Q3 2018 Condo Report – Downtown Jersey City

Although average sale prices have increased by 6.5% over last year, the steady increase in days on the market in this quarterly condo report signals a weakening in the condo market that favors buyers.

Average Sale Price:  The average sale price for a Downtown Jersey City condo for this period was $765k, which is up 12.8% over last quarter, and up 6.5% over Q3 last year.  One-bedroom condos pulled the average down with price declines in every quarter except Q3 2018.  1-Bedroom condos are down 9.0% over Q3 last year.

Chart depicting average sale price over past year

Days on the Market:  Interestingly, the average number of days on the market has continued to increase over last quarter and last year.  The number of days on the market in the downtown area for this period was 41 days.  This is up 20.5% over last quarter and up 57.7% over last year.  This trend is consistent in all categories.  Although average prices have continued to rise, a steady increase in DOM across all categories signals a weakening in the condo market that favors buyers.

Chart depicting average days on the market over the past year

Number of Sales: There was a total of 142 condo sales in the downtown area for this period, which unchanged over last quarter and down 11.8% over Q3 last year.  Sales of 1-Bedroom condos fell 17.7% over last quarter, while 2-Bedroom condos rose 24.2%.

Chart depicting the number of condo sales over the past year

Ready to Buy?

Please feel free to contact me with any questions about this quarterly condo report or current market conditions.  This report was prepared by Tom Gibbons, a licensed Real Estate Agent and Realtor-Associate with Warren G Curtin Realty, Inc. Email at tom.wgcrealty@gmail.com or call/text at 917.593.4836.