Housing Affordability Index Sets Record in January

The National Association of Realtors have released their Housing Affordability Index for the month of January 2009. The #'s show that the HAI rose 13.6% in January to 166.8, a new record high. The HAI shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970. For a chart showing the index for the past 13 months and the past 3 years, click here.

Home Sales Slow in January But Inventory Down Too

January numbers from NAR (National Association of Realtors) came out yesterday with home sales dropping to a 12 year low. Despite these poor sales figures, inventory levels are down 2.7%. December through February is our 'slow season' so the drop is not surprising considering all the other factors at play. The newly signed stimulus package, no matter the true impact, will give may buyers and homeowners the confidence to enter or re-enter the housing market and will provide for an additional 900,000 sales in 2009 according to the report.

The full article can be seen here:

http://www.realtor.org/press_room/news_releases/2009/02/january_ehs_inventory

Home Sale Stats - January 2009

January sales figures are in...you can view them here.

Compare to last year and you can see that while things have changed, some things are strikingly similar. In Montclair, inventory levels for single family homes are up about 15%. Closed sales in January 2009 are way down compared to last year, of course these sales went under contract 2-3 months ago which puts us back to October/November 2008 when NOBODY wanted to buy a house (that is of course you saw and seized on an opportunity that still exists...more on that later). However a telling stat here is that pending sales, those that went under contract in the month, are almost identical to last year and are the highest we have seen since Sep '08.

Considering all the doom and gloom we hear everyday regarding the national real estate market, things are not looking that bad for us in Montclair.

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Development Continues in Montclair

Despite tough economic times, a stalled national real estate market, and falling home prices, developers continue to build new projects in Montclair. Last week The Montclair Times and baristanet reported that Montclair's Planning Board approved a now project dubbed the Rose Aire Building. The Rose Aire will include studio space for Studio Montclair and 15 condo units. The project will be built on a currently vacant lot at the corner of Glenridge Ave and North Willow St.

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Home Sale Stats - 2008

Final #'s are in. Click here for 2008 home sale stats for Montclair and surrounding towns. Compare the same figures for 2007 and 2006. When you are able to see these numbers side by side you can get an accurate picture of the current state of the LOCAL MARKET, not what the media tells you based on national figures or how far prices are dropping in some far off place like Florida, Detroit or Las Vegas. Remember, all real estate is local.