Dear Friends, 

The Montclair NJ real estate market continues to roar through the Spring, as do Maplewood and Glen Ridge.

Inventory Short of Last Year’s Levels
– Inventory popped in April with 70 new listings coming on the market. However, with 161 homes for sale at month’s end, fell a good bit short of the 196 homes for sales at the same time last year.

Bidding Wars Pushed Up Sales Prices
– Sales prices exceeded asking prices by 5% on the 27 closings in April because of early season bidding wars. We should see this trend continue through the Spring, and maybe even into Summertime.

Buying Opportunities Continue in $1M+ Range
– Even though there has been some renewed activity in the $1M+ range, this price range still trails the activity of the overall market. Houses asking $1 million and above represent 27.4% of the market, but were only 15.6% of houses going under contract in April.

Do you have specific follow-up questions about how this applies to you?

Contact me today for personalized information specific to your plans and questions.

Best, Rich