The April 2018 Montclair area real estate market was somewhat slower than expected as new listings fell short of last year, while days on market and sales price premiums reflected a cooling of demand.
84 new listings were added to the market in April, boosting active inventory to 165 units in April, but staying well short of 210 new listings that came on the market last year.
57 houses were under contract in April vs. 52 last year while days on market increased to 44 from 24 in April ‘17 and 28 in March. At the same time, sales closed in April exceeded original list price by 2% versus 4% last month and 6% the year before.
Demand for higher end houses was decent with 15 of the 57 houses (26%) going under contract in April priced $900,000 or above. That’s slightly less than the 32% of the market currently represented by homes over $900k.
Our team is still pricing and prepping a good number of houses for market in May though, so we may see the bulk of the market activity a bit later this year, which would be reflective of a wintry March.
With the homes on their way to market in the near future, there will still be opportunities to find what you are looking for.
Want an inside track on the market? Let’s discuss directly, contact me by email or phone.
There is still time to list and inventory has continued to be tight, so this may be the ideal season to list your home. We all know that the town shows best this time of year, so let “May in Montclair” help sell your home.
What questions do you have?
Let me know directly, and we can discuss answers additional helpful guidance for you this season.
PS – Check my previous article for information about March 2018 Montclair NJ Area Real Estate Market results.