Downtown Jersey City Condo Prices Going Down?

by Linden Moe on March 15, 2011

Is Downtown Jersey City Condos Prices Going Down?

Downtowntown Jersey City Condos

Downtown Jersey City Condos

Does Downtown Jersey City Prices Reflect The National Data?

Is Now The Right Time To Buy Downtown Jersey City Condos?

The #1 question we get asked in todays market is are Downtown jersey City condos prices going down?

and

Should I wait to buy Downtown Jersey City Condos??

Because there is so much misinformation out there from zillow,trulia, and media sites…About Downtown jersey City Condos.

First the answer is YES , nationally prices are down 4.1% from last year.

But hang on a second… real estate is HYPER,..Local..which means prices vary from zip code to zip code…

So lets look at the downtown jersey city condos market..only the numbers to see the truth,..

the bad news Downtown jersey city condos sales are down big

sales -36%.. Than means 36% less buyers out there

681 average sales vs 434 sales now

now lets look at pricing…shall we

average sales price on downtown jersey city condos $410,000

 now the average sales price on downtown jersey city condos is $414,950

a difference of $4,950 UP over The previous year..

That means from prices are up 1% in downtown jersey city condos..

Prices on downtown jersey city condos actually went up by 1% while the national market dropped 4.1%

Also inventory meaning the amount of Downtown jersey city condos for sale is DOWN big time as well

average inventory amount is usually 2,357 Downtown Jersey city condos for sale

In the last year only 1,497 condos has been available..

So while demand is down 36% ,..so is supply Down 36%.

So to recap.,.. Downtowntown Jersey City Condos Market

downtown jersey city condos          Prices UP 1%
downtown jersey city condos      Demand Down 36%
downtown jersey city condos       Supply Down 36%

Lets look at the data… On Downtown Jersey City Condos

YEAR-TO-YEAR COMPARISON REPORT
Statistics for:, MF, VL, CI, CC, RR AND Status=S AND Type=1F, RR, 2F, 3F, 4F, VL, IV, IN, SO, BU, CD, CO, 1F, RR AND Date Range=01/01/2010-12/31/2011 AND Area=0906D AND Grouping Selector=3; As Of: 3/15/2011
  Qty Sold % Chg Volume Sold % Chg Average Sale % Chg Median Sale % Chg Qty Active % Chg
  CONDO-COOP
  All Areas
  JC, Downtown
  Current Period 434   191,272,856   440,720   414,950   1,497  
  One Year Ago 681   297,423,376   436,745   410,000   2,357  
  Increase / (Decrease) (247) -36% (106,150,520) -36% 3,975 1% 4,950 1% (860) -36%
Sub Total – CONDO-COOP (All Areas)
  Current Period 434   191,272,856   440,721       1,497  
  One Year Ago 681   297,423,376   436,745       2,357  
  Increase / (Decrease) (247) -36% (106,150,520) -36% 3,976 1%     (860) -36%
Statistics for:, MF, VL, CI, CC, RR AND Status=S AND Type=1F, RR, 2F, 3F, 4F, VL, IV, IN, SO, BU, CD, CO, 1F, RR AND Date Range=01/01/2010-12/31/2011 AND Area=0906D AND Grouping Selector=3; As Of: 3/15/2011
TOTAL – CONDO-COOP (All Areas)
  Current Period 434   191,272,856   440,721       1,497  
  One Year Ago 681   297,423,376   436,745       2,357  
  Increase / (Decrease) (247) -36% (106,150,520) -36% 3,976 1%     (860) -36%
  ALL CLASSES
  All Areas
  JC, Downtown
  Current Period 434   191,272,856   440,720   414,950   1,497  
  One Year Ago 681   297,423,376   436,745   410,000   2,357  
  Increase / (Decrease) (247) -36% (106,150,520) -36% 3,975 1% 4,950 1% (860) -36%
Sub Total – ALL CLASSES (All Areas)
  Current Period 434   191,272,856   440,721       1,497  
  One Year Ago 681   297,423,376   436,745       2,357  
  Increase / (Decrease) (247) -36% (106,150,520) -36% 3,976 1%     (860) -36%
Statistics for:, MF, VL, CI, CC, RR AND Status=S AND Type=1F, RR, 2F, 3F, 4F, VL, IV, IN, SO, BU, CD, CO, 1F, RR AND Date Range=01/01/2010-12/31/2011 AND Area=0906D AND Grouping Selector=3; As Of: 3/15/2011
TOTAL – ALL CLASSES (All Areas)
  Current Period 434   191,272,856   440,721       1,497  
  One Year Ago 681   297,423,376   436,745       2,357  
  Increase / (Decrease) (247) -36% (106,150,520) -36% 3,976 1%     (860) -36%
Listings that were off market before the begin date for the search, and put back on the market after the end date for the search, may be included as  
 
Downtown Jersey City Condos active listings during the time period being reported.
This report was only about Downtown jersey city condos market, For more info regarding other markets please contact us regarding downtown jersey city condos.

Linden Moe Linden Moe  (103 Posts)

Your downtown jersey city condos expert advisor… Certified Real Estate Expert | Realtor | Consultant Team Leader of the “NJ Top Ten Real Estate Experts Team” America’s Elite Real Estate Fax 201-221-7712 | Direct Line 201-839-4927 | Office 201-432-1600 | Linden@BestBuysInNj.com | www.BestBuysInNj.com


Read More Awesome Post:

  1. downtown jersey city Homes Market Review. A look at Downtown jersey city condos



Try our super useful *Wild Card* home search


Samples of allowed searches:
3 beds, 2 baths
4 rooms, 2 baths, New Jersey
5 bedrooms, 4 bathrooms, 07010
1500 square feet, Hoboken
2500 sqft, 4 rooms, 3 bath, Jersey City





Fatal error: Uncaught Exception: 12: REST API is deprecated for versions v2.1 and higher (12) thrown in /home4/lindenjr/public_html/wp-content/plugins/seo-facebook-comments/facebook/base_facebook.php on line 1044