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Rising Rates to Have a Positive Effect on Home Sellers?
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Montclair Housing Prices Exceed ask by 28% in March
April 11, 2022
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Offer Accepted!
48 Christopher Street Montclair, NJ 07042

Will The Impending Spring Season Boost Local Housing Activity?

April and May historically see the most home listing activity.

Low inventory is still the theme of Montclair real estate, but change may be around the corner.

Despite 39 new listings in February, there were only 62 active listings during February compared to 85 last year and 136 average during 2015-2018.

The sellers market has been continuing with strength so far as evidenced by average sales price exceeding asking price by 23% among the 11 closings last month, and averaging 18% above ask over the past 12 months. Keep in mind that price over ask gets artificially boosted in a low inventory market as sellers price aggressively for multiple offers.

Additional evidence of pent up demand was the average 16 days on market for the 11 homes that went under contract in February versus, 25 average days on the market over the past 12 months, and 28 days the prior year. This indicates that, despite low inventory, buyers know what they want and are ready to offer. 35-40 days on the market is more typical for Montclair real estate.

Buyers, don’t despair!

Traditional seasonality has peak listing activity in April/May. With better weather and covid waning, we should see a wave of homes coming to market. The only bottleneck we may face is empty nesters finding their next home.

Thinking about moving, but need buy/sell timing strategy?

Reach out to hear some success stories.

Best, Rich

Rich Stanton
Principal Broker
3rd Generation Owner