228 South Mountain Avenue, Montclair, N.J. Stanton Realtors
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124 Gordonhurst Avenue, Montclair, N.J.

Quiet September Extends Fall Opportunities for Sellers

The September market was a bit tepid this year, while certain sellers of mid-market properties were receiving multiple offers.

Within the local market, 56 properties were newly listed last month, lagging behind 75 in September last year.

The urgency to list properties for sale that typically starts the Fall season has been absent this year, possibly due to a late school start followed by holidays and summer-like weather.

With fewer new property listings coming on the market in the beginning of this season, additional new listings will most likely become available more evenly over the course of the upcoming weeks.

Nonetheless, buyers are out and we are seeing some multiple offers in the middle price ranges.

The amount of homes going into contract has also been strong to start the season, topping off at 33, consistent with the amount of properties going into contract in September last last year.

Do fewer listings and consistent contracts mean more competition among buyers? 

Perhaps not when we consider that the sale price versus original list price dipped to 98% from 105% in August. A relatively high average sale price of $862k is a contributing factor to this decrease, as the upper end of the market tends to sell below ask.

Additional time and data will help to reveal whatever trend is developing, and I will keep you apprised of what discover. 

Quick Tips

Buyers > Stay vigilant over the next few weeks for your perfect home becoming available.

Sellers > Given the solid demand that well positioned properties have already shown this season, have confidence that your home will be viewed by some serious buyers.

If you or someone you know has any questions about listing or buying a property, let me know and I will bring additional details of market insight for you to leverage. 

Rich