Jersey City downtown condo sales have picked up, according to data recently gathered from the Hudson County MLS (10/14/2014). Within the past 30 days with 110 active condo listings on the market in Jersey City downtown, 87 were under contract, within an average time of 34 days on the market. This means Jersey City downtown has an absorption of 1.3, or in layman’s terms if nothing else is listed there is only 1.3 months supply of inventory left, giving the pace at which the market is consuming condos.
An absorption of 1.3 is a positive shift in sales over the past few months.
In September the absorption was 2.8 and in August 1.6. In mid September with 136 condos on the market in Jersey City downtown, only 49 went under contract with 30 days. In August with 127 condos listed for sale, 77 went under contract in 30 days.
Despite a decrease in the number of available homes for sales in Jersey City downtown, a trend that is normal at this time of the year, the number of homes that are under contract has increased. Buyers are taking advantage of the very low interest rates and securing their dream homes before rates continue to rise.
If you would like to find out the value of your Jersey City downtown condo, call Janice Hall at 201 232 8577.
