The Spring season was pushed back this year due to late snow, which has opened this Summer up to much more activity than usual.
There were 162 total active home listings in July, which was on par with 161 in July 2017. This was down from 215 active home listings in June as there were 62 homes under contract in July, many more than the 36 home under contract last year.
Opportunities for potential buyers were abundant this past month with an atypically high 44 new home listings coming on the market in July.
Median sales price in July moved up to $792k from $760k last month, and $650k last year, as many homes in the $700k range were sold for well above ask.
When at about listing my own home?
For people to get in before the school year, it’s getting down to the wire, but locals and transferees will still be looking.
There are still buyers out looking now, so if your home is already for sale on the market, it’s probably best to keep it on the market.
However, if you have little projects to do, now would be the time to go off market and come back fresh in September.
If you haven’t listed yet, it’s probably better to wait until September when new inventory will draw new buyers.
Questions about your best options?
Contact me for guidance.
PS – Check my previous article for information about June 2018 Montclair NJ Area Real Estate Market results.