Q2 2018 Townhouse Report – Downtown Jersey City
June 28, 2018 | Dwell JC
As the second quarter of 2018 comes to a close, the number of listings in downtown jersey city is up over last year, the number of sales has dropped, and sale prices are still rising. As previously reported, inventory is still low despite the surge in listings, and it remains a seller’s market.
Average Sale Price: The average sale price for a Downtown Jersey City townhouse for this period was $1,599,000, which is up 9.87% over last quarter, and up 13.63% over last year. One and two-family homes pushed the average higher, while two and four-family homes declined.
Number of Sales: There was a total of 9 townhouse sales in the downtown area for this period, which compares unfavorably to last quarter and last year. Sales are down 47.1% over last quarter and 43.8% over last year. As previously reported, when the economy is strong and unemployment is low, folks with good jobs tend to stay where they are, which is contributing to the low sales volume. All categories declined with the exception of 1-Family homes which has held steady over last quarter and the previous year.
Days on the Market: Overall, the average number of days on the market has declined over last quarter and last year. The number of days on the market in the downtown area for this period was 37 days. This is down 19.6% over last quarter and 68.1% over last year. Two outliers in Q2 2017 were on the market over 600 days and pulled the average up. All other categories declined or held steady with the exception of 1-Family homes which has increased over last quarter and the previous year.
Ready to Sell?
Please feel free to contact me with any questions about current market conditions or the value of your property. You can check out how your home measures up by using our online valuation tool or by contacting me for a free comparative market analysis.
Again, if you have any questions, please do not hesitate to reach out to me. If you want to read more articles like this you can sign-up for Dwell JC’s monthly newsletter.