Montclair’s Low Inventory in Line with Region and Nation

Will we see a bump in the near future?

August is typically a low inventory month as buyers and sellers take time off and agents attend to the final details for closings on spring and early summer home contracts.

Montclair home inventory was especially paltry this past month with 13 new listings contributing to 29 active listings, roughly half of the 25 new and 56 active last year.

Montclair new home listings are down 26.1% over the past 12 months from last year, which is in line with the 26.7% decline in suburban Essex County, as a whole, over the same period.

The Montclair housing market has mirrored the National housing market in terms of declining volume. Existing home sales were down 22.3% in 2023 through July Nationally and down 23% in Montclair.

As one might expect, the 30 homes closed in August evidenced the short supply with an average sales premium of 26% over ask, and 19 days on market, versus 16% and 24 days in August ‘22.

Driving the jump in average price premium was a number of homes asking in the $800k-$1 million range going 30% or more over ask.

Questions on how best to navigate this market?

Reach out to me to discuss.

Best, Rich