The summer has passed and it’s back to school/work time, and for our team, that means back to the business of helping individuals who are buying and selling homes in Montclair and the surrounding towns. Here’s my breakdown on how the summer season closed.
August data supported strong demand for Montclair real estate in the $500k-$800k range with weakness at the high end.
Among the 64 closings in August, the average days on market was 31 versus 36 over the past the past 12 months, while the average sales price exceeded original ask prices by 6% vs 4%.
A number of high-priced listings that are spending increasing days on market pulled up the average active listing price to $911K, the highest it’s been since 2005.
As expected, a lull in new Montclair NJ home listings in August left buyers with scant options. Only 20 new listings hit the market in August, down from 36 last year and 41 in July resulting in 121 homes for sale in Montclair, down from 163 in July.
Are you among the buyers looking to move to the suburbs from Hoboken, Brooklyn, or Jersey City?
Don’t despair, we’ve already had 20 listings come on in the first 5 days of September.
Do you have questions or know someone else who may?
Let me know, I am happy to help, Rich
PS – Get the best price for your home by planning ahead.
The Stanton Company Home Sellers’ Countdown Calendar