The May 2018 Montclair NJ Area Real Estate Market started with the end of the inventory drought, as it finally broke with the Spring weather inspiring sellers to get their homes ready for market.
New listings have continued to come onto the market into the first week of June to give buyers some comparison shopping.
106 new listings in May boosted inventory to 208 active listings, up from 173 in April, but below 243 in May 2018.
Listing activity has continued into June with 26 homes hitting the market in the first week.
Days on market among homes closed in May averaged 55 days, up from 26 in May last year, while sale price/list price decreased to 100% from 108%.
This is partly due to a mix of higher priced homes (median price $785k vs $655k last year) that typically have a longer sales cycle.
70 homes under contract in May showed strong demand as days on market was back down to 23 days.
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PS – Check my previous article for information about April 2018 Montclair NJ Area Real Estate Market results.