Little Competition Offers Advantage for Ready Sellers

February 2025 results show the current slow pace of transactions in the market and opportunity for sellers who are interested in avoiding competition.

Only 5 homes sold in February in Montclair which should come as no surprise after just 3 homes came on the market in December.

The low inventory continues to keep prices high as the average price premium was 29% in February. This included a home priced at $1.1M that sold for $1.65M. I felt it was priced low and predicted a $1.6M price.

22 new listings in February didn’t bring much relief to buyers as 30 new listings in February is more typical. March has seen a nice bump in new listings over the past few years so stay tuned for more choices in the Montclair real estate market.

Buyers need to be ready to move quickly though, as the average days on market was only 20 among the 18 homes that went under contract in February.

We Support and Service all of Essex County

This might be a good time to remind our gentle readers that, while this newsletter is Montclair-centric, we cover all of Suburban Essex and beyond. In the past year we have helped buyers and sellers in Montclair, West Orange, Verona, East Orange, Glen Ridge, Roseland, Newark, Nutley, South Orange, Belleville, and even Morristown and Montville.

Heck, our daily morning dog walk takes us through Montclair, Verona and West Orange.

Have a question about selling or buying in the surrounding towns and beyond?

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