The prices in real estate in Summit, in the New Jersey region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Summit has had a strong decrease during the last 6 months. In October, the average price per sq.feet was $2,375. In the following month the price per sq.feet decreased considerably to $420. The price for the following two months in (December, January) had a considerable decrease of 31 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 47 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $915.5 to $434.5 during February, and March.
Based upon to the price in Summit (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during October, is $1,109,663. During November the price went through a considerable rise reaching $1,311,303. During the following two months (December, January) the price has had an average incrementation from $1,210,483 to $1,303,469. Based on an analysis of the first four prices and the last two months the average price has gone up 111 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 3 bedrooms are the cheapest ones. At a price of $1,395,997 they are 22 % more affordable than the average price for Summit. The properties with the lowest average price have 1 bedroom, Their price is 21 % cheaper than the average. After that we have properties with 3 bedrooms priced at $1,093,961.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the most costly ones at a cost of $2,908 / sq.feet, with an average $437 / sq.feet price in Summit. The properties with the highest average prices have 1 bedroom. They are 569 % more expensive than the average followed by properties with 3 bedrooms with a price at $2,908 / sq.feet.
The graph displaying the average prices displays the property type "Duplex" as the most affordable one. At an cost of $1,395,997 it is 22 % cheaper than the average price in Summit. "Apartment" is seen as the second most affordable property type. The cheapest type property is "Apartment" followed by "Duplex". At a price of $1,090,682 it is 22 % more affordable than the average price.
According to the average cost per sq.feet, the most expensive property type would be "Duplex" at an average cost of $2,899 / sq.feet followed by "Apartment" priced at $2,908 / sq.feet. "Apartment" is the most costly type of property with a $2,908 / sq.feet cost followed by "Duplex" with an average price of $2,899 / sq.feet.