Market Overview

Overall, the market for Montclair area real estate has remained strong through the summer with many homes going to contract, a noticeable uptick in final sales prices versus original listing prices, and more activity in the $1M+ segment.

Sellers

The Summer market is hot and could indicate a strong Fall season as well. Get prepared now to get the most for your house this Fall. Contact me today to start the conversation.

Buyers

Competition out there is strong this year, but do not despair! Make sure that you have expert guidance every step of the way so you can get the best home possible. Contact me today to get started.

Insider Market Details

Buyers were active in the local market this past July as a robust 46 houses went under contract.

Local inventory levels dropped over 20% since last month to 144 homes by the end of July, versus 183 at the end of June. Inventory levels were higher at the same time last year with 167 houses available.

July sales prices were 5% above the original list prices for the second month in a row, due to strong demand and multiple offers becoming more and more common.

The higher end of the market ($1M+) has gotten more active as evidenced by a higher average sales price. The average July 2016 sales price was $769k, versus the two year average of $676k.

The $1M + range is also experiencing multiple offers for the right properties.  Examples include an Upper Montclair Colonial asking $1.499M that sold for $1.747M and an Erwin Park Custom Cape that was asking $989k and ended up selling for $1.310M.

The best takeaway about this for both sellers and buyers…

is to be clear that homes that are renovated and in a good location are getting the most interest and highest offers.

> Contact me with your questions, Rich