What are the trends of the multi-family property market in Montclair?

If you’ve spent any time around Walnut Street between 6 and 7PM, you know there are a lot of young professionals who call Montclair home and more who would like to. 

A robust rental market, combined with buyers looking to offset their taxes, has created a strong demand for multi-family homes, resulting in lower inventory. 

The average multi-family home inventory in the 12 months that ended November 30 2014 was 30 properties, unchanged from 2013. However, this is well down from 40 in 2012, 50 in 2011 and 51 in 2010. 

Recent sales volume reflects the increased demand. An average of 4.25 units/month closed in 2014, versus 3.3, 2.5, 2.5 and 3.2, in 2013, 2012, 2011 and 2010, respectively. 

We’ll see how much rental demand the building at Valley and Bloomfield absorbs.    

Do you have questions about multi-family houses? 

Feel free to email me your thoughts and questions. 

Best Rich