Tuesday, April 10, 2012

Q1 2012 Jersey City Real Estate Review - Where is the Market Going?


From the beginning of the year, the total inventory has been down - basically half of what we had same time last  year.  As predicted, this constriction in supply has pushed prices up slightly.

The price per square foot for a 2 bedroom condo went from $399 to $454 to $426, Jan, Feb and March, respectively.  The average 2 bedroom over the period was 1117 square feet.

Inventory is up slightly since January.  We started the year at about 277 houses for sale in JC and is now at about 270.  It's about the same but more than a 50% decrease than the same time last year.  

The Highest sales volume was recorded in the month of February and the least sales in the month of January and March went down little slower but it does not mean it will be slower in next months,



75 total condo units sold in 1st quarter, 43 were 2 bedrooms comprising 57% of the total volume.  The 2 bedroom continues to be the most sought after unit size.


Here is the price per square foot chart that shows how prices have fluctuated ever so slightly.

 

Price for per square foot increased by 13% in February (compare with January price) and again went down by 9%. In the Month of February, prices reached $475 for 3 Bedrooms.  


This graph shows the direction of the market.  Over the period prices generally went up.  In terms of absolute numbers, the number of 3 bedroom sales was low at 9 total units for the quarter.  This is really too small to make any inferences.  One outlier will skew the trend line.  There was enough volume between the one and two bedrooms to demonstrate that prices have ticked up. 


All and all the market needs listings.  If you are ready to move and you have waiting for a good time to list, this is it.

More to come on this so stay tuned for the Hoboken Real Estate Monitor.com Quarterly Review.


Information Provided by Donna Antonucc
Prudential Castle Point Realty
201-240-6832