Jersey City is now one of the strongest real estate markets in New Jersey. Within the last 30 days 75 condos in Jersey City went under contract, with listing prices ranging from $189,000 to $2,100,000. With a total of 105 active condo listings in the entire Jersey City area this means that the City now has only 1.4 months supply of inventory. When real estate inventory drops below 6 months supply it is a sellers’ market, between 6 to 7 months supply it is a normal market, and above 7 months a buyers’ market. Jersey City inventory has never been this low since 2007 and any home owner that needs to move within the next 12 months should seriously consider putting their house on the market now. Interest rates will continue to go up and this means that the number of buyers’ who can afford to buy homes will decrease. There is no telling what the rates will move to in the New Year. Jersey City condo buyers have got the message, we know this from the increase in bidding wars on each well priced listing. Jersey City condo owners need to get the message too. Sell now, don’t wait for Spring. You may not have such a large pool of qualified buyers looking to buy then. If you are thinking of putting your Jersey City house on the market call Janice Hall at 201 232 8577.
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Jersey City new listings and sales
Eleven condos in the Jersey City downtown area came on the market for week ending October 19, while 19 condos have accepted offers during the same week and are now officially off the market. Of the new downtown listings to hit the market 2 condos are in the 77 Hudson building and 1 in the “A” at 389 Washington Street. 8 of the 11 new condo listings are under $500,000. Of the 19 Jersey City downtown condos with accepted offers, 3 got under contract within the first 7 days, and another 3 within the first 2 weeks. A total of 13 of the 19 new listings or 68.4% got under contract within 30 days of being listed. This means that buyers confidence in the market continues to be strong and there are more buyers than new listings. Thinking of selling? This is a great time to list your Jersey City condo. List at current market value and you can expect to receive multiple offers. If you need help in determining what is the current market value of your condo call me at 201 232 8577.
Why wait for spring to sell your Jersey City condo?
Around this time each year most home owners thinking about selling their condo delay the process until Spring. If you live in Jersey City where property prices are rising steadily and you are thinking about selling your condo, you might want to put it on the market now rather than wait until next Spring. There are many reasons for this. Firstly home purchase contracts are at their highest since 2007, this means there are many buyers in the market. Secondly inventory is low in Jersey City condos which means there is a really good chance you will get multiple offers, and multiple offers will most likely get you one or several offers above your list price.
Furthermore listing at a time when inventory is low will allow your condo to stand out more as you won’t be competing with the many listings that hit the market next Spring. Interest rates on conventional fixed loans are rising and this is expected to continue. Buyers affordability decrease with rising interest rates, this means the pool of buyers who can afford to buy your waterfront condo now will decrease by next Spring as they simply will not be able to afford it. So go ahead and list your condo now, don’t wait for Spring. For more information on the benefits of listing now rather than later or if you would like to find out how much your Jersey City condo is worth call Janice Hall, Weichert Realtors at 201 232 8577.
Condo sellers in downtown Jersey City continue to get higher prices
Sellers in the Jersey City downtown area continue to achieve higher prices for their condos than sellers in other areas of Jersey City. There were 8 condo sales in the Jersey City downtown area for week ending Saturday, October 12. Of the 8 condos sold, 4 sold at 100% to 100.02% of sale to list price, including one unit in the Mandalay building which sold at list price. The other 4 condos sold ranged between 91% to 98% of list price. 21 condos in the area went under contract during the same period including a condo at the Trump Plaza at 88 Morgan Street, and one at the Portofino building 65 2nd Street. If you would like to find out what you can get for you condo call me Janice Hall at 201 232 8577.
Now is a really good time to buy a Jersey City condo – despite the shutdown
Government shutdown and the threat of the shutdown that hovered over us for weeks have not been as damaging on the real estate market as we feared it might be. For one thing interest rates are the lowest they have been in several months. I know this sounds repetitive, but they really are. This may be your last chance in a very long time to purchase real estate at rates this low. In the midst of the shutdown Freddie Mac announced that for the week ending October 3, 30-year fixed rates decreased to 4.22% from 4.32% of the week before. The average for 15-year loans also fell to 3.29%, and the average for a five year adjustable to 3.03%. You really should consider buying your Jersey City condo now, you may regret it if you don’t. If you need help in finding a condo or in listing your condo for sale call Janice Hall at 201 232 8577.
Jersey City downtown condo sales
Fourteen Jersey City waterfront condos sold this past week ending October 5, 2013. Of the 14 condos sold two were at the Trump Plaza, 88 Morgan Street and one at the Mandalay on the Hudson building 20 2nd Street, Jersey City. In the Trump building one of the 2 condos sold above list price at 100.01%, while the other sold at 97% of sale to list price. In the Mandalay building the condo sold at 98% of sale to list price. A lack of inventory in the downtown Jersey City area is one of the main contributing factors to high sale to list price ratios. With the steady increase in interest rates this trend is expected to continue. Sales were also recorded in the Crystal Point Building, at 700 Grove, and at 70 Essex Street. If you are interested in buying a condo or selling your condo feel free to contact me Janice Hall at 201 232 8577.
