Lets look at the Montclair million dollar home market. Before getting into the numbers we wanted to point out that 40 Edgemont Road is back on the market. You may remember that this home sold in February of 2009 for $2,510,000 closing at a 25+ percent premium over the asking price just 5 months after the beginning of the financial crisis. This really is a lovely Montclair home located across from Edgemont Park is listed at$2,499,000. It seems that buyers definitely perceive value when a home has been restored by the Van Notes. It is interesting to see that the home is listed not with Barbara Lewis who brought the buyer last February but rather with Bridget Van Note.
Taking a looking at the absorbtion rate million dollar homes in Montclair we see that for homes originally listing above the 1 million dollar mark there is a 31 month supply. 11 homes sold last year where the original listing price was over 1 million dollars . Divide that by the number months and them multiply by the active inventory of 34 home. I have excluded the$16 million dollar listing at 32 Club Way . If no other Montclair homes priced in the million dollar range came on the market today it would take a little more than 2.5 years to sell through the existing inventory. A Six months’ supply is considered a balanced market — when the number of listings roughly equals the number of buyers. Numbers over six represent a buyers’ market and those below a sellers’ market.
Of the 11 Montclair million dollar homes that sold over the last year the stats break out as follows:
- Original list price was $1,406,909
- Average list price was $1,368,363
- Average sale price was $1,258, 500
- Average price reduction was $106,000
- Original list price to final sale price was 89.66%
- Average Days On Market was 100
- 18 homes were withdrawn from the market or the listing expired
Interesting numbers for sure at the top of the market here in Montclair. We would love to hear what you think. As the baby boomer become empty nesters and choose to downsize or relocate we have to wonder if there are enough people who will move up to these great homes. One thing we know for sure is that no one cancelled the future and people are still buying. With so much to choose from if you are in the market for a high-end home please contact us and we would be happy assist you. In the meantime feel free to search home available for sale in Montclair over a million dollars.
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