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 January, the average price per sq.feet was $12,012. In the following month the price per sq.feet decreased considerably to $737. The price for the following two months in (March, April) had a considerable decrease of 29 with regard to the prior two months. The price per sq.feet has had a considerable increase of 118 % 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 $4,101.25 to $4,834.5 during May, and June.
Based upon to the price in Montclair (cities), this has gone up considerably in the last 6 months. The average price for January is $334,271. During February the price had a considerable reduction till $194,166. During the following two months (March, April) the average price fell 89 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 327 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $387,000 they are 51 % more affordable than the average price for Montclair. The properties with the lowest average price have 4 bedrooms, Their price is 14 % cheaper than the average. After that we have properties with 2 bedrooms priced at $208,404.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of $228 / sq.feet, with an average $6,493 / sq.feet price in Montclair. The properties with the highest average prices have 4 bedrooms. They are 84 % more expensive than the average followed by properties with 2 bedrooms with a price at $1,199 / sq.feet.
The graph displaying the average prices displays the property type "House" as the most affordable one. At an cost of $387,000 it is 14 % cheaper than the average price in Montclair. "Office" is seen as the second most affordable property type. The dearest property type is "Townhouse" followed by "Office". At a price of $506,508 it is 74 % 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 $234 / sq.feet followed by "Townhouse" priced at $10,506 / sq.feet. "House" is the most costly type of property with a $11,951 / sq.feet cost followed by "Townhouse" with an average price of $10,506 / sq.feet.