Low inventory was the story of real estate in March, in both the national market and local real estate markets, including our own Montclair and greater Essex County. Potential home sellers have been sidelined by Covid in their search for their next home. As vaccinations numbers jump, more potential sellers should enter the market. The first few days of April have been very encouraging as 26 new listings poured onto the market in the first week.
Active listings increased to 93 in March, up from 77 in February, but still below 116 active listings last year when we lost half the month to shutdowns. Despite lower inventory in March, 44 homes were marked under contract, versus 32 home market under contract in March 2020.
Homes under $2 million don’t linger very long on the market as evidenced by an average 21 days on market among closed sales in March compared to 27 days average in the trailing 12 months and 37 days in the prior 12 month period.
Again, April listings will bring some relief for buyers. Buyers who may be taking a break from the market would do well to get back in the hunt this Spring as homes come on and interest rates head higher. Comb through listings and make appointments to see homes so you are ready to act quickly on the right one.
Have any questions? Reply to this email with your questions and we can discuss.
3rd Generation Owner