Data from ShowingTime®, a showing schedule coordinator, indicates that showing volume was normal through March 11, before falling to levels 74% below normal.
The March Montclair real estate market got off to a normal start before the market was largely put on hold. Some very limited showing activity continues, particularly among vacant homes. Public opens have been cancelled while virtual tours and FaceTime showings have somewhat filled the gap.
There were 51 new listings in March versus 74 last year. Combined with homes being temporarily taken off market, inventory grew to only 108 active listings from 101 in February. This is down considerably from 159 at this time last year. Among the new listings, a solid 23 are under contract or in attorney review as buyers moved quickly at the beginning of the month to take advantage of low rates.
We are of the opinion that the local market should be stable, albeit delayed. What was traditionally a Spring market should, with any luck, become a Summer market.
Buyers are still in the wings, though possibly with lower budgets or greater financing needs if their purchase assets were in the equity markets. However, at the time of this writing, the S&P is creeping back to early March levels.
We anticipate an impetus for urban dwellers to move to the open spaces of the suburbs, while empty nesters have been forced to evaluate their next move.
If you are thinking of selling this year, now is great opportunity to organize/prep your house for a summer sale.
If you are thinking of buying a new home this year, consider our customized property emails, which will give you the most current status on listings that are new, under contract, and just listed, as well as price decreases. Reply to this email and we’ll get you set up with all the data that pertains specifically to your home search.
Questions? Contact me for answers and insights on your situation.
Rich Stanton, CEO & Principle Broker