Activity in the Montclair real estate market has been strong so far this season, and there are good conclusions for buyers and sellers to draw from the data.

There were 133 homes for sale at the end of March versus 173 at the same time last year as 38 of 57 new listings (67%) went under contract in March. The average listing price at the end of March was $809k, versus $650k at the same time last year as high end listings are taking longer to sell.

Here is a simple break down of Montclair real estate activity by price range, as of this writing;
– $400-$600k price range – 8 out of 12 (67%) new March listings have accepted offers.
– $700k-$900k price range – 11 of 14 (79%) new listings have accepted offers.
– $1M+ price range – 1 of 10 (10%) new listings have accepted offers.

Conclusion 1 – Demand is Strong for Smaller Houses
One trend that this highlights is buyers paying more for smaller homes that are closer to villages and transportation. For example, we just listed a modest, but charming, home 2 blocks from Walnut and Church Streets that received 18 offers in the first week.

Conclusion 2 – Top Price Range Opportunity for Buyers
The top level price range traditionally stays on the market for a longer time due to affordability. However, it’s an election year, and a year marked by some level of uncertainty. The banking/finance industry, a primary source of buyers for properties in this price range, does not like uncertainty and seems to be staying on the sidelines so far this season. This could create an excellent opportunity for shrewd buyers in this price range.

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

Best, Rich