February Results of the Local Real Estate Market / Data source: Garden State MLS. May not reflect all transactions.
Low inventory continues to stymie would be buyers in Montclair. There were 54 new listings in February vs 52 last year, but active listings trailed last year significantly at 96 v 129. A good portion of homes that came to market were snapped up with 38 contracts in February, up from 20 in January.
If you are looking to buy in the tough to find $500,000 to $800,000 range, hang in there; listings usually peak in late April. Contact me for more details and strategies for the upcoming system.
18 homes closed in February with a relatively long average time on market of 63 days, and sale prices trailing ask by 4% as buyers picked over languishing listings.
The median sale price of $473k was well below the median active price of $709k, indicative of the demand for smaller homes and condos.
If you are considering selling a home over $1.2 million, this may be the year to list. The trend for buyers to scale back, coupled with higher rates in coming years, should continue to limit appreciation.
Will the market open up? Is there anything that could help you in this market this season?
Contact me for answers and insights on your situation.
Rich Stanton, CEO & Principle Broker