A Few Montclair Sellers Rewarded for Coming to Market

Where are the rest of the 🏡 sellers?

With Spring just around the corner, there is some telling data from the shortest month of the year. The information really highlights the struggle buyers are having in the market. 

The months inventory as measured by active/under contract was just under 2 for February; the lowest I’ve ever seen. Continued buyer activity through late Nov – Feb, a normally quiet period, drove the asymmetry in results over the past months.

As one would expect, homes are often going well above ask, averaging 14% over list price among February closings, versus 2% under last year.     

Word is out that homes are getting premium prices. 

So where are the sellers? 

There were numerous headwinds to more inventory being available now. The barrage of snow in February certainly didn’t help motivate sellers to get their homes market ready. Planning around COVID hampered searches for their next homes logistically, in addition to facing low levels of inventory. 

Here are a few recent closings that highlight the current market:

• Ask $1.3 million, sold $1.7 million after going unsold at this time last year at $1.35 million
• Ask $1 million sold $1.26 million after selling for $1 million last year and no improvements. 
• Ask $869k, sold for $940k after selling last spring for $825k with no changes to house. 
• Ask $700k, sold for $935k for a 2,200sf home.

What should you do?

Let’s discuss your best options.

For sellers, we have decades of experience advising sellers on the best ways to get multiple strong offers in any given market.

For buyers, we are active in the current market, know the inventory, and are collaborating to help win competitive bidding situations.

Have any basic questions?

Reach out to find out how we can help you. 

Best, Rich

Rich Stanton
Principal Broker
3rd Generation Owner