A bump in new listings and increased buyer traffic typically characterize the mid-fall Montclair real estate market. However, this year is different. Will we see an active late fall market this year?
Low inventory frustrated buyers this past October as only 33 new listings came on the market, versus 62 new listings last October. This has resulted in a paltry 135 total active listings, down from 163 in September, and down from 171 at the same time last year.
However, eager buyers did respond well to those houses that did come on the market. The days on market for homes that went under contract in October was only 27, versus 55 days on market among the home sales that sales in October. Although average sale prices rebounded to 100% of asking prices after dipping below this level in September, this was still below the 103% over the past 12 months.
While activity should taper off between now and January, we have had good open house traffic so far in early November, which may foretell an active late fall market.
As I’ve mentioned before, the Montclair real estate market has been less seasonal as buyers aren’t as beholden to the school calendar. Wintry weather can suppress listings and buyer traffic, so a consultation of the Farmers Almanac may be in order to find out how you can take best advantage of whatever’s going on.
Should you list your Montclair home now or wait until Spring?
Given the real lack of inventory in the $500k-$800k price range, if your home falls in that price range and you can move quickly, I’d say jump into the market.
Questions about your scenario or what you should do?
Feel free to reach out to me to discuss.
PS – Get the best price for your home by planning ahead. Check out
The Stanton Company Home Sellers’ Countdown Calendar for details.