The demand for homes in the Montclair area continues to be strong as people leave urban areas for the home offices and green space of the suburbs.
Some relief came for buyers frustrated by low inventory as 78 new listings hit the market in June versus 74 last year, but the new listings were quickly snatched up with 68 contracts in June versus 44 last year.
As predicted, the local market wasn’t depressed this season, just delayed. Active inventory grew to 143 homes in June from 112 in May, but still lags the 186 homes for sale in June of 2019.
We are also seeing increased activity at the top of the market, as the average sale price among the 37 listings closed in June rose to $933k up from $749k in the trailing 12 months.
In the past year, among homes priced $1.75 million and above, 5 are under contract and 12 closed versus 7 sold in the preceding year. I believe this trend is being fueled by high income buyers who could afford the high cost of living in cities, but are moving out primarily for a change in lifestyle, with value being a nice bonus.
Your strategy for buying or selling should be in tune with the nuances of the market you are targeting, including the characteristics of the property. Over the decades we have seen all manner of high and low demand markets, and are happy to help guiding you or a friend.
Feel free to reach out with your questions.
Stay safe and healthy,