There were 152 homes on the market at 9/30/2012 versus 262 at the same time last year. September sales activity was moderate with 22 houses going under contract versus 17 in September '11 and 22 also in August '12. Inventory months (inventory/contracts) at 9/30/12 was unchanged from the end of August at 6.9, but down substantially from 15.4 at 9/30/11. There were only 15 closings in September versus 64 in August. The increasingly seasonal nature of the business is likely a function of this year's buying pool consisting mainly of new-to-Montclair families with school-aged children. Average sale price as a percent of list price was back up to 101% for closings in September. Look for Autumn real estate to chug along, albeit at a slower than expected rate.
Source: Garden State Multiple Listing Service. May not represent all transactions.