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Old 01-17-2017, 02:07 PM
 
Location: Montclair, NJ
478 posts, read 1,224,392 times
Reputation: 156

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2016 was a strong year for Montclair real estate by all measures. Average sales price continued its upward trend to $742k up sharply from $676k last year and significantly from 587 in 2012. Volume, as measured by total new listings and under contract, and demand, as measured by days on market and sale price/ list price, were strong but stable from 2015. Price increases are due largely to continued demand from buyers moving from high priced urban areas (Brooklyn, Hoboken, Manhattan, etc. At the same time, the higher end of the market has been selling better with 20 houses in excess of $1,500,000 selling in 2016, up from 12 in 2015 and 7 in 2012.





Surrounding towns
Metrics for surrounding towns were good for 2016. Towns without train stations lagged station towns in sales price vs ask and days on market. Surrounding towns have also experienced price appreciation over the past 5 year with South Orange and Montclair up sharply in 2016.
Attached Thumbnails
Montlcair and West Essex 2016 Real Estate Recap-montclair-trend.jpg   Montlcair and West Essex 2016 Real Estate Recap-town-comp.jpg   Montlcair and West Essex 2016 Real Estate Recap-town-comp-graph.jpg  
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Old 01-17-2017, 02:35 PM
 
123 posts, read 178,261 times
Reputation: 127
Why are there so many pre-foreclosures in Montclair?

On Zillow.com Montclair has:
63 homes for sale, 2 foreclosed, and 43 pre-foreclosed.

For comparison, Westfield has:
106 homes for sale and 6 foreclosures and 10 pre-foreclosures.
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Old 01-17-2017, 10:07 PM
 
10,219 posts, read 19,099,828 times
Reputation: 10880
Strange choice of "surrounding towns". The towns which border on Montclair are Bloomfield, Glen Ridge, West Orange, Verona, Cedar Grove, Little Falls, and Clifton. South Orange and Maplewood don't.
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Old 01-17-2017, 11:08 PM
 
Location: West Orange, NJ
728 posts, read 1,956,210 times
Reputation: 239
Quote:
Originally Posted by nybbler View Post
Strange choice of "surrounding towns". The towns which border on Montclair are Bloomfield, Glen Ridge, West Orange, Verona, Cedar Grove, Little Falls, and Clifton. South Orange and Maplewood don't.
I was thinking this as well.
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Old 01-18-2017, 12:47 AM
 
3,305 posts, read 3,832,767 times
Reputation: 2589
Quote:
Originally Posted by srdjanmax View Post
Why are there so many pre-foreclosures in Montclair?

On Zillow.com Montclair has:
63 homes for sale, 2 foreclosed, and 43 pre-foreclosed.

For comparison, Westfield has:
106 homes for sale and 6 foreclosures and 10 pre-foreclosures.
Lots of lawyers tying things up or lots of people who have missed 3 payments.
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Old 01-26-2017, 03:12 PM
 
Location: Montclair, NJ
478 posts, read 1,224,392 times
Reputation: 156
I chose those towns because people looking to move to Montclair typically also look in Maplewood/ SO. Agreed, it can be confusing as labeled.
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Old 01-26-2017, 08:37 PM
 
2 posts, read 5,390 times
Reputation: 10
Are you able to share the raw data or provide a more detailed breakdown by price? I'm particularly interested to see whether the SP/LP ratio varies depending on whether the house price is at the bottom, middle or top of the market.

Would also be great to see for West Orange and a few other nearby places if the data is readily available.

Thanks.
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Old 01-27-2017, 02:04 PM
 
Location: Summit, NJ
1,874 posts, read 2,009,778 times
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Only lived here for 1.5 years, but I would not have guessed Verona to be the cheapest of the bunch. Since it's the furthest from Newark (oops, besides Cedar Grove, but that's second cheapest). Does the lack of a train station lower prices that much?
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Old 01-27-2017, 05:10 PM
 
789 posts, read 697,542 times
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The SP/LP is usually very shady unless using Original Listing Price, which is not normally done.
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Old 01-27-2017, 07:57 PM
 
1,174 posts, read 1,739,442 times
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Quote:
Originally Posted by averysgore View Post
Only lived here for 1.5 years, but I would not have guessed Verona to be the cheapest of the bunch. Since it's the furthest from Newark (oops, besides Cedar Grove, but that's second cheapest). Does the lack of a train station lower prices that much?
Absolutely.
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