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:
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.
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’s 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.
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.
3rd Generation Owner