As we near the official start to summer, the local real estate market has continued showing signs of strength over multiple segments.

The inventory pop that we witnessed not just in Montclair in May is the most significant local real estate market news to report.

Buyers felt some relief as this increase in listing activity lifted available units on the market to 204 at the end of May from 165 at the end of April, a jump of 26%. This level of inventory was on par with the level we witnessed at the end of May 2015 when the amount of available units on the market was 208.

Activity at the higher end also picked up in May as 12 $1M+ houses went under contract. This is represents a 200% jump from just 4 $1M+ houses going into contract this past April.

As shown in the chart above, this may indicate a general shift in local inventory as the median list price increased to $697k in May of this year from $599k last year, a rise of over 16%.

Could this increase in median list price mean local inventory is getting a bit top heavy?

Possibly, but we need to continue to monitor the data of the local real estate market over the next few months.

At the moment, we have a good read on the premium market with a listing over $2 million under contract, a buyer under contract above $2 million, and 2 additional listings above $1.9 million.

Regardless of what segment of the market you may be interested in, feel free to reach out to me with your questions.

Best, Rich