Montclair-Home-Buyers-Frustrated-by-Low-Inventory
Montclair Home Buyers Frustrated by Low Inventory
October 12, 2021
New-Lows-Hit-in-Montclair-Real-Estate

Available Now – 43 Ridgewood Avenue Montclair, NJ

 


New-Lows-Hit-in-Montclair-Real-Estate

 

Montclair Area Market Plagued by Low Inventory

Buyers are knocking at the door – literally.

The 36 new listings in Montclair provided little relief for buyers last month as active listings fell to 74 from 77 (normally the active listings in October are in the mid 100’s range). Buyers have resorted to knocking on doors and dropping notes in homeowners’ mailboxes in the hopes of finding the right home.

Average sale prices among the 37 October closings retreated to $871k from the $900k-$1M range of the past 6 months due to more lower priced listings in the mix.

Average sale prices exceeded ask by 10% in October, down from 19% last month and 18% last year. That’s not to say that the “sweet spot” $800k-$1M isn’t still generating 20-30% over asking price in some cases (e.g. ask $999k sold $1.250M; ask $1.049M sold $1.460M; ask $1.20M sold $1.62M).

Multi-family properties are selling well also, both to owner occupiers and investors who see the upside of owning a rental property.

On the local commercial real estate front, the return to normal traffic has retail spaces being snapped up, while office space has been a longer sales cycle. Medical space is in demand due to the unique zoning requirements.

Despite low inventory, we continue to help buyers put together compelling offers. If you are in the market, contact us to discuss strategy.

If you are considering selling this fall, there is still time to come to market.

If you are thinking about selling in the Spring, now is the time to start talking about repairs and decluttering. Contact me for more information.

Questions?

Feel free to contact me.

Best, Rich

Rich Stanton
Principal Broker
3rd Generation Owner