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Montclair NJ Market Update for May 2011

52 Dodd Street, Montclair

Seeing a lot of "For Sale" signs around town? Last month in Montclair there were 294 homes on the market as compared to 235 from May of 2010.  That's the bad news.  The good news is that 30 homes sold, the same number as last May.  It took on average 17 days longer to sell a home this May as days-on-market increased from 61 to 78.  Median sales price dropped about 2%  to $608,00o from $622,000 pointing to a market that has weakened since last May. 

52 Dodd Street, Montclair

Some Montclair homes, however, seem to have been unaffected.  265 Highland Avenue, a 4 bedroom 2.5 bath contemporary sold for $900,000 - $51,000 over the asking price of $849,00 and had an offer in the first week on the market.  More typical is the example of 52 Dodd Street which sold at 98% of its asking price of $529,000.