New Lows Hit in Montclair Real Estate
November 3, 2021
2021 Was a Record Year for Montclair Real Estate
January 11, 2022

Just Sold – 170 Ridgewood Avenue Glen Ridge, NJ 07028

Montclair Home Sellers Enjoying Record Sales Premiums in Recent Months

Few listings and willing buyers have been driving up local home sales premium levels.

Local real estate sellers are enjoying some of the highest sales premiums that we have seen in decades. Low available housing inventory this Fall has led higher demand and bidding wars, which have pushed the average sale price 18% over asking price.

Homes in the $900k-$1.5m range are driving the highest premiums, examples include;

  • $999k asking price / $1.6m closing price
  • $1.2m asking price / $1.75m closing price
  • $1.45m asking price / $1.82m closing price

This season, we are finding that buyers are well financed, as well as focused on the relative value of our local markets versus the city and Westchester/Fairfield County markets. Our Glen Ridge listing at $2.75m sold for $3.50m, as local buyers recognized the uniqueness of that home.

There were a scant 18 new listings in November, versus 33 last year (there were 36 new listings in October, which offered little relief to buyers). There were only 49 active listings in November, down from 119 last year, and 76 in October. This is the lowest level we have ever seen and is less than half the normal active listings for this time of year.

All indications are that the Spring market should see increased inventory as sellers are responding to higher prices and have had a chance to prepare for their next move.

We have a good number of sellers responding to these high premiums and already planning and getting prepared for the 2022 Spring market, starting in just a couple months.

If you are starting to think about selling, reach out to us now to get the inside track on being prepared early.

If you are seeking real estate advice, please reach out. We are ready to help.

Best, Rich

Rich Stanton
Principal Broker
3rd Generation Owner