The condo market in Jersey City downtown is alive and well. With 65 condos under contract in the past 30 days as of mid November, Jersey City downtown is experiencing the fastest absorption rate in the entire Hudson County area. With 114 condos to choose from in Jersey City downtown, 65 buyers had offers accepted, making the absorption rate 1.8. This means that given the rate buyers are buying, the condo inventory in the downtown area will be totally depleted in less than 2 months, if no other condos come on the market.
With only 1.8 months supply of inventory the market in Jersey City downtown is most definitely a sellers’ market. It is generally accepted that when there is 6 or less months supply of homes, it is a sellers market. With more than 6 months supply of homes to choose from it is a buyers’ market.
Condo owners who need to move within the next 3 to 6 months should consider listing their homes now. With limited inventory and buyers still looking to buy before the interest rates climb any higher, sellers will attract higher offers on their listings.
If you are thinking of listing your Jersey City downtown condo call Janice Hall at 201 232 8577 or email: Jhall@weichert.com.
