Tuesday, July 10, 2012

Q2 2012 Jersey city, Downtown Real Estate Review - Where is the Market Going?

Below is the detailed market analysis report of JC, Downtown for Q2. The average sq ft prices of 1B show the downward trend which is totally opposite from 2B and 3B.  The average 2 bedroom over the period was 1114 square feet. April the average 2 bedroom went for $430.  In May the average 2 bedroom went for $459 and $465 in June.

The Highest sales volume was recorded in the month of May and the least sales in the month of June. There was mixed pattern found in the sales of 1 and 2 bedroom condos in this quarter.

115 total condo units sold in 2nd quarter, 61 were 2 bedrooms comprising 53% of the total volume.  The 2 bedroom continues to be the most sought after unit size.
Notice how the duration for 1 bedrooms dropped from April, May to June but duration for 2 bedrooms varies between 70 to 80 during this period.  3 & 4 bedrooms are too low in numbers to show any meaningful trend here but there is enough volume in the 1 and 2 bedrooms in terms of number of closings.  The duration measures the time the listing went up to the time the unit went under contract.   Duration for 2 bedrooms went from 75 days, to 72 days to 74 days, May to June.  The duration for 1 bedrooms went from 122, 50 to 51.  This is significant and is a correlate with increasing prices.  Low inventory means relatively more buyers than sellers.  What is available is place quickly.  Prices are pushed up.        

Here is the price per square foot chart that shows how prices have ticked up ever so slightly. Data for 4B is too low to draw any conclusion.

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.  Call me if you want to list.... 201-240-6832. 

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.  38  properties were sold out in April was the maximum in that Quarter.

Information Provided by Donna Antonucci
Prudential Castle Point Realty