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45 Wilfred Street #1, Montclair, New Jersey 07052

Average Montclair Sale Price Grows 23% Year Over Year

An increase in new listings in Q2 couldn’t keep pace with continued demand.

191 listings came on in the 2nd quarter ended June 30, up from 125 in the covid influenced Q2 2020. This was in line with 188 listings in the Q2 2019, as more sellers responded to higher prices and figured out their next move.

However, of those 191 new listings, only 27 remain available at this time.

The demand for homes was evident in the very short ‘average days on market’ of 20, while average sales prices exceeded ask by 20%, down from 25% in May.

The spread between asking price and sales price should narrow as initial pricing realigns with comparable sales.

The average sale price among 68 closings in June exceeded $1 million for the second month in a row, at $1,043k vs $920k in the trailing 12 months, and $749k in the prior 12 months.

Sellers – We expect continued strong demand throughout the summer, with the possible exception of the $2 million price range, so don’t hesitate to get to market. If your home is on market and not selling, you probably need to reconsider your price.

Buyers – It can be a tough market so target homes that may lack things that are very important to other buyers such as easy commute to NY, strong school system or turn key condition. Take a hard look at houses that have been on-market for 30 days. There may be deals to be had on some overlooked properties.

Have questions? Contact me to discuss.

Best, Rich

Rich Stanton
Principal Broker
3rd Generation Owner
(917) 536-8257