Local Area Real Estate Listing & Sales Results – April 2020
Our main goal at this time is to do whatever we can to keep our team and clients safe, even with the continuing changes and evolving market that we have been experiencing as a local community.
Many home sellers are busy preparing their properties for sale, clearing things out, and completing any repair and paint projects.
We continue to field inquiries from people and conduct corresponding home research for them, especially for those currently living in urban areas, who are looking to buy in the short term. While buyers are looking to narrow their searches with virtual tours and facebook showings, there is no substitute for an in-person visit.
Current safety precautions we are taking for every in-person property showing include;
– limiting the number of people in a buying party
– spreading out showings through the day
– wearing gloves, masks & booties
– disinfecting handles and switches
*Home inspectors continue to work following the same precautions.
Active listings in April were down to 83 from 185 last year as only 21 new listings came on versus 91 last year. Many of the houses coming to market are vacant, which allows for easier and lower contact showing.
Some buyers are out, and 17 houses went under contract, down from 70 last year. The months supple of inventory (Active listings/ Under Contract) is a measure of absorption rate or the balance between seller and buyer traffic.
The months supply in Montclair increased to 4.88 from 2.64 in 2019 indicating that contracts aren’t keeping pace with listings. Nevertheless, we did get multiple offers on a house listed in April at $535k.
A comparison of towns shows the continued strong seller’s market in Bloomfield where months supply decreased to 3.17 from 3.79. Home closing stats from April indicate that the year started normally with numbers of closings off slightly while price vs ask was, generally, up from last year among neighboring towns, with Bloomfield especially strong.
While April’s volume was disappointing, it was expected, and I am encouraged that the months supply of inventory is only 4.9. In the aftermath of the financial crisis, the months supply in April was as high as 11.5 in 2009 and 9.0 in 2011, which meant sellers needed to sell and buyer demand wasn’t there. Again, we expect a delayed market, not a depressed market.
Our company was founded on the heels on the Spanish flu and we have advised clients through world wars, depressions, recessions, natural disasters and more. We are happy to help you now.
Please reach out with your questions or concerns.
Stay safe and healthy,