Just Sold
9 E Greenbrook Road
North Caldwell, NJ 07006

Market Stasis: This November is a repeat of last November.

Continued low inventory and pricing premiums are keeping this a sellers’ market.

The Montclair real estate market was essentially unchanged from November last year, repeating the low inventory and premiums over ask themes.

Only 13 new homes on market caused active listings to drop to 39 from 56 in October and 41 in November last year. 24 homes went under contract in November, which is quite a few for late fall (14 in Nov ‘22) especially compared to only 39 homes on the market.

Dividing available homes by the number of contracts in a month gives us a month’s supply of inventory, which was 1.63 for November. By comparison, 5-6 months is typical for a balanced national real estate market, 3-4 is typical for Montclair, while the average over the past 2 years has been 2.16.

The low inventory manifested itself in continued high closing prices vs asking prices, with homes averaging 26% percent over list price in November vs 20% over the past 12 months. Days on market was 19, unchanged from last November.

Considerations For Potential Home Buyers:
Mortgage rates improved which is good news, not only because it lowers your monthly payments, but it should spur potential sellers to make a move. I think 6.5% mortgage rates are the magic number and a reasonable expectation for Spring ‘24.

Considerations For Potential Home Sellers:
How long will prices hold? Lower interest rates help buyers’ budgets, but it could spur more selling activity. More inventory is going to be the main driver of lower prices. In any case, if you are considering a move in ‘24, now is the time to reach out and tap our resources for preparing your home for sale.

Questions about the local residential or commercial markets?

Contact me today.

Best, Rich