Summit Historical Average and Median Home Sales Prices

What is my Summit Home Worth? The graph shows historical residential average and median sales prices from 1996 through October 2014. The data source for the graph is from the Garden State Multiple Listing Service where data was extracted on 11/15/2014.

Viewing the entire 19 year period, both average and median residential sales price trends have increased. If you bought a home in 1996 and maintained it, you should expect an average sales price increase of 210% and a median sales price increase of 218% essentially doubling the value of your home over this period.

What is unusual is the disparity between the average and median home sales price per year with a low difference of $82K in 1998 and a high of $269K in 2007. This is partly attributable to the profile change in the number of homes sold per price point. In 1996, 94.4% of all homes sold in Summit sold for under $1M. In 2014, this number is 67.4%. The number of homes that sold for over $2M in 1996 is 0% while this number grew to 7.5% in 2014. More detail on the yearly profile changes is available.

Looking more closely at the data, Summit experienced double digit year over year sales price increases from 1999 through 2005 before slowing with single digit increases in 2006 and 2007. 2007 saw the largest average sales price, $1.129M, and the largest median sales price, $790K. In this year, 57.2 % of homes sold for less than a million dollars while 42.8% sold for over $1M. Of particular note, 11.0% sold for over $2M.

The US recession dramatically impacted home sellers from 2008 to 2012 where the average sales price high of $1.129M in 2007 plummeted to $905K in 2012 nearly a $125K drop in value. Accordingly, the median home sales price dropped from a high of $860K to $737K. 2008 saw the largest drop in median sales price (-15.1%). 2009 and 2010 had slight upticks due to 1st time buyer tax credit incentives before falling again in value in 2011-2012.

Post-recession recovery saw a hefty 12.6% median sales price increase in 2013. However, through October this year, the median sales price has declined by 7.0%. This is largely attributable to the volume of luxury home sales (home sale price greater than $1M) which has declined by 5% from 2013.