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Richard Stanton's Blog

Montclair, NJ Real Estate News

By Richard Stanton | Broker in Montclair, NJ

October Activity

There were 161 homes on the market at 10/31/2012 versus 251 at October month-end last year. 38 houses went under contract in October versus 34 in October 2011. Inventory months (inventory/contracts) at 10/31/12 was quite low at 4.2 as inventory "cleaned-up" during the month. This compares to 7.4 months at 10/31/11 and 7.5 at 9/30/12. There were 19 closings in October with average days on market of 78; a considerable improvement from 13 closings last October with average days on market of 188. Days on market typically creeps up as you move away from the Spring market. For example, average days on market for July and August were 56 and 62, respectively.

What's happening in Glen Ridge? The market has largely mirrored Montclair, though on a smaller scale. 9 houses went under contract in October with 44 on the market at month end for a 4.9 months inventory. 5 closings took place in October averaging 65 days on market.

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

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