Downtown Listings Surge since Revaluation
March 16, 2018 | Dwell JC
Downtown listings have surged since homeowners began receiving their reval letters last month. Although it was not one of the steps outlined by Ward E Councilman, James Solomon, when he presented information about the revaluation throughout Ward E, clearly one of the options is for a homeowner to simply SELL their home.
As I previously reported, homeowners in downtown Jersey City have been among the hardest hit by this revaluation, with the annual taxes on many homes more than doubling. So, I was curious if more people were listing their homes than usual. I looked at the number of homes listed in the MLS since the revaluation letters began rolling out in early February, and compared that to last year and the previous five years. In particular, I looked at 1-2 family homes, 3-4 family homes, and condos. Each of these categories saw significant increases in listings except for the 3-4 family properties, which remained relatively level. Listings of one and two-family homes increased by 100% and condo listings increased by 71% over the same period last year. The following chart illustrates this data:
Figure 1. Number of Listings from Feb 15 to March 15
The degree to which this may affect housing prices is still unknown; however, despite this surge, inventory is still at 20-year lows. Over the five years since 2013, sold prices have continued to rise with the average price increasing from approximately $890,000 in 2013 to $1,380,000 in 2017, a 56% increase. Perhaps this is just an early sign of what I’ve already predicted to be a strong first-quarter. Or perhaps it is just part of the seasonal fluctuations we reported last month. In any case, listings are up significantly over last year and the previous five years in all categories except 3 to 4-family homes.
In order to help folks who may be considering whether or not to sell their homes, I am offering to prepare a Comparative Market Analysis (CMA) report, which will give you an indication of what you home may be worth. If you are interested in receiving a free CMA report on your home, please contact me at firstname.lastname@example.org.
This article was prepared by Thomas Gibbons, a licensed Real Estate Agent at Warren G Curtin Realty.
Disclaimer: This article is not intended to provide any conclusions regarding the value of a specific property. Homeowners should consult with their professional tax advisers and an appraiser regarding home value and how revaluation may impact their 2018 taxes.