Downtown Jersey City Condo Real Estate Update

My monthly downtown Jersey City Real Estate Update for the month of December is here! 

Happy New Year!
Late 2012 downtown Jersey City saw an extremely low amount of homes available driving demand and putting pressure on prices. Since then the amount of homes available has since increased however we are still at an absorption rate of under 3 month's favoring seller's in the current market conditions. Spring is around the corner which will bring even more buyer's out on the hunt therefore increasing pressure unless more inventory can come to market to help ease some of the pent up demand. We shall see indeed! 

So how did we do?

December Sales
For the month DTJC saw a total of 40 condominium units close. The Median List price for those units sold was $462,000 and the Median Sold price was $447,500 or just 3.1% off of asking price. The Median Days on market, was just 29 days.

December Pending 
The same month, DTJC changed 33 units from ACTIVE to PENDING. Of those 33 units waiting to close, their Median List price was $449,000 and the Median Days on Market was 26 days. There are additional units waiting to close that went under contract in November but are probably delayed because of Hurricane Sandy and we will likely see these numbers reflected in January 2013 report.

Also keep in mind that these sales do not reflect additional activity happening in buildings such as 77 Hudson or Hamilton on the Park that sell direct without recording all of the data on the multiple listing service.

Did you move into a home in December? Tell us about it! Are you still looking?

Information provided by the Hudson County MLS, deemed reliable but not guaranteed. 

Thank you for reading my downtown jersey city condo real estate update, please check back for regular posts and information.