Monday, September 10, 2012

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


Below is the detailed market analysis report of JC, Downtown for Summer (July - August). The average sq ft prices of a 1 bedroom show the downward trend which is totally opposite from 2 Bed and 3 Beds.  The average 2 bedroom over the period was 1134 square feet. July the average 2 bedroom went for $420.  In August the average 2 bedroom went for $449.

The Highest sales volume was recorded in the month of July and the least sales in the month of August. There was mixed pattern found in the sales of 1 and 2 bedroom condos in this Peroid.

78 total condo units sold in this Period, 38 were 2 bedrooms comprising 48% of the total volume.  The 2 bedroom continues to be the most sought after unit size.

Notice how the duration for 1 bedrooms increased from July to August and duration for 2 bedrooms increased from 37 to 53 during this period.  3 and 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.  The duration for 1 bedrooms went from 52 to 92.  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. 

41  properties were sold out in July was the maximum in this Period.

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 Quarterly Review. 

Information Provided by Donna Antonucci
Prudential Castle Point Realty