A total of 105 condos were sold in the Jersey City downtown market area since the beginning of the year. Of the 105 condos sold downtown, the average sale price to asking price was 98%.
44 condos of the 105 sold to date went for the full list price or over list price. Some of the building that achieved full price or over include: 45 River Drive South at Newport, 10 Regent Street, Crystal Point on 2nd Street, The Portofino building also on 2nd Street, Trump Towers 88 Morgan Street, The Mandalay at 20 2nd Street, The Montgomery Green building at 105 Green Street, 77 Hudson, 311 Washington, and Gulls Cove at 201 Marin Boulevard.
There is a high demand for condos in downtown Jersey City and most of those that go on the market experience multiple offers and bidding wars as the current supply of inventory is low. Most buyers looking to purchase would rather enter a bidding war and offer above list price than wait to find something else because of fear of increasing prices and interest rates.
Currently there are 108 condos listed for sale, and 78 condos went under contract within the past 30 days. This means that the absorption rate is 1.4, or that there is only 1.4 months supply of inventory on the market. What this really means to buyers and sellers is that if no other condos hit the market in downtown Jersey City, given the current rate of sale, the supply of condos will be depleted in 1.4 months.
If you are thinking of selling and need information on the current market conditions call me Janice Hall at 201 232 8577.
