Montclair Property Market Shows Improvement

Only a month ago,  in the Montclair property market.

And, according to real estate agents, that momentum has showed no sign of slowing down.

Richard Stanton of Stanton Realtors said that the need for more inventory is one shared by many Montclair agents these days.

"Who would have thought it a year or two ago?" he asked.

On July 31, there were 182 homes on the market compared with 268 the same time last year. In July alone, at least 39 houses went under contract. The average number of days a property stayed on the market fell from 69 to 57 over the past year.

On the other hand, the median sales price was only $560,000 in July, down from $656,000 in July 2011, according to the Garden State MLS.

"We've been pricing a fair number of houses so look for some interesting listings in September," Stanton said.

Adriana OToole, a broker at RE/MAX Village Square, recently said that she, too, was short on listings.

"If a house is in great shape ... neat, clean, and attractive to the buyers, it has a good chance of getting sold," she said. "Kitchens and baths are still the important parts. Either the price has to reflect this or the seller has to reconsider the price.

"I think August will be busy," she added.

But not every Montclair house is selling in a hurry—and some agents have been forced to dramatically reduce prices.

In February, Montclair Patch featured the 13,000-square-foot home at —a stunner priced at the time at $1,725,000. The pricetag on this house has now been reduced to $1,300,000. The home has 14 bedrooms and eight full baths.

What do you think of the property market in Montclair? Is it getting better? Let us know your thoughts in the comments section below.