Downtown Jersey City Real Estate | Market Update - October

Downtown Jersey City Real Estate Market Update - October

October
Condominium Sales:
For the month of October, downtown Jersey City reported 19 sales.

From the lowest sales price of $227,500 to the highest sales price of $727,500.

The median list price was $379,000. Median sale price was $370,000. Median days on market was 65 days. Average price per square foot was $419.20 - about a $30.00 discount from Hoboken Real Estate, per sq foot averages for October sales.

By bedroom the sales broke down as follows:
1 Bedrooms - 4 sales

2 Bedrooms - 8 sales
3 Bedrooms - 4 sales
Studios - 3 sales

Sales are down compared to September which recorded 30 sales. 

New Contracts for October stand at 24 that are waiting to close. This is up from September, with 17 new contracts. The median list price for those pending was $471,400. Also up from September's median list price of $389,000. By bedroom those sales are almost even, with 10 one bedrooms and 11 two bedrooms, the rest are 3 bedroom units.

CNNMoney reported this week that existing home sales climbed for another month fueling hope that a recovery may be underway.


Economists at briefing.com predicted sales to inch up to 4.25 million units, but it came in at 4.53 million units, up from 4.12 million units in August, said the article.
Bankrate.com is quoting a 30 year fixed rate mortgage at 4.25% today.

Last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate. On a $200,000 loan, at last year's rate of 6.25%, the monthly payment would be $1108.00 with 10% down. With today's rate and the same 10% down, that same mortgage would be just $885.00 a month.
The low rates helped mortgage applications surge by 16.4% last week, according to the mortgage bankers association. Purchase applications rose 13.2% to reach the highest level since January.