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19 Waterbury Road Montclair, NJ 07043

Mild Winter Bringing out Home Buyers

Sellers Taking Advantage of Low Inventory

Warm winter weather had buyers out and about in January, and homeowners, who were ready to list, responded. 

While 43 active listings in January was about half of volume in January ‘20 and ‘21, it was an improvement over 39 active listings last year. 25 homes came to market and those were largely snapped up with 19 homes marked under contract in January. 

Only 11 homes closed in January, but 25 average days on market and a 14% premium to ask indicated a sellers’ market. The average price dropped to $772k from trailing 12 months $1.1 million as the small sample size included a number of smaller condos. 

If you are a buyer, keep your eyes peeled for the right home as listings continue to hit the market ahead of the traditional selling season. Mortgage rates continue their decline as the Fed continues to take steps to curb inflation. 

If you are a seller, stay diligent on your home prep-declutter, touch up, make repairs, improve your credit for your next purchase or rental.    

Contact me for more information and with your questions. 

Best, Rich

Rich Stanton
Principal Broker
3rd Generation Owner 
(917) 536-8257