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49 Cedar Avenue
Montclair, NJ 07042

Low Inventory, High Prices…Still

We are still seeing low Inventory in the local housing market.

I feel like a broken record, but the marketplace has been consistent.

There were 37 new listings in March, up from 28 in February, but well below 63 last year.

Montclair is not alone. Collectively, Montclair, Bloomfield, South Orange, Maplewood and Glen Ridge had 128 new listings in March vs 185 last year, with only Maplewood reporting more this year than last (albeit only 40 vs 38).

Prices remain high in Montclair as a result of tight inventory. The price to ask premium was 20% in March, down from 22% in the past 12 months, but we saw premiums of 25% to 40% in the $850k to $1.3 million ask range this past month.

I would expect price premiums to continue to drop in coming months as asking prices increase to realign with sale prices. To this point, the average list price in March was $1.079 million vs $962k over the trailing 12 months and $851k in the 12 months ending March 2022.

Buyers:

1. keep abreast of the market
2. reassess your “must have” criteria
3. be ready to act

Sellers:

1. If you have plans to sell in the near future, Spring 2023 would be a prime time to do so.

Contact me with any questions about the local market.

Best, Rich