Downtown Jersey City Real Estate | Market Update | September Report

Downtown Jersey City Real Estate Market Update September Report

September
Downtown Jersey City.

The month saw a total of just 29 sales.
The median list price for the month was $485,900
The median sale price for the month was $450,000
Median days on market was 90 days

Looking back at previous month's it is clear that in downtown Jersey City, this is the place to negotiate. The sale's show that a good amount of sales in the area area trading between 5 - 10% below asking, on average some even higher, and of course, a few, less.

Three month look back:
August - Median Sale Price $403,000 - 21 units sold
July -     Median Sale Price  $545,000 - 31 units sold
June-     Median Sale Price $402,500 - 46 units sold

Total Inventory - Currently 369 active units for sale
Currently in contract since September - 29 units.

Are prices going up or down or stable? Looking at median sale prices it shows that JC is slightly unpredictable in sales prices. This is due to the extremes in this market, from luxury high end sales and pre foreclosure sales driving the entry level units in this market, down.

Current pace of sales
If no new units come on the market, and we take a sales rate of 29 units closing a month, it would take almost 13 months to sell all of the inventory. A normal market, there is usually around 6-8 month's worth of inventory.

Keep in mind that these sale numbers and inventory counts do not include units in larger buildings where the developer is selling direct, such as 77 Hudson and Crystal Point and others, where there is sales activity at moderate pace.

For the most part, the sales reported in the Hudson County MLS for downtown JC are re-sales.

If you're a buyer looking for a deal, downtown JC can be a good buy. If you are looking to sell your home then take into account these numbers and price aggressively.

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