The average sale price of a Montclair home broke the $1 million dollar mark for the first time ever in May. That average sale price of local residential real estate is a number traditionally only seen in towns like Millburn, Summit and Essex Fells.
The median price among the 36 closing in May was not too far behind at $917,500, showing that the bump up in average sale price was not based on a few outliers.
Among houses in the ‘sweet spot’ asking price range – $800k to $1 million – the average premium over ask was a whopping 35.9% in May. There is some premium built in here in anticipation of bidding wars so it isn’t an exact reflection of how much the market is up. However, the 12 month trailing average price is $906k, vs & $740k a year before, which is still a healthy 22.4% increase.
Inventory continues to lag demand with 116 active listings in May, versus 119 last year (just coming out of covid lockdown), and a more typical 195 active listings in May 2019.
Despite low inventory, there were 69 homes under contract in May vs 65 in May 2019.
We expect inventory to increase as prices drive homeowners to list while they are better able to find their next home as they can travel freely due to covid easing.
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