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176 S Mountain Ave, Montclair Twp.,
NJ 07042-1723

Bidding wars with 10+ offers are back

OK, forget everything I said about the market softening last month based on September data (In fairness I did qualify things; “September closings can reflect an odd mix of homes that were for sale in the typically quiet late summer months”). Bidding wars with 10 or more came back in October, especially in the $1 million range.

October inventory came on strong with 41 new listings vs 32 last year which was the first real divergence from last year since a little pop in April. That boosted active listings in October to 70 from 50 in September and 54 last year. Buyers were out to greet the new opportunities, however, leaving many buyers still in the hunt for the right house.

Days on market (DOM) fell back in line after an anomalous September spike in excess of 35. Lets look quickly at DOM vs New Listings. In the last 2 years, days on market jumped to low points immediately following new listing low points. e.g. DOM spiked in Jan and Sept after low new listings in Dec and Aug. I attribute this to non strategic listings in low activity periods.

Sales price premiums rebounded after a drop in September, returning to 20% which is in line with 21%, both last October and across the past 12 months. Among the 14 closings in October, 7 closed at 30% or more over ask. Most surprising were the price premiums for condos at the Bellaire House (lobby attendant building next to Acme) at 33% and 41%.

Sellers

We’re getting a bit late in the year to list, but buyers are still hungry. If you are planning to sell in early spring, take some outside pics now highlighting a colorful landscape and plant some early blooming bulbs.

Buyers

Stay diligent and be ready to move on the right home.

Reach out to me with questions about the local or regional market, investment possibilities, or your home in particular. 

I always welcome comments and questions.

We are here to help. 

Best, Rich