Jersey City & Hoboken Condos

Hi, I'm Dave Leonard a specialist in residential real estate in the Jersey City downtown & the Heights areas as well as Hoboken. From here you can search & save properties, set yourself up with an automatic emails for new listing, figure out your mortgage, find news & market updates, local info, check all the properties & what they sold for in your area – you name it, it's here.

David Leonard

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We may see a softening of the market this year.  It has been soooo tilted towards sellers for two years it is bound to happen.  The question is:  when?  As of this morning there were 79 condos for sale in downtown Jersey City (and another 122 in Hoboken).  In that we sold 617 condos in downtown JC last year let’s look at that ratio.  By dividing 617 by 12, we find that we sold about 51 condos each month.  If you divide 79 by 51 you get 1.5.  That is approximately how many months of inventory is on the market.  When that number is below 5, it’s a sellers’ market.  (Hoboken sells 85 a month, has 122 – 122/85 is 1.4 months of inventory – it amazes me how exactly downtown JC and Hoboken track each other number-wise).  As you can see, we would have to triple the inventory to balance that market and get it to 5.  In the depths of the market crash (2009 or 2010 depending on whom you talk to) that number was 18 – waaaaay into buyers’ market territory.  The market WILL come in to balance.  The question is when.  More later.

Downtown Jersey City and Hoboken have seen one of the most robust years in history in 2014.  Despite that, sales were off slightly this year from 2013 (down 5%), but that is a bit of an optical illusion.  Our sales were down slightly from the banner year of 2013, but so was inventory.  When there is less to buy, there are fewer sales.  This year, 1622 condos changed hands for slightly over $983 million dollars, a figure that is up 2% despite fewer sales.  Our average price went up 7%, while the median climbed 3%.  This is indicative of a continued opening up of the high-end market.  We have seen more sales up in the 14th St area of Hoboken as well as the Jersey City waterfront area which tends to drive the average without moving the median much.  Inventory was off by 8%.  Considering that 8% figure, you can see why a 5% drop in sales is of little concern – the disparity of those two numbers still show a market tightening.  The absorption rate (a snapshot which shows a ratio of number of properties available over a specific time period compared with how many sold during that same time period) comes in at 1.5.  That is still deep into seller’s territory – we would have to triple the inventory to balance the market out so it was neither a seller or buyer’s market.  That said, next year will likely be that turning point.

With roughly 5,000 rentals opening across downtown Jersey City and Hoboken more housing choices will face those desiring to move to our area.  In our current market, one can rent a better apartment for the same or less money needed to buy, I am convinced many will choose that option.  It appears that nearly all of the rentals will hit the market within the same 12 month period, which may cause the new buildings to cannibalize each other.  The goal with all rental property is to get it rented at any price so that cash flow can begin to offset carrying costs.  Whereas the new condo market tends to phase in condos for sale so as not to flood the market (if they take less on a sale, the lower price is permanent – not so with rentals), rental buildings tend to release nearly all at once.

Those who know far more about interest rates than I do consistently say that mortgage rates will be up a point this year, with the beginning of the rise occurring in late spring and early summer.  This drops some buyers out the market and forces all who still qualify to accept lower priced homes.  It is thought by many that we will march our way back to a usual figure of 6.5% mortgage rates within two to three years.

These two forces, combined with the fact that we are beginning to work our way through the pent-up demand caused by low sales in 2009-2011 will likely balance the market providing more choices for buyers, a longer time on market, and a push for appreciation rates to return to normal over the course of the year.

This from the Silverman office:

 

 

Upcoming Events in Jersey City – There is a lot happening!

Brunch at GP’s Restaurant, Saturday, September 13, from 11 am to 3:30 pm:
 SILVERMAN residents receive 20% off brunch at GP’s Restaurant at 236 Pavonia Avenue, this Saturday, from 11 am to 3:30 pm. Just let your server know where you live. Buon appetito!

MANA Contemporary Art Opening, Sunday, September 14, from 1 to 7 pm:
 Click here for more information on the exhibits and how to get to MANA.

Dine out for Mila at Hamilton Inn, Monday, September 15, from 5 to 11 pm!
 On Monday, September 15, from 5 to 11 pm, Hamilton Inn will be donating 10% of their proceeds to the Mila Villanova Leukemia Fund. Please join us for a meal or some drinks and support Mila and her family.

NJCU Group Art Exhibition Jerseyscapes, Opening Tuesday, September 16, from 
5:00 to 8:00pm: Participating artists includeBrendan CarrollYoichiro YodaTim DalyYojiro Imasaka, and more. Curated by Midori Yoshimoto, exhibits will take place simultaneously in the Harold B. Lemmerman Gallery and the Visual Arts Gallery. The two campus galleries are a half block apart in walking distance. Harold B. Lemmerman Gallery is located in Hepburn Hall room 323 on 2039 Kennedy Blvd. The Visual Arts Gallery is located at 100 Culver Avenue. For more information, visit NJCU website here.

Hamilton Park Conservancy Meeting, Tuesday, September 16, at 7 pm in the Hamilton Square Lobby: 
Please email Susan, atsusan@silvermanbuilding.com to sign up for Conservancy emails and Google Group and to volunteer at the Hamilton Park BBQ Festival on Saturday, September 27, 2014! We need help to set up, clean up, collect donations all day, and breakdown at the end of the festivities! If you can help, let us know the timeframe you are free. Help keep our park amazing! Donate today! We are 501(c)(3).

Golden Door Film Festival, September 18 to 21
: Volunteer, be a sponsor, by tickets to individual films or an all access pass! Click here for more information.

Jersey City Youth Flag Football:
 Calling all boys and girls ages 7 to 14, (ages as of September 1). Come to open registration sites, Mondays through Fridays, until September 19, with copy of birth certificate and proof of residence. 4 pm to 8 pm at several locations, including the Hamilton Park Basketball Court.

Paintbugs - let’s get messy, be creative and have fun! Paintbugs is a children’s art enrichment program educating and empowering children 4-12 yrs of age through art education in Jersey City. Each Paintbugs lesson provides children the opportunity to learn and explore various techniques, concepts and art mediums including materials not used in every day art classrooms. Please email laura@paintbugs.com or visit Paintbugs.com.

All About Downtown Street Fair, Saturday, September 20, from 11 am to 6 pm:
 Savor tasty treats from the hottest area food trucks while listening to a jam-packed music line-up and shopping handmade wares from over 100 local vendors! There will be plenty of activities for kids as well. Join your neighbors for an afternoon that’s “All About Downtown Jersey City!” Newark Avenue between Grove Street and Jersey Avenue, Vendors, Crafts, Kid Fun Stuff, Music, Food and Beverage.

Newport Half Marathon, Sunday, September 21, at 8:30 am:
 The Newport Liberty Half Marathon, with views of the Statue of Liberty, Ellis Island, the Verrazano Narrows Bridge and the stunning Manhattan skyline, is also the fastest around. This USATF certified course takes you along the Hudson River Waterfront Walkway and across to Liberty State Park–flat terrain with open skies. Plan for a post-race celebration at Newport Town Square with refreshments, music, and exciting prizes, with proceeds donated to the Jersey City Medical Center which provides the highest level of care for women and infants, as well as for trauma and cardiac patients. Cheer on the runners or participate! Click here for more information.

Condos in Jersey City Heights continue to do well thus far this year.  It is remarkable how much the market has improved, but even more remarkable is how far it still has to go.  We are selling nearly twice as much as previous years and we still have more buyers than sellers.  Jersey City inventory popped up this past week – as of this writing we are at 256 properties for sale.  Over the past 30 days,  95 new properties came on the market in Downtown JC, the Heights, and Hoboken while only 3 sold.  That isn’t a spread of much, but it’s more than it has been.  That sound you hear might be the market starting to swing back into balance?

This Year

Jersey City Heights Condos sold to date this year:  28

Jersey City Heights Condos sold to date last year:  32

The median amount of sale for Jersey City Heights condominiums is $180,500.

Jersey City Heights  Single/Multi-family sold to date this year: 74

Jersey City Heights Single/Multi-family sold to date last year:  80

This Week

The most expensive home to sell in downtown Jersey City Heights this week was $575,000.

Click Here to View The Most Expensive Listings

The least expensive home to sell in downtown Jersey City Heights this week was $175,000.

Click Here to View The Least Expensive Listings

The absorption rate is currently 2.3 months (if nothing new came on the market, at our current number of sales per month, we would clear all the inventory out in 2.3 months).

Currently there are 120 homes on the market in all of Jersey City Heights, of those 12 came on the market in the last week.

Click Here to View Current Listings

For all available listings, plus all sold listings and how much the sold for, please click WHAT SOLD? on the home page.

Condos in downtown Jersey City Paulus Hook continue to do well thus far this year.  It is remarkable how much the market has improved, but even more remarkable is how far it still has to go.  We are selling nearly twice as much as previous years and we still have more buyers than sellers.  Jersey City inventory popped up this past week – as of this writing we are at 351 properties for sale.  Over the past 30 days, 186 new properties came on the market in Downtown JC, the Heights, and Hoboken while only 3 sold.  That isn’t a spread of much, but it’s more than it has been.  That sound you hear might be the market starting to swing back into balance?

This Year

Paulus Hook Condos sold to date this year:  14

Paulus Hook Condos sold to date last year:  10

The median amount of sale for Paulus Hook condominiums is $659,018.

Downtown Paulus HookJersey City Single/Multi-family sold to date this year: 0

Downtown  Paulus Hook Jersey City Single/Multi-family sold to date last year:  4

This Week

The most expensive home to sell in downtown Paulus HookJersey City this week was $772,120.

Click Here to View The Most Expensive Listings

The least expensive home to sell in downtown Paulus Hook Jersey City this week was $585,000.

Click Here to View The Least Expensive Listings

The absorption rate is currently 1.3 months (if nothing new came on the market, at our current number of sales per month, we would clear all the inventory out in 1.3 months).

Currently there are 14 homes on the market in all of downtown Paulus Hook Jersey City, of those 2 came on the market in the last week.

Click Here to View Current Listings

For all available listings, plus all sold listings and how much the sold for, please click WHAT SOLD? on the home page.

Condos in downtown Jersey City (Paulus Hook , Waterfront, Powerhouse arts district, Newport, Warehouse Dist, Liberty harbor, Van Vorst, Historic Downtown, Harsimus Cove, Hamilton Park, Village Triangle) continue to do well thus far this year.  It is remarkable how much the market has improved, but even more remarkable is how far it still has to go.  We are selling nearly twice as much as previous years and we still have more buyers than sellers.  Jersey City inventory popped up this past week – as of this writing we are at 160 properties for sale.  Over the past 30 days, 204 new properties came on the market in Downtown JC, the Heights, and Hoboken while only 172 sold.  That isn’t a spread of much, but it’s more than it has been.  That sound you hear might be the market starting to swing back into balance?

This Year

Non-Doorman Condos sold to date this year:  101

Non-Doorman Condos sold to date last year:  106

The median amount of sale for non-doorman condominiums is $413,000.

Downtown Historic Jersey City Single/Multi-family sold to date this year: 22

Downtown  Historic Jersey City Single/Multi-family sold to date last year:  25

This Week

The most expensive home to sell in downtown Downtown Jersey City Non-Doorman Condos  this week was $850,000.

Click Here to View Most Expensive Listings

The least expensive home to sell in Downtown Jersey City Non-Doorman Condos  this week was $850,000.

Click Here to View The Least Expensive Listings

The absorption rate is currently 1.2 months (if nothing new came on the market, at our current number of sales per month, we would clear all the inventory out in 1.2 months).

Currently there are  52 homes on the market in all of downtown  Jersey City, 11 of those came on the market in the last week.

Click Here to View Current Listings

For all available listings, plus all sold listings and how much the sold for, please click WHAT SOLD? on the home page.

 

 

Condos in Jersey City Heights continue to do well thus far this year.  It is remarkable how much the market has improved, but even more remarkable is how far it still has to go.  We are selling nearly twice as much as previous years and we still have more buyers than sellers.  Jersey City inventory popped up this past week – as of this writing we are at 474 properties for sale.  Over the past 30 days,  219 new properties came on the market in Downtown JC, the Heights, and Hoboken while only 3 sold.  That isn’t a spread of much, but it’s more than it has been.  That sound you hear might be the market starting to swing back into balance?

This Year

Jersey City Heights Condos sold to date this year:  25

Jersey City Heights Condos sold to date last year:  27

The median amount of sale for Jersey City Heights condominiums is $163,000.

Jersey City Heights  Single/Multi-family sold to date this year: 70

Jersey City Heights Single/Multi-family sold to date last year:  70

This Week

The most expensive home to sell in downtown Jersey City Heights this week was $694,900.

Click Here to View The Most Expensive Listings

The least expensive home to sell in downtown Jersey City Heights this week was $62,000.

Click Here to View The Least Expensive Listings

The absorption rate is currently 2.3 months (if nothing new came on the market, at our current number of sales per month, we would clear all the inventory out in 2.3 months).

Currently there are 125 homes on the market in all of Jersey City Heights, of those 11 came on the market in the last week.

Click Here to View Current Listings

For all available listings, plus all sold listings and how much the sold for, please click WHAT SOLD? on the home page.

Condos in downtown Jersey City Paulus Hook continue to do well thus far this year.  It is remarkable how much the market has improved, but even more remarkable is how far it still has to go.  We are selling nearly twice as much as previous years and we still have more buyers than sellers.  Jersey City inventory popped up this past week – as of this writing we are at 351 properties for sale.  Over the past 30 days, 186 new properties came on the market in Downtown JC, the Heights, and Hoboken while only 3 sold.  That isn’t a spread of much, but it’s more than it has been.  That sound you hear might be the market starting to swing back into balance?

This Year

Paulus Hook Condos sold to date this year:  11

Paulus Hook Condos sold to date last year:  9

The median amount of sale for Paulus Hook condominiums is $688,000.

Downtown Paulus HookJersey City Single/Multi-family sold to date this year: 0

Downtown  Paulus Hook Jersey City Single/Multi-family sold to date last year:  4

This Week

The most expensive home to sell in downtown Paulus HookJersey City this week was $850,000.

Click Here to View The Most Expensive Listings

The least expensive home to sell in downtown Paulus Hook Jersey City this week was $775,000.

Click Here to View The Least Expensive Listings

The absorption rate is currently 1.3 months (if nothing new came on the market, at our current number of sales per month, we would clear all the inventory out in 1.3 months).

Currently there are 11 homes on the market in all of downtown Paulus Hook Jersey City, of those 2 came on the market in the last week.

Click Here to View Current Listings

For all available listings, plus all sold listings and how much the sold for, please click WHAT SOLD? on the home page.

Condos in downtown Jersey City (Paulus Hook , Waterfront, Powerhouse arts district, Newport, Warehouse Dist, Liberty harbor, Van Vorst, Historic Downtown, Harsimus Cove, Hamilton Park, Village Triangle) continue to do well thus far this year.  It is remarkable how much the market has improved, but even more remarkable is how far it still has to go.  We are selling nearly twice as much as previous years and we still have more buyers than sellers.  Jersey City inventory popped up this past week – as of this writing we are at 160 properties for sale.  Over the past 30 days, 204 new properties came on the market in Downtown JC, the Heights, and Hoboken while only 172 sold.  That isn’t a spread of much, but it’s more than it has been.  That sound you hear might be the market starting to swing back into balance?

This Year

Non-Doorman Condos sold to date this year:  94

Non-Doorman Condos sold to date last year:  92

The median amount of sale for non-doorman condominiums is $410,000.

Downtown Historic Jersey City Single/Multi-family sold to date this year: 21

Downtown  Historic Jersey City Single/Multi-family sold to date last year:  24

This Week

The most expensive home to sell in downtown Downtown Jersey City Non-Doorman Condos  this week was $2,690,000.

Click Here to View The Most Expensive Listings

The least expensive home to sell in Downtown Jersey City Non-Doorman Condos  this week was $250,000.

Click Here to View The Least Expensive Listings

The absorption rate is currently 1.2 months (if nothing new came on the market, at our current number of sales per month, we would clear all the inventory out in 1.2 months).

Currently there are  11 homes on the market in all of downtown  Jersey City, 2 of those came on the market in the last week.

Click Here to View Current Listings

For all available listings, plus all sold listings and how much the sold for, please click WHAT SOLD? on the home page.

 

Freddie Mac – Demand and Supply.