Jersey City Condo Sales - 2010 Market Update

Jersey City Condo Sales - 2010 Market Update

December Condo Market Update - Downtown Jersey City(Let's start with how we ended the year)


Sales:
For the month downtown Jersey City saw a total of 35 units close. Of those 35, 14 were one bedrooms; 16 were two bedroom homes; 4 were three bedrooms and finally one 4 bedroom sold.

Median list price for the month was $439,000. Median sold price was HIGHER than the list price - at $450,000. Average days on market was 91 days.

Pending:
29 Units are pending for the month. Median list price for the month is $465,000, average days on market for those under contract is 89 days.

Currently there are 298 total active units.

2010 Overview

Downtown Jersey City is performing at about half the pace of Hoboken Sales. However, with that said, downtown Jersey City has many luxury condo buildings with private sales offices that do not list their inventory on the MLS therefore making it more difficult to track.

In 2010, a total of 363 Sales were recorded on the MLS. April, May June and July did not see a huge surge in sales as a result of the tax credit but has remained at a monthly sales average of around 30 units per month.

The median list price for the year, was $449,000, the median sales price was $429,000.

How long before we sell all the inventory?
If we take the average sales and divide it into the year, the absorption rate for downtown Jersey City is at 10 months. 
A more recent picture, by taking the last 6 months, inches down the absorption rate slightly to 9 months.