At the end of 2019, the local real estate market wound down with few new listings and low inventory. Our local market analysis shows that there were 17 new listings in December, while active listings fell to 87 from 112 in November, and 111 last year.
Fall sales were strong as evidenced by average prices exceeding ask by 6% and an average 34 days on market. Notably, the average price of homes sold in December was $659k vs. $935k among homes for sale in December, indicating a top heavy market and longer sales cycle among higher priced listings.
Montclair real estate market results for the past year are in and they very closely mirror the prior 2 years’ results across all measures.
As was the case last year, Montclair, Glen Ridge and Maplewood/South Orange showed the strongest sales as measured by Sales Price vs Ask and Days on Market. I added Bloomfield to the list this year and they too have been experiencing strong sales, fitting into the good commute and reasonable price model. Average sale prices there have been steadily increasing over the past 5 years. We regularly see people consider Bloomfield when price points in Montclair are out of reach.
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