The major news: Montclair real estate is trying hard to shift into a seller’s market. The numbers don't lie.
Listen To The Numbers
The average and median home sale prices for Montclair took a drop between June – August when you look at this year and last. I know it may sound silly, but these are not the numbers that matter most in the overall scheme of things, though.
Listen to what else the market is telling us:
- It is saying this years’ summer market increased its’ average AND median sales price to list price ratio to 99%; an improvement over 2011.
- This says, on average, homes sold for 99% of list price.
- The number of days a home remained on the market before going under contract took a slight drop from last year, too.
MONTCLAIR JUNE – AUGUST 2012 SALES STATS / TOTAL 147 SOLD
MONTCLAIR JUNE – AUGUST 2011 SALES STATS / TOTAL 114 SOLD
There are even stronger numbers to listen to. The Otteau Valuation Group's monthly reports provide an even clearer picture of where Montclair real estate has been and where it is going. The major news: Montclair real estate is trying hard to shift into a seller’s market.
Relation to Housing Inventory and Market Demand
- 1-3 months inventory = sellers' market
- 4-6 months inventory = neutral market
- 6+ months inventory = buyers' market
According to Otteau’s MarketTRAC Monthly report for Montclair 2011 real estate, Montclair real estate toyed with being in a neutral market but mostly remained in a buyer’s market. The months of inventory fluctuated from the low of 4.7 months in October to the high of 10.0 in September, averaging 7.31 months for the year. As a matter of fact other than October and June where the months of supply came in at 5.3 months, there wasn't any other time in the year when the months of supply dipped below 6.1 months (a buyers' market).
But 2012 tells a different story with the year starting out with 11.8 months of supply in January than quickly dropping to 5.1 months in February. It then straddled between a sellers' market and a neutral market, remaining between 3-4 months supplying in March, April, May, June and July. With the Spring/Summer selling season ending, it ticked up to 5.7 months in August.
We know numbers. What we don’t know, we find out.
Here are the sale prices, pictures and other data from the summer:
The average sales prices took a dip year-over-year mainly from the $2.549M home sold last year, but average sale price is not the complete picture. Just know, things could taper off as we head into the fall but the momentum is in the air across many towns and the taxes didn’t stop it from raising its’ head towards the sky.
Contact us to talk about this in-depth.
NOTE: Information is based on our (Robert and Beverly Meaux) research, opinions and experience only and is not intended to create any type of automatic agency relationship. All information is deemed reliable, but not guaranteed.