2016 was a solid year for Downtown Jersey City Jersey City apartments sales. The total number of homes sold was 598 and that which is about 8.6% lower than the 693 homes that sold in 2015. The total dollar amount was also lower. In 2015 the total sales numbered $482,107.955 which is about 9% higher than the 436,762,694 posted for 2016. ( To see the current daily listings in Downtown Jersey City please CLICK HERE
Lack of inventory across all price levels is what slowed the Downtown Jersey City market in 2016. There are new buildings going on line this this year but I have to confess that I don’t think they’ll be enough to satiate the increasing demand from buyers. I will work with you as hard as possible and for as long as possible to give you the service you deserve and make sure we get you your dream home. Call or Text me at 917.545.3438 .
Prima fascia that might seem like a weakening market but it’s quiet the opposite. The reason for the lower overall numbers is not lack of demand but rather lack of inventory. This is readily evident if we look at individual sales. The median price for an apartment in Downtown Jersey City in 2015 was $630,000. In 2016 that went up by $30,750 to $663,750. This is a jump of almost 5% year to year and a historical record! ( Continued Below)
The strength of the market was further evidenced in the lower number of days spent on the market. In 2015 it took on average 37 days to sell an apartment and last year that number dropped to just 27 days. That means that homes in downtown jersey city sold in 2016 almost a third faster than in 2015.
Furthermore this past year Jersey City also passed two significant milestones. For starters, Jersey City nailed the Curbed poll to win the title of the best New York City neighborhood. This poll is based on votes from denizens of various neighborhoods and does not represent a qualitative matrix even remotely related to the quality of Jersey City Apartments . Nonetheless it was the first time ever that a neighborhood outside the five boroughs won the title.
It’s also very important to understand that of the new construction apartments sold by sponsors only a few show up on MLS. The majority do not and these are usually the more expensive homes. So I am convinced that had these apartments been factored in, it would’ve pushed the median price for Jersey City apartments even higher perhaps than in Hoboken.
Lack of inventory across all price levels is what slowed the Downtown Jersey City market in 2016. Developers are are new buildings going on line. I have to confess however that I don’t think they’ll be enough to satiate the increasing demand from buyers. I am committed to work with you as hard as possible and for as long as possible. My team and I will provide you the service you deserve. And we’ll do all possible to make sure you get you your dream home. Call or Text me at 917.545.3438 .