The April 2018 Montclair area real estate market was somewhat slower than expected as new listings fell short of last year, while days on market and sales price premiums reflected a cooling of demand.

84 new listings were added to the market in April, boosting active inventory to 165 units in April, but staying well short of 210 new listings that came on the market last year.

57 houses were under contract in April vs. 52 last year while days on market increased to 44 from 24 in April ‘17 and 28 in March. At the same time, sales closed in April exceeded original list price by 2% versus 4% last month and 6% the year before.

Demand for higher end houses was decent with 15 of the 57 houses (26%) going under contract in April priced $900,000 or above. That’s slightly less than the 32% of the market currently represented by homes over $900k.

Our team is still pricing and prepping a good number of houses for market in May though, so we may see the bulk of the market activity a bit later this year, which would be reflective of a wintry March.