Sue adler 2014 summary summit

1. 6 | THE SUE ADLER TEAM 973.936.9129 www.sueadler.com
2014 Home Sale Statistics
SUMMIT 2014 HOUSING OVERVIEW
In 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 higher
average 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, and
prepared for sale, typically sell faster and for more money than those that are mispriced, need updating, or have
location issues.
in order to provide the most accurate statistics for the segments below, we have compiled the data for each property sold
going back to listing date of 1/1/2013. This allows us to identify the actual original list price and true days on market which
differs from the market overview because the mls does not account for relisted properties. The following are our results:
UNDER $500,000
TransacTions: 62 average cumulaTive Days on markeT: 69
original lisT To sale Price: 93.0%
The under $500,000 market in Summit represented roughly 24% of all homes sold in
2014. Compared to the rest of the Summit market, this market is slightly slower than
normal 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 condo
and townhome sales. The condo and townhome market has not seen the same bounce
back as the single-family home market. Looking at these statistics, one could conclude
that this price bracket is more of a buyers market. We would suggest however, that the
statistics are skewed due to the high volume of condos and townhomes in this price
range, which take longer to sell than single family homes in the same range. The statistics
for this market segment are in line with other neighboring towns, and we plan
to see this trend continue in 2015.
$500,000 TO $1,000,000
TransacTions: 117 average cumulaTive Days on markeT: 42
original lisT To sale Price: 97.9%
The $500,000 to $1,000,000 market represented about 45% of the Summit market in
2014. This market segment was the best performing in Summit this year. With the lowest
days on market and highest list to sale price ratio, it is clear to see that this is the sweet
spot for Summit real estate. This does not come as a surprise, as most of the Summit
buyers who contacted us to find a home in 2014 were looking in this price range. Most
were first time home buyers moving from Manhattan, Jersey City, or Hoboken. Homes in
this price range that were updated sold faster and often with multiple offers if they were
priced right.
$1,000,000 TO $1,500,000
TransacTions: 46 average cumulaTive Days on markeT: 52
original lisT To sale Price: 96.2%
The $1,000,000 to $1,500,000 represented 18% of the Summit market in 2014. This
market has the second best list to sale price ratio, which is a sign of a strong sellers
market. Buyers in the price range paid very close to list price when they found a home
that 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 homes
that needed updates, which sat on the market longer. This price point represented a mix
of first time home buyers, move up buyers, and down sizers.
$1,500,000 & UP
TransacTions: 35 average cumulaTive Days on markeT: 96
original lisT To sale Price: 94.1%
The $1,500,000 and up market represented 13% of the total Summit market. This upper
bracket price range shows similar stats to other neighboring towns. The high end market in
2014 was very seasonal – school year and Wall Street bonus driven. Most sales closed by
August. 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 price
reduction. On a positive note, if you take the full year into account, the overall average list
to sale price ratio was strong, balancing out the slower months. Similar to the rest of the
market, 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