Q4 2018 Market Report Downtown Jersey City

Townhouses:  With a 4% decline in median sale prices and an increase in the number of days on the market by 8%, the townhouse market went into reset mode in 2018 as buyers and sellers seemed to proceed with caution.

Median Sale Price:  The median sale price for a townhouse in downtown Jersey City for this period was $1.298 million, which is down 7.4% over last quarter, and down 3.9% over Q4 last year.  Prices declined across all categories last quarter.  

Days on the Market:  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 40 days.  This is up 25.0% over last quarter and up 8% over last year.  A decrease in median prices along with a steady increase in DOM may signal a market shift that favors buyers in 2019. 

Number of Sales: There was a total of 23 townhouse sales in the downtown area for this period, which is down 4.2% over last quarter and down 14.8% over Q4 last year. 

Condominiums:  Although median sale prices held steady over last year, a dramatic increase in days on the market across all sizes of condos by 85%, may indicated a shift to a buyer’s market in 2019.

Median Sale Price:  The median sale price for a condo in downtown Jersey City for this period was $743k, which is down 3.3% over last quarter, and down <0.4% over Q4 last year. 

Days on the Market:  The average number of days on the market has continued to increase over last quarter and last year across all categories.  The number of days on the market in the downtown area for this period was 50 days.  This is up 21.9% over last quarter and up 85.2% over last year.  This dramatic increase in DOM across all categories signals a softening condo market that favors buyers. 

Number of Sales: There was a total of 128 condo sales in the downtown area for this period, which is down 12.9% over last quarter and down 20.5% over Q4 last year. 

Good News for Buyers

How is this good for buyers? Aside from the obvious—prices softening, it also means that there are fewer bidding wars, and more instances of developers offering big incentives to buyers. I’ve seen some developers offering to pay the common charges for a year or more, and even pay the millionaire’s tax at closing.  And these conditions are likely to continue into 2019.  Another bit of good news for buyers is the recent drop in mortgage rates

If you are one of the many prospective buyers who have been waiting on the sidelines until conditions are more favorable, 2019 may be the year for you.  If you’d like to know more about the real estate market in Jersey City or have questions about specific property listed for sale, please feel free to contact me at tom.wgcrealty@gmail.com