The January Montclair real estate market was more active than in years past, but inventory is still not keeping up with demand.
There were 39 new listings in January, up from 25 last year, but active listings fell to 83 compared to 87 last year and down from 92 in December as 27 homes were under contract in January.
Strong demand was evidenced by average sales prices exceeding original ask by 12%.
*Bear in mind that a sellers’ market will incent multiple offer pricing strategies (below market ask) which may over-inflate the appearance of price appreciation.
That’s not to say that prices aren’t up year over year. Activity in the upper end of the market and higher prices drove the median sold price among 23 closing to $850k from $655k last year.
Anecdotally, we participated in a bidding war this week on a $1 million dollar home. It received over 20 offers and the winning bid was at least 30% over ask.
The 2 takeaways from this is that there are a lot of buyers out there and pricing aggressively will solicit a lot of interest and prices will be driven by the market rather than ask price.
As always, contact me today to answer any questions you may have about the real estate market, and especially your home.
3rd Generation Owner