Last month was active, but inventory still low.

The November Montclair real estate market took a short hiatus for the election, but was back in action by mid-month with 28 new listings and 23 contracts signed, down from 31 last year. There were 123 active listings at the end of November vs 136 at the same time last year and 138 at the end of October.

3 Expectations & Conclusions

1. Inventory will drop further in December and January before increasing sharply in February, depending on the severity of winter weather.

2. Houses in the $400k-$800k price range will continue to attract multiple offers, with less competition expected for homes priced above that range.

3. The growing demand for multi-family properties was particularly notable this year. For example, our two-family listing offered at $499,000 and in “as-is” condition, received several offers and a slew of inquiries. While multis have always been popular in Montclair, these price and interest levels were uncommon in prior years.

Whether you have questions about your own home or are looking for a new home, feel free to reach out to me for more insight on this market.

Best, Rich