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Montclair Housing Market Slows, but Still Strong for November
December 8, 2020
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A Very Active January in the Local Housing Market – Montclair, NJ
February 6, 2021
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The 2020 Montclair Area Real Estate Market

The Covid Effect

 

The Montclair Market

The 2020 real estate market came roaring back in the Montclair area after the covid shutdown in the early part of the year. 

Across the board insights:

  • The ensuing demand among buyers from urban areas drove the local real market to record levels by all measures. 
  • Multiple offers on properties drove prices higher and days on market lower. 
  • Large premiums paid for properties, especially in the $600k to $900k range, drove the average sale price 11% over ask for the year, a huge margin for a 12 month period. 
  • Average sale prices jumped considerably to $866k due to price increases as well as the sale of larger homes.  
  • More buyers who could afford to stay in high priced apartments chose to move out of urban areas. 
The above graph shows the slowdown in activity in March, April and May, before recovering in June and remaining strong through the fall. 

In particular, luxury homes sales were strong and we had our hand on the pulse of that market. 14 homes sold over $2 million in Montclair over the past 18 months and Stanton Company represented buyer or seller in 36% of those transactions.

We expect the 2021 Spring market to shift earlier to late winter in response to pent-up demand. 


Essex County Market

The strong market was evident throughout Essex County as most towns saw price increases, sales prices in excess of ask, and other benchmarks of a Seller‚Äôs market, at new highs. 

Bloomfield, in particular, was a hot market due to its varied and relatively affordable housing stock, transportation options and thriving attractive retail centers. 


 

2021 

We anticipate continued strong demand for homes in Essex County with some relief coming to buyers as sellers expedite their 3-5 year moving schedule in response to strong demand and corresponding prices. However, some demand for suburban homes may be tempered by frustrated buyers staying put and renegotiating rents in city apartments. 

We cannot predict interest rates, but they are so low currently that it would take a substantial increase to curb buying activity. Activity among buyers and sellers should stem from reduced stress as, hopefully, Covid worries and election year uncertainty will be behind us.

As always, contact me today to answer any questions you may have about the real estate market, and especially your home.    

Best, Rich

Rich Stanton
Principal Broker
3rd Generation Owner