market segment in Summit. One reason for this is the fact that several of the transactions in this price range are condoand townhome sales. The condo and townhome market has not seen the same bounceback as the single-family home market. Looking at these statistics, one could concludethat this price bracket is more of a buyers market. We would suggest however, that thestatistics are skewed due to the high volume of condos and townhomes in this pricerange, which take longer to sell than single family homes in the same range. The statisticsfor this market segment are in line with other neighboring towns, and we plan to see this trend continue in 2015.

$500,000 TO $1,000,000TransacTions: 117  average cumulaTive Days on markeT: 42original lisT To sale Price: 97.9%The $500,000 to $1,000,000 market represented about 45% of the Summit market in2014. This market segment was the best performing in Summit this year. With the lowestdays on market and highest list to sale price ratio, it is clear to see that this is the sweetspot for Summit real estate. This does not come as a surprise, as most of the Summitbuyers who contacted us to find a home in 2014 were looking in this price range. Mostwere first time home buyers moving from Manhattan, Jersey City, or Hoboken. Homes inthis price range that were updated sold faster and often with multiple offers if they werepriced right.

$1,000,000 TO $1,500,000TransacTions: 46  average cumulaTive Days on markeT: 52original lisT To sale Price: 96.2%The $1,000,000 to $1,500,000 represented 18% of the Summit market in 2014. Thismarket has the second best list to sale price ratio, which is a sign of a strong sellersmarket. Buyers in the price range paid very close to list price when they found a homethat they liked, as inventory has been low in this price range. The homes that were recently updated sold more quickly with a higher list to sale price ratio than the homesthat needed updates, which sat on the market longer. This price point represented a mixof first time home buyers, move up buyers, and down sizers.

$1,500,000 & UPTransacTions: 35  average cumulaTive Days on markeT: 96original lisT To sale Price: 94.1%The $1,500,000 and up market represented 13% of the total Summit market. This upperbracket price range shows similar stats to other neighboring towns. The high end market in2014 was very seasonal – school year and Wall Street bonus driven. Most sales closed byAugust. Overall it was a slow moving price range with an average days on market of 96,and many of the homes were listed more than once before selling and often with a pricereduction. On a positive note, if you take the full year into account, the overall average listto sale price ratio was strong, balancing out the slower months. Similar to the rest of themarket, the updated and newer homes fared much better than those that were dated.

Sue Adler 2014 Summary Summit 2/27/15 3:05 PM Page 1