Montclair’s spring housing market was definitely delayed by COVID-19, but it has since rebounded big time.
“In the past eight weeks, the Montclair real estate market has exploded. Buyers quarantined for weeks had a good chance to decide whether or not to move and seemingly hundreds have decided to relocate. Buyers coming into town have primarily been from New York, but even local residents are deciding to move up or downsize to new homes,” says broker sales associate Kate McDonough, Prominent Properties Sotheby’s International Realty. “Buyers are looking for home offices, a bit of green, and some fresh air.”
When the market first began to rebound in May, McDonough says it was difficult to quickly get houses ready for market with the need for organizing, staging and photographing. The few homes that were ready to go were being shown 40-50 times — and in one case 80! That property had 18 offers and sold well over the asking price.
McDonough added that precautions were also put into place with gloves, masks and booties required and COVID-19 waivers signed by all parties prior to entry.
“If anyone is thinking of selling their home, now is definitely the hottest window I have seen in over 20 years. And of course, no one knows how long it will last!” says McDonough, who says homes are seeing multiple offers and above list price sales in most cases.
Most open houses continue to be virtual only, minimizing the amount of foot traffic in a home, like this home at 105 Eagle Rock Way in Montclair.
Richard Stanton of Stanton Realtors says demand is quickly surpassing new supply. Some relief came for buyers frustrated by low inventory, Stanton writes, when 78 new listings hit the market in June versus 74 last year. However, the new listings were quickly snatched up with 68 contracts in June versus 44 in 2019.
Roberta Baldwin, Principal, Chu/Baldwin Homes, says the surge is on, not just in Essex County, but with increased activity in Morris, Bergen, Union and beyond, adding that there are multiple offers happening in towns that have never seen them before.