Jersey City Apartments – Condos | Monthly Housing Report
Beginning September 1, 2010, this page will be an archive page for real estate reports in Jersey City. If you are looking for information prior to August, you can still see all of that info on this page by scrolling down. For all reports from August 2010 and future reports, please see appropriate links below. Thanks
Jersey City Apartments & Condo Real Estate Report – Q1 2010
CLICK HERE for all Jersey City apartments & condos for sale and all rentals. Be sure to specify your preferred district, ie Bergen-Lafayette, Downtown, Heights, etc.
OK, so as we wrap up the first quarter of 2010, we bring you the Jersey City real estate report for condos. After finishing off 2009 on a positive note in regards to sales volume, the first quarter of this year has been a little disappointing, however slightly better than Hoboken sales volume.
In January of this year, there were 37 condos sold in Jersey City with an average selling price of $336,150. The average days on market was 102 days.
In February, there were 37 condos sold with an average selling price of $351,154. The average days on market was 102 days.
In March, there were 40 condos sold in Jersey City with an average selling price of $313,881. The average number of days on market for a condo sold was 106 days.
So in total for the first quarter of 2010, there were 114 condo sales with an average selling price of $333,728. Since August 2009, sales volume and selling prices have pretty much stagnated, not doing much one way or the other.
Currently there are 883 condos for sale in Jersey City with an average listing price of $362,886. If using March figures for calculating rate of absorption, Jersey City’s absorption rate is about 24 months, which clearly indicates a buyer’s market.
Downtown Jersey City, considered the more popular urban section has typically fares better than most other urban districts in terms of volume. There are 388 Condos for sale downtown with an average listed price of $481,970. During the first quarter of 2010, most of the sales volume occurred Downtown with 77 of the 114 total sales taking place in Downtown Jersey City. The average price of a condo sold was $432,563.
In March 2010, there were 33 condos sold Downtown with an average selling price of $444,948. As mentioned, there are 388 condos for sale in Downtown Jersey City. Using March sales volume of 33 condos sold, Jersey City’s rate of absorption is 11.75 months indicating a buyer’s market.
As the First Time Homebuyer Tax Credit expires along with the Goverment cancellating of purchasing MBS’s, look for a lag in volume and selling prices while the market adjusts from using government programs as a crutch to standing on our own.
Happy New Year, Jersey City!
Instead of doing a December inventory / sales report as we normally do, I figured it was a great time to do some annual comparisons to 2008. It’s been an interesting year for sure. Unemployment, housing declines, weak dollar, bank failures, etc. All in all, today, January 1, I am cautiously optimistic about what 2010 is going to bring. Don’t forget to check out our 2010 predictions.
Although there remains pressure on real estate values, with the help of government tax incentives, we should see activity continue to increase, which is all we can ask for at this time. I predict there will be more “connection” between buyers and sellers in 2010 as the equity rallies of mid/late 2009 created a disconnection due to sellers expecting top dollar and buyers only willing to make under market bids, however Jersey City, given the circumstances, did rather well in 2009 and it only looks as if things are getting better. So without further ado, here it goes.
2008
- In 2008, there were 780 Condos sold in Jersey City
- The average sales price of a condo sold in 2008 was $400,498
- Of the 780 Condo sales, 405 were from the Downtown district
- The Downtown Condos sold for an average of $506,691
2009
- In 2009, there were 530 Condos sold in Jersey City
- The average sales price of a condo sold in 2009 was $362,410
- Of the 530 Condo sales, 293 were from the Downtown district
- The Downtown Condos sold for an average of $433,357
The data above indicates that there was a 32% drop in Jersey City Condo sales activity in 2009 when compared to 2008. The average sales price of all condos sold in Jersey City fell 9.5% in 2009 when compared to 2008.
The data also indicates that there was a 27.7% drop in condo sales activity in the Downtown district of Jersey City. The average sales price of condos sold Downtown JC fell by 14.5%. The activity and sales price difference were the result of a nationwide real estate correction. The charts below indicate that Jersey City may have already hit bottom and is on its way back to normalcy. Click charts to enlarge and Click following link for Jersey City Real Estate Report in Excel
If you compare Q4 of 2008 and Q4 of 2009, it is very clear that sales activity is in full reverse. As sales activity was declining in 2008 toward year’s end, activity has noticeably increased and improved over the months of 2009. The interesting fact is that Jersey City condos only suffered a 9.5% adjustment in values. This is a great sign from a market that relies partially on NYC economy. With the assistance of government incentives, we see positive activity during the first half of 2010.
In our opinion, market conditions are favorable for a slow recovery. We anticipate that once the government incentives expire, there may be a 2.5% – 5% dip in the median, however this will be negated by a strong Q4 of 2010 as unemployment is expected to peak and buyer mentality of “missing the bottom” creates further sales activity.
The opinion of New Jersey Real Estate Guys is that today is a favorable time to buy in Jersey City. Taking advantage of low rates and the First Time Homebuyer Tax Credit will off-set any/most speculation of further downward trends, which are expected to be barely noticeable.
So if you are in the market for real estate in Jersey City, look no further than New Jersey Real Estate Guys. With offices in Jersey City combined with our local reputation, we can help you achieve your dream condo or investment property. Contact us today for a consultation. We would value an opportunity to interview for the job of being your real estate agent.
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November Update 2009
The following is a report for Jersey City real estate and condos sold during the month of October. Year to date numbers are included as well. Only condos have been included in this report. Don’t forget…If you would like to search for Jersey City condos for sale, visit our MLS/IDX searching tool and call NJ Real Estate Guys at 877-688-7582 to set up a showing appointment or if you would like info on how we can help sell your condo.
Jersey City Real Estate – October 2009 Condo Sales
The total number of Jersey City condos sold was 61 in the month of October. This brings the Year to Date condos sold in Jersey City to 410. At this point last year in 2008, the Year to Date sales were 702. There has been a drop of 42% in sales activity for condos. This, however is largely the effect of the “fear” mentality that gripped the country following last years Q4 world market collapse and tighter credit markets. Sales have dramatically increased month over month in 2009 largely due to the homebuyer tax credit, market optimism, etc.
Listing Price versus Sale Price: In October of 2009, the Average listing price of condos sold was $365,000. The Average sales price was $345,577. This means that sellers received over 94.7% of asking price, a positive sign.
Absorption Rate: An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 790 Active Listings of Jersey City condos for sale. As mentioned, the total number SOLD during October was 61. The absorption rate for Jersey City condos based on October’s sales figures is 12.95 months.
Studios / 1 Bedrooms: There are a total of 322 Studio and 1 Bedroom condos for sale in Jersey City. A total of 33 Studio and One Bedroom condos sold during the month of October. The average listing price of the condos sold was $323,499 and the Average sales price was $309,662. The highest sale was $460,000 (Shore Club) and the lowest sale was $78,000, a condo in Journal Square. The absorption rate for 1 Bedroom condos in Jersey City is 9.75 months. Average Days on Market for Studio and 1B condos sold was 70 Days.
Two Bedroom: There are a total of 385 Two Bedroom condos for sale in Jersey City. A total of 22 Two Bedroom condos sold in October. The average listing price of sold 2 BR condos was $396,763 and the Average sales price was $371,425. The highest sale was $650,000 (Shore Club South) and the lowest was sold for $115,080 located in Jersey City Heights district. The current absorption rate for 2 bedroom condos in Hoboken is 17.5 months. Average Days on Market for 2B condos sold was 110 Days.
Three Bedroom: There area total of 77 Three Bedroom condos for sale in Jersey City. A total of 5 Three Bedroom condos sold in October. The average listing price of sold 3 BR condos was $482,820 and the Average sales price was $450,000. The highest sale was $755,000 (Port Liberte) and the lowest sale was for $235,000, located in the Greenville section. The absorption rate for Three bedroom condos in Hoboken is 15.4 months. Average Days on Market for 3B condos sold was 66 Days.
Four Bedroom & Higher: Very few care about 4’s and higher but quickly, only one 4-bedroom condo sold in Jersey City in October. The listing price was $449,000 and the sales price was $440,000. It was on the market for 66 days.
So there you have it for the month of October. Sales have been a little down, but there are great signs of improvement. Remember there are over 1,600 new Wall Street jobs coming to Jersey City. This should assist in market absorption in addition to the homebuyer tax credit extension and higher income levels for approval.
If you would like any additional information regarding Jersey City real estate, please do not hesitate to contact us. We are the best in the biz for a reason. We are sensitive to your criteria and maximize your dollar on real estate
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