Downtown Jersey City Real Estate Market Snapshot

Downtown Jersey City Real Estate Market Snapshot

May Condo Sales 2013
For the month downtown Jersey City saw a total of 59 units close. The Median List Price for the month was $525,000 and the Median Sold Price was $520,000.  The Median Days on Market was 27 days. Sales are up from April (49 sales and The Median Sold Price is up 17%!! from April)

Pending Sales
For the same month there were a total of 86 units change their status to Pending. The Median List Price for those units pending was $517,000 and the Median Days on Market was 25 days.

Information deemed reliable but not guaranteed, provided by the Hudson County MLS, and figures reflect condominium sales only.

If you're searching for a home please visit my website and start looking for a condo or brownstone at www.karinaabad.com

Hoboken Real Estate Market Snapshot

Hoboken Real Estate Market Snapshot 

Forgive me for being late with reporting these numbers! I have been out of the office sick and am finally back into the swing of things. Thank you for your patience!


May 2013
For the month Hoboken closed a total of 94 units. The Median List Price for these homes was $542,000 and the Median SALE Price was $540,061. The Median Days on Market was 21 days. These numbers are all up just slightly from April. (April 90 sales, Median Sale Price was $538,750, Median Days on Market was 17 days)

Pending Units in May
For the same month there were a total of 99 units change their status from active to Pending. The Median List Price was $540,000 and the Median Days on Market was 16 days - showing still strong demand in the market place.

Information deemed reliable but not guaranteed, provided by the Hudson County MLS, and figures reflect condominium sales only.

If you're searching for a home please visit my website and start looking for a condo or brownstone at www.karinaabad.com

Hoboken Real Estate Condo Market Update

610 Clinton St 3 Bed Loft

My Hoboken Real Estate and Condo Market Update for July is here!
I'm excited because it's summer :)

SALES
For the month of July Hoboken saw 74 units close. From the lowest price, and smallest, 269 sq ft studio with an asking price of $192,500 sold for $187,000; to the highest sale price at 1125 Maxwell Place for a 1749 sq ft 3 bedroom plus den 3 bath condo with balcony and parking, an asking price of 1.385Million and sold to the highest bidder at 1.550Million

The Median List Price for all units sold in July was $525,000 the Median Sold Price was $516,500. The Median Days On Market was 36 days.

PENDING
July also showed a total of 66 units change their status from active to Pending. With the lowest priced unit a starter 500 sq foot one bedroom  at 509 Monroe with an asking price of $239,000 to the highest price home at 610 Clinton St, 1925 sq ft 3 bedroom 2 bath with private elevator, garage and roof deck, with a price tag of $1.099Million

The Median List price for all units pending in July was $449,250 and the Median Days On Market was 39 days.

As you can see Hoboken real estate is moving at a relatively quick pace. With the days on market time less than 45 days.

Currently inventory as of today, is just showing 198 condo's for sale. This is proving to be difficult for buyers looking for homes as there is little to choose from, but it is an advantage for seller's and this could be a great time to sell. We are still averaging about 70 units a month close, which means our market has just about 3 month's worth of inventory, indicating that we are tilting towards a buyer's market.

If you're looking for a Hoboken condo be sure to visit my website to search what's available. Check back next month for another Hoboken Real Estate Condo Market update!

Hoboken Real Estate Prices Jump

Buyers be ready: Hoboken real estate prices jumped from the first quarter to second quarter in 2012.

Hoboken's condominium supply once again continues to be shy of current demand. Second quarter sales total 211 while the Median Sales Price reaches higher than the Median List Price. Median Sale Price reported was $476,000 (the Avg Sales Price $525,699) compared with First Quarter Median Sale Price of $437,000. That's an increase of an amazing 8.1% in one quarter.

The Median Days On Market was a shocking 48 days, leaving many buyers stunned to this reality. Current inventory stands at just 220 units total, which leaves us with a current absorption rate of 3.6 months! Now may be the time to sell your Hoboken condo. If you are buying a property make sure you are armed with these numbers so you can make a good offer based on real numbers.

501 9th St Condo For Sale With Private Terrace

Happy house hunting!

Multiple Offers On Market 1 Week

Downtown Jersey City Real Estate | Update April

Downtown Jersey City real estate update, April has shown a spike in activity with units pending increasing month over month and the days on market decreasing dramatically from those units sold. With just 218 units currently for sale, there is little inventory for the high demand coming from buyers. "They seem to go into contract the minute we want to see them" - Jersey City buyer

Sales
For the month DTJC saw a total of 40 units close. Up from March's total of 34 sales.
From the lowest sold price of $213,500 for a 610 square foot one bedroom at 254.5 9th street with a list price of $214,500, to the highest sold price of $950,000 for a 4 bedroom 3.5 bath town home featuring 5 floors and a list price of $1.025M

The Median List Price for the month was $444,499 and the Median Sold Price was $431,000. The Median Days On Market was 40 days.

Compared with March's Median List Price of $422,000 and Sale Price of $411,500. The Median Days On Market for March was 75 days.


Pending
This same month DTJC saw a total of 41 units change their status to Pending. Also up from March. From the lowest asking price of $199,000 for a 520 square foot studio at Dixon Mills 186 Wayne street, to the highest asking price of $799,000 for a 1185 square foot two bedroom two bath at Hamilton Square 232 Pavonia Ave.

The Median List Price for those units pending was $395,000 The Median Days on Market was just 38 days.

Compared with March which saw a total of 35 units pending and 49 Median Days on Market
March real estate report

Search downtown Jersey City real estate for an update on homes available for sale.

Hoboken Real Estate | Condo Market Update | April

My Hoboken Real Estate Condo Market Update For April is here!

Spring Market is in full swing! This months stats show strong activity in new contracts, but inventory is still low making real estate quite competitive .. 

April Sales
For the month there were 57 sales. From the lowest priced unit at 107 Harrisson street for a 450 square foot one bedroom with a list price of $199,900 and a sale price of $189,000 to the highest priced unit at 1125 Maxwell Lane, for a 1915 sq ft 2.5 bed 2.5 bath with direct NYC views and a list price of $2.211,995mil and a sale price of $2.180,995mil

The Median List Price for the month was $459,000 and the Median Sale Price was $435,000. The Median Days on Market Was just 57 days.

April Contracts Pending

For the month there were 70 units change to pending status. From the lowest asking price of $192,500 for probably the smallest condo in Hoboken, a studio coming at 269 square feet; tot he highest asking price of   $1.329Million for a 1774 square foot two bedroom at 1500 Garden Street, Harborside Lofts


The Median List Price for units pending was $539,000 and the !**Median Days on Market was 24 Days.**!

You can see the trend in contracts pending and Median Days on Market that there is a high amount of activity happening and that homes are selling at a significantly faster pace.




News Articles Pertaining the state of the real estate market today
Wall Street Journal - Stunned Home Buyers Find The Bidding Wars Are Back
CNN Money - Buying A Home Won't Get Much Cheaper

If you're looking for a Hoboken condo in the current real estate market you can search for units for sale on my website.

Hoboken Condo | Hoboken Brownstones Market Real Estate Update

Hoboken Condo Hoboken Brownstones Market Real Estate Update

Week Of January 10th thru 16th, 2011

Condominium Sales:
For the week there were 9 sales (up one from last week's 8 sales). From the lowest price, a 700 sq foot one bedroom one bath at 4th and Madison with a list price of $219,000 and a sale price of $195,000; to the highest, a 2351 square foot 4 bedroom 3 bath with parking and deck at The Vesta Hoboken, 609 Observer, with a list price of $999,000 sold for $940,000.

Median List Price for the week was $597,000. Median sold price was $572,250. Average days on market, 89 days.

Pending Units:

Hungary - From My Travels

There are 6 units waiting to close for the week. From the lowest price, a 1500 square foot two bed two bath with parking, short sale at 107 Jackson, with a list price of $425,000, to the highest; a 1530 square foot two bed plus den, three bath at the Hudson Tea, 1500 Hudson with a list price of $811, 995.


Brownstones and Single Family Homes
Sales:
One single family sold for the week. 211 2nd, street, a renovated 3 bed 2.5 bath with two decks sold. It's original list price was $1.199M, it sold after just one day on the market, for a cash offer of $1.155M

Pending: 
There are no pending homes for the week.

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

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.

Hoboken Condos - End of Year Market Sales Report - 2010

Condo End of Year Market Sales Report - 2010




Let's start with December.

Sales: For the month of December there were a total of 51 closed sales compared with November's 47 sales.

The median list price was $459,000, median sale price was $450,000. Median days on market was 63 days.

(Picture by Stephen Braccioforte)


Broken down by bedrooms:

Studios - 3 Sold at The Hudson Tea

One bedrooms - 18 One bedrooms Sold

Two bedrooms - 25 Two bedrooms Sold

Three bedrooms - 4 Three bedrooms Sold

Four bedrooms - 1 Sold 

Under Contract: Pending for the month of December are a total of 41 total units. Median list price is $499,000, median days on market is 66 days.

So, how did we do in 2010?

(My Frenchy - "taz")

2010 Started with a bang with the home buyer tax credit increasing market activity towards the end of February with new sales exploding in April, May and June. Summer simmered down to a pace averaging around 50 sales per month. Per square foot prices dropped to 2004-2005 levels. 

Mortgage rates dipped to record lows under 4.5% making buyers take notice. Overall 2010 saw an increase in sales of about 13% compared to 2009. Median sale price dipped 2.97% compared with 2009.

Month         Sales     Median List Price     Median Sale Price    Median DOM        %Discount
                                                                                                  Days on Market

January          43          $494,000                    $480,000                 72                             2.83

February        45          $474,900                    $460,000                 82                             3.13

March            53          $519,000                    $498,500                 68                             3.94

April              75          $479,000                    $467,505                 45                             2.39

May               82          $449,000                    $435,000                 55                             3.78

June               124        $469,000                    $455,000                 79                             2.98

July                54          $511,999                    $503,500                 77                             1.71              

August           59          $457,500                    $436,200                 89                             4.65   

September      52          $466,500                    $443,000                 79                             5.03

October          54          $418,944                    $405,000                 85                             4.04

November      47          $475,000                    $459,990                 80                             3.16

December       52          $454,000                    $445,000                 86                             1.98

Sales spiked for three months, April, May and June.

The majority of sales were two bedroom units. This is the bulk of the market overall in Hoboken with one bedrooms close behind; studios and three bedrooms after. 

Fourth Quarter Sales - Most Recent Look at Data - By One and Two Bedrooms Per Square Foot

One Bedrooms - 52 Total Sales - $469.39  Per Square Foot

Two Bedrooms - 72 Sales - $464.40  Per Square Foot

There were 18 three bedroom unit sales in the 4th QR and 10 Studio Sales

The big picture.

Consider that there are currently 349 active condo units. 2010 saw 740 Total Sales.  At this number if we divide that into the year and the current amount of inventory, we are sitting on 17 month's worth of inventory. It would take almost a year and a half to sell all of the units that are for sale.

If we look at the sales pace for the last six months we adjust to an inventory stock of 15 months. 

However, there is a large amount of 'shadow inventory' waiting in the wings. These are seller's that are attempting to time the market, most likely to list between March and June.

Curious on your feedback - where do you think the market is going?

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

Hoboken Real Estate | Weekly Market Update

Hoboken Real Estate Weekly Market Update

Week of December 13th, thru 19th, 2010

Condominium Sales:
For the week there was a healthy spike in sales! 19 sales for this week. Up from the previous week of just 8 sales. From the lowest price, a 565 square foot one bedroom condo with terrace at 406 4th street with a list price of $264,900 and a sold for $245,000; to the highest, 610 Clinton Street, an 1820 square foot two bedroom plus den, two bath duplex with parking and a list price $899,000 sold for $825,000.

Median list price for the week was $499,000 (avg $513,789). Median sale price was $480,000 (avg $492,500). Median days on market 98 days.

Pending Sales:
For the week, also a healthy number of pending sales. 12 units are waiting to close. From the lowest price, a  700 square foot two bedroom one bath at 718 Bloomfield Street with a list price of $314,900 and 50 days on market; to the highest a swank 2006 square foot three bedroom two bath condo with parking at Maxwell Place, 1025 Maxwell Lane with a list price of $1.725Million.

Median list price for the week was $482,497 (avg $601,466 skewed by the Maxwell sale).

Brownstones and Single Families
Sales: Zero sales for the week.
Pending: Zero pending for the week.

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

Downtown Jersey City Real Estate | Weekly Report

Downtown Jersey City Real Estate Weekly Report
What's hot in Downtown JC

For the week of 10/4 -10/10 2010

Condominiums
Sales:
For the week, there was just one sale. 45 River Drive South, a 565 sq foot studio with NYC views and a list price of $298,000 sold for $282,000.

Pending:
For the week there were 8 new contracts. From the lowest, a 1214 square foot two bed two bath at 369 5th with an asking price of $375,000 to the highest, a 2200 sq foot 3 bed two bath duplex at 83 Montgomery with an asking price of $1.19M

Median list price was $514,000.  Median days on market was 67 days

Brownstones & Single Family Homes
Sales: Zero
Pending: Zero

There are currently just 26 homes for sale ranging from $180,000 to $3.4M

Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Jersey City Real Estate Weekly Market Update is for the areas solely classified as downtown.