New to Market:
45 Wildwood Avenue
Llewellyn Park, West Orange, NJ

Finger on the Sell button? Might be time to press it.

Home sellers are receiving unprecedented offers for their properties.

Last summer I challenged homeowners to think about what they would do with an extra $100k – $200k, or as much as $500k, in home equity that they didn’t know they had.

I’d invite you to consider the same, citing the above 9 homes that closed in the past 2 months. Yes, some prices were set low, but not markedly for these properties.

So ask yourself, what would I do with a few extra hundreds of thousands of (or a million!) dollars?

20 Montclair homes closed in April at a median price of $1.386 million which is the 2nd highest on record, behind $1.493 in June ‘23. A 25% average premium over ask helped propel that number higher.

20 isn’t a great sample size, but using median price helps moderate high and low anomalies. 17 average days on market in April, versus 23 over the trailing 12 months, was further indicative of a seller’s market.

New Montclair home listings saw a nice pop in April with 54 versus 38 last year, but we are still well below 91 in 2019 and 84 in 2018.

Low inventory was further evidenced by only 280 home closings over the past 12 months versus 365 in the 12 months ending 4/30/2023.

Reach out to me with any questions, comments or a real estate consultation.

Also, please share with a friend.

Thanks for reading.

Best, Rich