Essex Multi-Family Market Remained Hot in Q3
The market for multi-family properties in Essex County remains hot for Q3 2017 and doesn’t appear to be slowing down anytime soon. According to our research, there has been an increase of nearly 25% in the number of multi-family units sold in Q3 when compared to Q2, 2017.
Another positive indicator is time-on-market. Multi-family properties in Essex County sold faster significantly Q3 than Q2, spending 8 fewer days on the market.
The average sale price in Q3 also increased by about 3% over Q2.
We dive deeper into these numbers, as well as break down the pricing, time on market and inventory based on the number of units in each property as well in our Q3 Market Report (download below)
So, what does this all mean for you if you’re in the market to buy or sell a Multi-family?
If you’re looking at properties with 4-units or more, there is less inventory and prices have been yo-yoing every quarter for the past year. Timing is key to making the deal that works best for you.
If you’re looking to buy or sell smaller properties with 2 or 3 units, it means that you need to be ready to move quickly as those properties are spending less than a month on the market on average. Having a good partner who knows the market is going to be critical to getting in on the right properties.
Want to Learn More?
MultiFamily Property CEO and Founder, Steve Martin, is the leading authority on Multi-family real estate in Essex County. In addition to producing this quarterly market report we produce a regular web show, have the leading multi-family real estate website, and publish a quarterly newspaper, The Multi-Family Times with a circulation of more than 26,000 readers.
Call Steve today at 617-212-3251or visit our website to set up a free, no hassle consultation about buying or selling your next (or first!) multi-family property.
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