As summer weather and school holidays pushed the season back, September was a quieter month than expected as only 54 new listings hit the market versus 60 last year and 73 in 2013.

There were 131 units for sale at month’s end versus 105 at the end of August and 152 last year. 22 houses went under contract in September yielding a seasonally appropriate 5.95 month supply of homes (inventory/contracts). 3 months supply is typical of a Spring market.

Prices among closed homes remained strong with average sales prices exceeding ask by 3%.

> What’s the trend in home prices in Montclair?

I chose to measure the difference between sales price and assessment over the past three years. Assessed value should be a static measure (unless there was a reassessment).

A random sample of 31 closed sales each year in the $450k to $900k range closed in July and August revealed a fairly level trend with a bump in 2015.  Sales prices exceeded assessment by 19.1% in 2013, 14.7% in 2014, and 28.1% in 2015.

Do you have questions? Feel free to reach out to me today.

Best, Rich