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Montclair NJ Update for June 2011

After 12 months of declining year-on-year home sales (due in large part to the post-tax credit hangover of last April), the middle of May saw NJ's first increase in the number of new contracts written. However, unsold inventory continues to be higher that last year's. In June, there were an average of 268 homes on the market in Montclair as compared to 233 in June of 2010 and only 28 homes sold, this month compared to 54 last June.  It took on average 19 days longer to sell a home this June as days-on-market increased from 55 to74.  The good news for Montclair is that median sales price increased almost 9% to $620,000 from $569,000 pointing to a market that has strengthened since the crash of last June.

Last June only 2 of the 54 homes (4%) sold in Montclair were over the million dollar mark.  This June, of the 28 homes that sold 7 of them (25%) closed over the million dollar mark with one on Heller Drive selling for $2,549,000 -  a bright spot perhaps for the luxury market.