Buyer activity for Montclair Real Estate was consistently strong over 2015.

The average days on market diminished to 41 from 50 last year, 56 in 2013, 77 in 2012, and 83 in 2011. Clearly, buyers are committing to properties faster as competition has increased. This past fall, we saw more buyers offering quickly for homes that needed updating. Prospective homeowners were willing to put some work into houses to quickly create equity. These houses have lingered on market in years past, but the high premium for “done” houses has encouraged buyers to take on projects.

The sales price to list price premium has increased steadily to an average of 104% in 2015 from 97% in 2011. This statistic echoes the days on market evidence of competition among buyers for limited inventory.

While the volume of listings coming on during the year has been relatively stable with the exception of a dip in 2012, the number of sold homes has increased steadily from 305 in 2011 to 449 in 2015. The closing gap between listing volume and sales volume points to more homes successfully marketed and lower inventory at any specific point in time.

Also noteworthy in 2015 was the increase in the number of homes sold in excess of $900k to 81 from 61 last year, and 66, 48, and 41 in preceding years. This is attributable to more buying power among buyers due to continued low interest rates, buyers taking equity out of sales of their urban homes, and confidence in the employment market. To a lesser degree, some of the increase in volume over $900k is due to higher prices, pushing more homes into this category.

The most important take away of this statistic, in my opinion, is that buyers are not shying away from taxes that start at $30,000 in this range as buyers continue to see value in Montclair versus alternate markets.

I expect these trends to continue in 2016 making it a good year to consider selling one’s home.

Check back next month when I deliver my 2016 market forecast.

Do you have questions now about how best to position yourself in 2016?

Give me a call or email me today. I am happy to help.

Have a great 2016, Rich