Montclair Votes for $188 million Bond ReferendumEarmarked for School Improvements
November 9, 2022
Record High Home Prices & Record Low Inventory in Montclair
January 9, 2023
96 Park Street
Montclair, NJ 07042
Montclair Home Sale Volume Down 28%
Demand Is Still Outstripping Supply
The volume of Montclair homes sold in the past 12 months declined 28% from 517 to 371, the lowest level since 2012.
The driving force isn’t a lack of demand, but a lack of supply. As a result, prices have remained stable despite rising interest rates. Bidding wars remain common and average prices exceeded ask by 18% in November, while days on market of 23 was in line with the preceding 12 months.
The traditional lull in new listings during the Holiday season will only compound the lack of inventory. 18 new listings came on the market in November this year and last. There are currently only about 20 single family homes still on the market in Montclair.
Should buyers sideline themselves from the market?
I would keep close tabs on listings as many sellers are motivated at this time of year. Interest rates seem to be past their peak and you might get a further break by asking a seller to pay mortgage points at close.
Call or e-mail us for expert local real estate consulting.
Best, Rich
