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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.
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.
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.
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.
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?
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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