Montclair Needs Housing Inventory

Indications of Slower Buying Traffic, but Inventory Still Inadequate

Market Slows Down

The Montclair market took a step back from record numbers for average price and price over ask that we were seeing in the Spring as higher interest rates and low inventory tempered buyer traffic. Sale prices were at a 16% premium to ask in August, down from 23% in July while days on market increased slightly to 25 from 23. This is due, in part, to seasonality as these results were consistent with August 2021. Your most aggressive Montclair area buyers tend to be out in early Spring resulting in quick sales and premium prices among early Summer closings.

Price Decreases Should be Nominal

The graph above shows the sharp decrease in the 12 month average number of active listings to 71 at the end of August from twice that number 3 years ago.

Until we get more inventory of homes, prices should remain stable. Median home prices have dropped nationally in July, and some markets are seeing an increase in price reductions.

Coupled with stabilized local prices, this may prompt some potential local sellers to make the move to their next home. Buyers would welcome some more houses on the market and may inspire some sidelined buyers to reenter the market.

Just Sold – 127 Watchung Avenue

Stanton Company is proud to have represented the Holly family in the recent sale of the landmark tudor building at 127 Watchung Ave.

Stanton Company is proud to have represented the Holly family in the recent sale of the landmark tudor building at 127 Watchung Ave.

The building has been in their family since 1971, and I have fond memories of visiting their butcher shop as a child.

Special thanks to all the tenants for their patience and cooperation during the process!

And thanks to Cliff from American Royal for sending over a forklift when we had to move some large safes!

Considering a commercial sale or purchase?

We have a long history of local expertise in investment and owner user real estate. Give us a call!

Best, Rich

Rich Stanton
Principal Broker
3rd Generation Owner