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Montclair Home Sellers Happy, Buyers Start Searching Again

Buyers are out in force as restrictions ease in New Jersey, new listings fall short of demand, and sales prices continue to be higher than asking prices.

The 2020 real estate season has been slow to start, but with proper precautions now in place, it is well underway. However, even as NY license plates have become a frequent sight on weekends as city buyers clamor for more space, the amount of available property listings has remained low.

Recent Listings & Sales

Only 53 new listings came on the market in May, vs 88 listings last year, resulting in a significant dip in available properties to 109 active listings in May, vs 194 in May of last year.

In terms of recent sales, 39 houses went under contract in May, down from 65 last year due to the lack of inventory.

Sellers who closed in May had strong sales prices to be happy about. Bidding wars in the $500k-$1M asking price range drove sale prices among the 22 May closings to 107% of original asking prices, vs a 12 month average of 103%.

Potential local home sellers currently on the sidelines will be happy to hear that we expect to see a continuation of this trend of sales prices being consistently higher than asking prices through the rest of the year.

The 2020 Market

It looks at though the real estate market this year has only just started in the local area. We expect an active summer market; essentially a shift in Spring activity to Summer as some sellers are holding off listing until they can get comfortable with showings.

Given the new circumstances, we have been managing the process with our clients in different ways, depending on the situation and what they need. For example, we have had several owners go to 2nd homes while we manage the process of house prep, clean-out, painting, repairs and staging. Typically, vacant homes are easiest to show, but we can work with any home owner to create a plan to safely put your home on the market. . 

Feel free to reach out with your questions.

Stay safe and healthy,

Rich Stanton