In Summit, the Spring Buying Spree Has Begun!
Real Estate is moving in Summit! In February of 2011 there were 38% more homes under contract than in February 2010, and 120% more than in 2009.
Homes Under Contract in Summit NJ
Absorption Rate, a real estate metric that measures the strength of the selling market can be calculated as the number of homes currently available on a given date, divided by the number of homes that went under contract in the previous 30 days. The indicator is a theoretical number of how many months it will take to sell off current inventory, given the current sales pace and quantity of inventory available. When the Absorption Rate is 5 or less, it is a Sellers Market, with rising prices.
Calculated on March 6, 2011, the Absorption Rate in Summit was 3.3, indicating a very strong market. Twenty-six homes went under contract in that period, almost a third of which went under contract between March 1st and March 4th! Not surprisingly, we have been seeing multiple offers on properties.
For more statistics on the current Summit Real Estate market go to www.SummitTrends.com. To find out how much your home is worth in the current market, call Judi for a free, no-obligation Market Analysis.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
Statistics from Coldwell Banker Market Action Reports for February 2011
