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Richard Stanton's Blog

Montclair, NJ Real Estate News

By Richard Stanton | Broker in Montclair, NJ

August Activity

There were 147 homes on the market at 8/31/2012 versus 243 at the same time last year. We have to go back to Feb., 2006 to see that few houses for sale. August sales activity was down a bit from July as one would expect. There were some eager buyers still, and last month's featured listing on Aubrey went under contract first week on the market. 26 houses went under contract in August making for an "inventory months" of 5.7. There were 57 closings in August with a median sales price of $575k and SP/LP of 98%, versus 37 closings with a median sales price of $560k and SP/LP of 101% in July 2012 and 39 closings with a median price of $690k and SP/LP of 96% in August 2011. 

 

Fall markets are hard to predict, but I will venture to say that it will be much improved over last year, while not as active as this past spring. This is due to normal seasonal patterns and having already worked through some pent up demand.  

       

 Source: Garden State Multiple Listing Service.  May not represent all transactions.

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