Low inventory continues to plague the Montclair real estate market, but we are not alone. The phenomenon seems to be nationwide, creating a bottleneck preventing would-be sellers from finding their next home.
Sellers have been slow to come to market because they have been having trouble finding their next home due to low inventory or the inability to travel outside the area.
In terms of Montclair housing market results for this past April, I will compare April 2021 results to April 2019, as the data from April 2020 was an anomaly due to covid shutdown.
The average sale in April was $910k vs $893k in 12 months ending 4/30/21, and $737k in 12 months ending 4/30/20.
Sales data reflects three main factors for the latest real estate market results:
Despite demand, there were only 63 new listings in April, up slightly from 58 last month, vs 91 in April 2019. As a result, there were only 115 active listings in April vs. 185 in April ‘19.
At the same time, buying activity has not fallen off much; 63 houses under contract in April 2021 vs. 70 in April 2019. (vs 17 in 2020, just to highlight Covid effect).
Yes, it is a difficult market for both buyers and sellers, but there are opportunities for both parties, nevertheless.
My Advice for Real Estate Buyers:
My Advice for Real Estate Sellers:
Questions on how to apply these tips to your specific situation?
Contact me to discuss.
3rd Generation Owner