Available Now – 208 North Mountain Avenue, Montclair, NJ

Compelling Offers and Sharpened Prices

The local real estate market slowed in June as evidenced by lower inventory and fewer contracts written. Active listings at 179 in June lagged quite a bit behind 217 in June ’18 and slightly below 189 last month. Buyer traffic slowed accordingly. 48 homes were marked under contract in June, down from 74 last year and 67 last month. 

Anecdotally, we have seen slower open house traffic, with the exception of homes priced $500k or lower. The buyers attending open houses tend to be specific with their criteria and many are actively working with buyer’s agents.

One trend we’ve noticed among buyers is that they are moving to the suburbs without children or with preschool aged kids. This makes them more flexible in their timing as there isn’t the same pressure to move before the start of the school year. They are also more responsive to inventory and will only look at houses that are compelling listings. This should result in flatter seasonal peaks of buying activity.

Nevertheless, traffic can be expected to slow as get into the heart of the summer and sellers would do well to sharpen prices.  

Alternatively, buyers can make offers that might be compelling to sellers that need to move ahead with the purchase of their next home.

Questions?

Contact me today, Rich

PS – Get the best price for your home by planning ahead.
The Stanton Company Realtors’ Home Sellers’ Countdown Calendar