Overall inventory grew with 54 new listings coming on the market in October, versus 31 new listings coming on the market in the same month last year.
54 seemed to be the magic number, because buyers responded to this inventory boost with 54 homes going into contract last month, versus 29 this past September and 25 in October 2016.
We have been seeing multiple offers in Montclair, primarily in the $450k-$800k price range.
Recent multiple offer situations typically include;
1.) 3-5 offers each
2.) sales prices going 5% over the asking price
3.) favorable terms for sellers
In contrast to this buying and listing activity over the month, some home sellers were also dropping their asking prices, particularly in the higher price ranges.
There were 23 price reductions in October this year, versus 12 the previous month and 14 price reductions in October last year. Roughly half of the 23 price reductions were in the $800k+ range.
It is a unique market we are in, and our team is positioning our sellers and buyers more strategically than ever.
Contact me about setting up your own strategy and for guidance in gauging current market activity.