There is only 1.37 months supply of inventory in the Jersey City downtown condo market. Currently, there are 119 condos for sale in downtown Jersey City, and 87 condos went under contract within the past 30 days. This means that if nothing new comes to the downtown market, the current supply of condos for sale will run out in less than 2 months. A market with 6 or fewer months' supply of inventory is considered to be a sellers’ market, and sellers in downtown Jersey City are benefiting from low inventory supply with multiple offers at and above list price.
The list price for condos that went under contract within the past month ranges between $400,000 and $1,125,000. The size of the condos ranges between 565 sq. ft. and 1600 sq. ft.
Among the popular addresses for buyers are The Trump Towers at 88 Morgan Street, the Shore Club at 1 Shore Lane, the “A” building at 389 Washington Street, the Portofino building at 65 2nd Street, and the Gulls Cove at 201 Luis M Marin Boulevard. All these waterfront buildings are ideally located within walking distance to the PATH train, have Hudson River and NYC views, and offer residents amenities such as concierge, doorman, garage parking, gym, club room, screening room, pool, and steam room.
If you would like to find out more about the current real estate market in Jersey City downtown, call me, Janice Hall at (201) 232-8577.
