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17 Franklin Place Montclair, NJ 07042

Open Houses August 2021
Saturday the 14th and Sunday the 15th 

Montclair Real Estate Market Slows Slightly in July While Inventory Remains Low

August activity should be higher than normal, but less than last year.

The average price of homes sold in Montclair during the month dipped slightly below $1 million after breaking that mark in May and June. Buyers were still paying premiums, but smaller homes made up a higher percent of sales.  

Summer Local Housing Market Breakdown:

  • Low inventory and high demand continue to drive bidding wars.
  • Average sale prices exceeded asking prices by 19% in July, down from 20% in June.
  • Days on market was only 19 in July, versus a typical 30-40.
  • Surrounding towns that typically see sales at, or slightly below, asking prices continued to see premiums in the 5-10% range.
  • 58 new listings hit the market in July, while 61 homes went under contract, keeping available inventory low. 

While August is typically a slow month for new inventory (exceptions made for the past year due to the Covid lag), we have seen a good number of new listings early on as sellers respond to demand

Buyers should monitor inventory for the right house and a quick close could get you in before the start of school. We have been conducting facetime showings for buyers who will come to town if a home deserves an in-person viewing.   

We haven’t seen the rise in covid cases have a negative effect on the local real estate market. All of the customers and real estate professionals we have encountered have been fully vaccinated. Nevertheless, we may see potential sellers postpone their home search if they are targeting Florida or other high incidence areas.  

Contact me with your thoughts and questions.

Best, Rich

Rich Stanton
Principal Broker
3rd Generation Owner
(917) 536-8257