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Activity in August was slightly up from August 2023

Montclair real estate activity typically slows in August and this year was no different, though it was up slightly from 2023.

Overview of Recent Local Activity
Active listings fell to 48 in August from 60 in July, but were up nicely from 29 in August 2023.
35 closings took place in August with metrics that continue to favor sellers.
Average sales prices exceeded average ask by 28%, up from 20% in July, and 26% in August 2023.
Days on market remained low at 21 days, but were up from 15 days in July, and 19 days in August 2023.
Median sales prices were consistent at $1.3 million in August ‘24 & August ‘23, down slightly from $1.4 million from July '24
Despite the low activity figures, we were fairly busy during the month behind the scenes, negotiating inspections, appraisals and getting deals to closing.

Fall predictions
Inventory and sales typically rise in September and October.
Mortgage rates dipped below 6.5% which should spur some movement in the market; hopefully motivating some potential sellers to list.
Fall sales activity may fall off given this is an election year, but any slowdown should be recouped in Spring.

Reach out to me with any questions, comments or a real estate consultation.

Please share with a friend.

Thank you, Rich

Richard G. Stanton
Principal Broker
3rd Generation Owner

The Stanton Company
49 North Mountain Ave.
Montclair, NJ 07042
973-746-1313
https://stantonrealtors.com
info@stantonrealtors.com


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https://stantonrealtors.com/Montclair...


Areas Covered - Belleville, Bloomfield, Caldwell, Cedar Grove, East Orange, Essex Falls, Fairfield, Glen Ridge, Livingston, Maplewood, Millburn, Montclair, Newark, North Caldwell, Nutley, Orange, Roseland, Short Hills, South Orange, Upper Montclair, Verona, Little Falls, Clifton

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