154 Inwood Avenue, Montclair, New Jersey 07043

Smart Tips for Spring as Competition is Fierce

The March 2018 Montclair NJ Area Real Estate Market Recap

Repeated snowstorms tempered the March 2017 Montclair, NJ area real estate market.

Despite the snow, there was a sliver of real estate activity last month, with the middle price range of the local market ($500k – $800K) performing very well, some receiving multiple offers on particularly limited inventory.

New inventory has been slow to come to market.

There were 125 active listings in March of this year versus 187 in March of last year. There were only 54 new listings versus 84 new listings last year.

As Sellers figure out their next homes and work through their pre-listing to do lists, I expect a lot more houses to come on in April with (hopefully) better weather.

Competition is fierce.

Competition for homes was evident as the average sales price of the 23 closed sales in March exceeded asking price by 7%. This was primarily driven by sales of homes in the 700-800k range.

3 recent examples of local homes selling for more than their asking price include;

– $699k asking price / $800k closing price
– $749k asking price / $845k closing price
– $799k asking price / $940k closing price

Competition will continue to be fierce this season, so buyers and sellers have to be smart.

Potential Buyers should…

Make sure you understand which properties and prices represent real value in this area by getting specific guidance and details on the market.

You should also get guidance on how to bid smart in this market, so you find the offer price sweet spot of paying enough to get it, but not overpaying. What is it going to take to get your bid accepted and win a potential without going too crazy?

Potential Sellers should…

Price carefully. Multiple offers are not always a good thing and don’t always work. Above all, don’t ask below a price you would be willing to accept.

What questions do you have? I could talk about this all day.

Contact me directly for answers and more guidance on those points.

Best, Rich

PS – Check my previous article for information about February 2018 Montclair NJ Area Real Estate Market results.