The Montclair real estate market didn’t take a vacation in August as sellers and buyers made up for lost time earlier in the year.
Listings were limited early on, but buyers saw some relief with 71 new listings in August, which is more typical of May/June. That being said, new inventory was largely snapped up with 57 signed contracts in August, versus 28 signed contracts in August last year.
Combined with 146 active listings in August, last month’s supply of inventory was only 2.56 months, compared to 3.1 months nationally, which is already extremely low.
The demand in Montclair has outstripped other local and regional markets largely due to its popularity with those leaving the New York City area.
The strong demand was evidenced by average sales prices among 61 closings exceeding ask by 14%, levels we haven’t seen since 2002.
At the same time, the median sale price hit an unprecedented $901k as the demand for larger homes with outdoor space and home/study offices has increased.
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3rd Generation Owner & Principal Broker