The prices in real estate in Montclair, in the New Jersey region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Montclair has had a strong decrease during the last 6 months. In October, the average price per sq.feet was $15,484. In the following month the price per sq.feet decreased considerably to $8,136. The price for the following two months in (December, January) had a considerable decrease of 3 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 5 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $6,063.5 to $297 during February, and March.
Based upon to the price in Montclair (cities), this has gone up in the last 6 months. The price in October is $728,019, rising in November till $814,826. During the following two months (December, January) the price has had an average incrementation from $771,422.5 to $842,392.5. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of $806,907.5 and $776,622.5 between February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $773,068 they are 66 % more affordable than the average price for Montclair. The properties with the lowest average price have 4 bedrooms, Their price is 12 % cheaper than the average. After that we have properties with 3 bedrooms priced at $671,582.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the most costly ones at a cost of $356 / sq.feet, with an average $302 / sq.feet price in Montclair. The properties with the highest average prices have 1 bedroom. They are 80789 % more expensive than the average followed by properties with 2 bedrooms with a price at $190,361 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $773,068 it is 58 % cheaper than the average price in Montclair. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Office". At a price of $495,970 it is 64 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Office" at an average cost of $213 / sq.feet followed by "House" priced at $19,379 / sq.feet. "Condo" is the most costly type of property with a $250,247 / sq.feet cost followed by "Townhouse" with an average price of $64,964 / sq.feet.