Monday, January 27, 2014

2013 Year in Review - Downtown Jersey City, Unit and Dollar volumes by Bedroom by Month


Volume was good during summer of last year (2013).  We closed 752 condos in JC, Downtown in 2013 which is 37% higher from previous year (2012). 128 in Q1, 190 in Q2, 234 in Q3 and 211 closing recorded in Q4 Period. Q3 recorded highest closing last year which is different from previous year trend where Q4 was the highest scoring quarter. 

We ended 2012 with 124 active listings. Which is a significant increase from the previous year. There is slightly more inventory on the market to choose from. Prices appreciated in Summer due to high demand during that period but now again deflated as the demand of property is now comparatively less. This is the best time to buy properties for investment purpose for long and short term.  People bought more properties in this year vs previous years. This trend is good for both buyers and sellers.

Take a look at the volume graph above.  You can see the Two bedrooms have the highest sales in average for Q3 and Q4 which is typical for Jersey City.  The two bedroom is the most versatile for Jersey city’s audience. A two bed is good for roommates, that young professional that wants a home office, a newly married couple and for the couple with their first child.

From the beginning of the the Year 2013, Sales was low with 42 properties sold in the month of January, July and Aug has Highest sales volumes during this period, which makes this the preferable time for buyers. 

The above chart shows the total sales volume in $ and the trend of the average price of property during 2013. Sales Volume was highest in the month of August. October recorded the sharp decrease in the prices and still same at current. This makes January the best time for investors to buy properties at low prices. 

In Q4, Sales of 2 bedroom units have decreased but 27 units were sold on average in 2013. August was the highest sales month for 2013 with 24 units sold for 1 bedroom and 41 for 2 bedroom

Here is a chart of home sales from January to December 2013.

Information Provided by Donna Antonucci