Available Now – 96 Undercliff Road Road Montclair, NJ 07042
Local home sellers were the big winners in October as three sales records were set in October, including days on market, sale price vs list, and median sale price.
The average sale price among 52 closings for the month exceeded ask by an unprecedented 18%, while days on market shrank to 18 vs. 31 average over the prior 12 months. The prior high sales premium was 14%, and lowest days on market was 21.
Noteworthy is the jump in median sale price for October to $950k from record highs, $905k and $901k, in September and August, respectively. A median price of $700k has been more typical over the past 2 years. This is a function of home price increases and more buyer demand for larger (more expensive) homes.
Some relief for buyers came as 70 new listings hit the market versus 34 last year, which helped maintain active inventory at 165 for October from 163 in September.
We expect continued strong demand through the end of the year while new inventory slows as we get closer to the new year (only a little more than 7 weeks away!). With less buying competition on the holiday season horizon, and continuing uncertainty in the economy, these coming weeks are prime search time for home buyers who are looking for a potential break on sales price and to take advantage of very low mortgage rates.
Contact me today for ideas and tips on how you can make the most of this environment to get what you want.
3rd Generation Owner