Summit, NJ

Summit NJ December / Q4 Numbers Are finally Out!

There must have been a ton of numbers to crunch, but the results are in. The following is for the entire 4th quarter of 2009:

	2006	2007	2008	2009
Average # Of Offerings/Monthly	28.3	24.7	23.0	27.3
Average # Of Sales/Monthly	19	16.7	10.7	15
Supply & Demand Ratio	67%	68%	46%	55%
Unsold Inventory	93	106	128	103
Projected Absorption (Months)	5	6	12	7

The unsold inventory continues to drop from 2008 and there was a 50% bump in sales over last year. 7 months of available inventory in this desirable community signifies a very slight seller’s market. For more information on how this affects your plans, call me at 973/219-9200 or visit www.greatnjproperties.com.

Analysis and forecast courtesy of the Otteau Valuation Group

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Earlier this week, I posted a brief overview of homes in Summit, currently for sale that are priced under $1 million. Today, I wanted to show you guys the landscape over the "1".

As we step up in price, each home adds quality and luxury, space, number of rooms, positioning on, and overall appearance of, the lot.

We're not at the "really grand" homes yet in the $1 - 1.5 million range, but we are at "substantial". You can expect a newer kitchen and bathrooms or more space - one or the other.

Now you start to see bigger home, on larger lots with more upgrades. A large house in this price range will tend to extra spaces beyond the 4-5 bedroom Center Hall Colonial traditional layout.

In the $2 -3 million range, you can expect a grand home, with new or state of the art kitchen, renovated (up to date) bathrooms, lots of space and a lovely, sizable piece of property. When trying to describe the texture of luxury in these homes, we'll use words like "estate", "old world grandeur with all modern convenience"... they're big, beautiful and all about abundance.

At $3 Million plus,you get the best we have to offer.

When you're ready to make a move, I'm ready to show you your options.

Summit, NJ has a reputation for grand homes in the upper price bracket. Yet, of the 125 Summit NJ homes for sale right now, only 36% are over $1million! The mid-point of the list of available homes is $749,000. There are even TWO homes listed for sale at less than $200,000; though it should be pointed out that those are 1 BR co-ops, in a lovely pre-war building on Summit Avenue, within walking distance to everything!

Here's a quick overview of what you can get for under $1 million today!

Usually less than $200,000 gets you an apartment in Summit. there are some small homes available in the mid-$300s, but rarely under that number.

By the time you get into the $300,000 range, there are some 2, 3 and even 4 bedroom homes for sale. Whether you prefer a ranch, or a Dutch colonial or an expanded cape, these homes are good starter homes – compact, efficient and easy to run.

At the $400’s you begin to see a number of Summit’s expanded Capes. These are quite charming with lots of character.

Homes in the $500s tend to be larger, with larger rooms on a slightly bigger piece of property. You also start to see a family room or den, in this price point.

It is remarkable given Summit’s high end reputation that you can still find a brand new townhouse in the $600s. Some classic smaller CHC homes also start to become available now, though they are unlikely to be renovated or in pristine condition, unless somewhat smaller compared to their competition.

By $700,000 you're starting to see some lovely homes on a nice piece of property. Not huge, or high-end, but often nicely appointed and attractive.

$800,000 in Summit buys you even more space, closer into town, or even a small new construction. Also, you'll find Center Hall Colonials depending upon the usual variables of Location and Condition.

We're just shy of $1 million here in the price range and you can expect to see the beginnings of luxury, whether in terms of renovation, or extra space, or a slightly bigger plot. Also a more convenient location to the thriving hub of downtown Summit.

See what I mean? Lots of variety, and we haven't even crossed the "1"!! Stay tuned. In my next blog, I give you a tour of the rest of our market.