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Montclair Home Buyers Still Facing Low Inventory

Competition for Fewer Homes Is Maintaining Prices

The fall real estate market hasn’t brought much relief to buyers.

Only 25 new listings hit the market in October vs 36 last year, and 40 in September.

At this writing, there are only 18 single family homes on the market in Montclair.

As a result, houses aren’t sitting around very long as days on market averaged 29, down from 33 last year. Bidding wars are still common and October sales averaged 14% above ask.

In Montclair and Maplewood/South Orange, offer instructions are typically sent out the Sunday evening of “opening weekend” among homes priced $600k to $900k. A home recently listed for $849k in South Orange received 11 offers in the first week on market.

That being said, buyer traffic is down, and we expect some price pressures from higher interest rates to materialize in the coming quarters. $3,400 would have paid principal and interest on an $800k loan at 3% a year ago, but only a $535,000 loan today at 6.5%.

Call or e-mail us for expert local real estate consulting.

Best, Rich