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Amount of New Local Inventory in April Disappoints

Which month will Sellers decide to start putting their homes on the market?

The Montclair real estate market didn’t see the usual April jump in inventory, leaving the number of active listings for the month at 60 versus 86 last year.

Further, the median price of new listings was $1.2 million, putting a lot of homes out of the budget of many buyers. Despite higher prices, houses didn’t linger long on the market as the average days on market among homes under contract in April was 18, versus 24 over the past 12 months.

26 homes sold in April with an average sale price of $1 million, with a 19% premium over ask, which is on par with the prior 12 months.

As I mentioned in the past newsletter, Maplewood has more buyer friendly inventory with 57 active listings in April, versus 50 last year with a median price of $590k. It’s competitive with average days on market also 18 in April, although the price premium there is typically closer to 10%. We have been successful getting offers accepted in Maplewood this season.

Buyers
We’ve seen a nice bump in listings in the first few days of May, so be vigilant and ready to tour the right home.

Sellers
It remains a good time to sell so reach out to see where your home fits in today’s market.

Questions on the market?

Contact me today.

Best, Rich