Monday, January 26, 2015

2014 Year in Review - Downtown Jersey City, Unit and Dollar volumes by Bedroom by Month

 

Welcome back to the forth article of our "2014- Year in review" articles series. If you missed our previous articles, go back to our previous week's article to check detailed analysis of Hoboken's and Downtown, Jersey City's real estate market. 


Volume was good during last year -2014.  We closed 690 condos in JC, Downtown in 2014 which is similar to the previous year trend (2013). 132 in Q1, 195 in Q2, 176 in Q3 and 167 closing recorded in Q4 Period. Q2 recorded highest closing last year.



We ended 2014 with 105 active listings. There is enough inventory on the market to choose from. Prices appreciated in Summer due to high demand during that period but now again slightly decreased as the demand of property is now comparatively less. This makes current time a best time to buy properties for investment purpose for long and short term.  People bought more properties during last two years. This trend is good for both buyers and sellers.




Take a look at the volume graph above. 2014 trends shows that 1 bedroom are now similar popular as 2 bedroom in JC downtown area. However 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 2014, Sales was low with lowest sales recorded in first quarter. Springs and summers 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 2014. Sales Volume and prices were highest in the month of June. Prices are now at their lowest after June. This makes January the best time for investors to buy properties at low prices. 

Here is a chart of home sales from January to December 2014.


Stay tuned for more to come...