The sellers’ market continued over the summer with August sales prices exceeding ask by 17% and average sales prices 46% above August 2019.
Low inventory continues to the theme with only 85 listings active in August, well down from 153 last year when listings flooded the market post covid shut down.
Average days on market among Aug Montclair home sales was only 22, consistent with the 12 month average of 23, but well below typical 35-40 days.
Will prices hold and will sellers hop into the market?
It’s hard to say, but it’s certainly an opportune time to take advantage of the increased equity in your home.
Contact me with your questions.
Effects of Hurricane Ida
Montclair and the surrounding area was hit pretty hard as Ida brought over 7” of rain in one day.
Homes and businesses that had never flooded, or so much as had water accumulation, ran into trouble when drains, sewers and pumps were overwhelmed. Many homeowners were left cleaning up, examining their insurance policies, and reassessing the finishes in their basements. Some potential September listings will be delayed as owners remediate water damage.
One longer term effect will be increased scrutiny among buyers for potential water intrusion. The common sellers’ disclosure includes the question, “Are you aware of any water leakage, accumulation or dampness within the basement or crawl spaces or any other areas within any of the structures on the property?”.
I’m sure we’ll see a number of qualified answers along the lines of “yes, but only during Ida”. It remains to be seen if buyers will be scared off in anticipation of more frequent extreme weather events or simply not counting on basements as additional living space.
Have you started more seriously considering the factor of water intrusion?
I’d be interested to hear your thoughts.
3rd Generation Owner