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19 Central Avenue, Montclair, NJ 07042

Montclair Housing Market Stable Despite Rate Increases

Market Still Absorbing Whatever Inventory Comes On

The local market is about where it was were last month and a year ago, as shown by the data above.

In fact, price over ask, days on market, and average sale price indicators all point to a stronger seller market versus last year. Bear in mind that closed data trails the market by about 45-60 days (the time from contract to close).

The main glaring data point is lower active listings every month this year vs last.

A few listings in the $500k-$700k range have taken a few weeks to sell, and this is the band expected to be the most sensitive to interest rates.

We’ve found that it can take a few weeks to generate the buyer traffic that may have come through in one week during the Spring. Home tours have been quelled by Fall weekend activities and buyers’ fear that a home will be inundated with offers.

At the same time, homes in the $800k – $1 million range are still receiving multiple offers in the first week of listing.

Price reductions are still mainly a thing of the years gone by. There were only 14 price reductions among 160 closings over the past 4 months. Again, closings are trailing indicators.

A quick look at neighboring towns echoes the low inventory resulting in a continued sellers market year over year.

Towns with lower average sales prices are expected to have more sensitivity to interest rates going forward as purchases there tend to be more leveraged.

Want the inside scoop on selling or buying what you are interested in?

Let’s talk.

Contact me today to discuss, Rich