The February 2018 Montclair NJ Area Real Estate Market Finally Got New Inventory.

However, overall inventory of local homes and houses remains low.

Welcome to my February 2018 Montclair area real estate market recap.

Only 14 houses sold in February, but strong demand was evidenced by an average time on the market of only 36 days, and an average sales price of 6% over asking price. 

We also saw a pleasant spike in new listings for homes this past February.

59 new real estate listings came on the market in February, which gave a good boost to the low inventory levels we have been seeing over the past few months. 

However, this welcome housing inventory relief came up short compared to last year’s.

The newly added real estate listings resulted in only 114 total active listings in February, versus 140 at this time last year.

Last March, there were 187 active local real estate listings, which is not a level the market will hit this year unless we see an influx of new listings come on this month.

Thus far we’ve had only 3 new listings between $500k and $900K come on the market in March; hopefully more are on the way!

Check my previous post for information about January 2018 Montclair NJ Area Real Estate Market results.

Are you considering a strategy to sell your home or buy a new one?

Contact me today to discuss, Rich