The November Montclair real estate market results showed improved sales data from October.
Among the 45 homes sold in November, sales prices exceeded original asking price by 4%, versus trailing asking price by 1% in November last year and in October. Days on the market fell to 34 days from 51 last year, and from 41 days last month.
32 new homes to market in November boosted active listings to 137 vs. 116 last year, offering some options to late Fall buyers.
We expect to see inventory drop in the coming weeks and months before growing again in February, weather depending. Last year active listings hit a low of 88 in January before rebounding to 129 in February as buyers and sellers set their sights on Spring.
Note! This can be a great time to value shop for homes as days on market creep up and the prospect of paying another quarter’s taxes weighs on sellers. Properties in need of some updating continue to be good values.
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PS – Check my previous article for information about October 2018 Montclair NJ Area Real Estate Market results.