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Q1 2020 Market ReportHoboken/Downtown Jersey City
Halstead 2
Q1 2020 Highlights
Like all areas of the metro New York region,
the Hoboken/Jersey City real estate markets
have been impacted by the COVID-19
pandemic. Prior to the coronavirus leading to
a statewide shutdown of real estate activity,
the market was generally stable.
First quarter statistics, which largely reflect
pre-pandemic activity, showed signs of
positive market momentum. Once
normal market activity resumes, there will
be more clarity about the effect on price and
sales volume for these housing markets.
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HobokenALL APARTMENTS
The average sale price of Hoboken apartments reached $847,000, a decrease of 1% over prior year. The median sale price also decreased ending at $720,000 or 4% lower than prior year.
This quarter had 157 closings versus 139 during the same period last year. Apartments spent an average of 52 days on market. Sellers gained an average of 98% of asking price.
38
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
TIME ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
Halstead 3
4452 4336
50
100
150
200
250
1Q20 4Q19 3Q19 2Q19 1Q19
222190157 139246$825,000$715,000
$795,000$687,000
$847,000$720,000
$859,150 $749,000
$870,000 $732,000
97.0%98.0%98.0% 98.0%98.0%
85%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q1920
30
40
50
60
1Q20 4Q19 3Q19 2Q19 1Q19
$600,000
$700,000
$800,000
$900,000
1Q20 4Q19 3Q19 2Q19 1Q19
HobokenTOWNHOUSES (1–4 UNITS)
For Hoboken townhouses, the average sale price ended at $1,629,000, a 26% decrease over the same period the prior year. The median sale price also decreased substantially down 35% compared to the 1st quarter of 2019 ending at $1,315,000. However, these lower stats are not indicative of a weak market. The 2019 data was skewed higher because of a $3.3mil sale and a $4.3mil sale. The highest sale in the current period was $2.475mil.
Closed transactions amounted to just 10 sales during this period. The most relevant change came to the days on the market data. Dwellings spent an average of 117 days on the market, substantially more than the average of 50 days in 2019. Sellers received only 92% of their asking price vs 104% in 1Q 2019.
22710
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
TIME ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
Halstead 4
815$1,616,000$1,630,000
$1,527,000$1,629,000$1,570,000$1,315,000
$2,200,000 $2,020,000
$1,938,000 $1,900,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
$2,200,000
$2,400,000
1Q20 4Q19 3Q19 2Q19 1Q190
10
20
30
1Q20 4Q19 3Q19 2Q19 1Q19
20
40
60
80
100
120
1Q20 4Q19 3Q19 2Q19 1Q1990%
95%
100%
105%
1Q20 4Q19 3Q19 2Q19 1Q19
4146117 5034 97.0%99.0%92.0% 104.0%97.0%
Downtown Jersey CityALL APARTMENTS
The average sale price of apartments in Downtown Jersey City was $804,000 during the first quarter of 2020, an improvement of 4% from the same period last year. The median price had a gain of 11% ending at $765,000.
The number of closed sales remained virtually unchanged with only a 1% increase. Properties spent 54 days on the market. Sellers again received an average of 98% of their asking price.
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
TIME ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
Halstead 5
$550,000
$600,000
$650,000
$700,000
$750,000
$800,000
$850,000
1Q20 4Q19 3Q19 2Q19 1Q1980
100
120
140
160
1Q20 4Q19 3Q19 2Q19 1Q19
155108115 114137
20
30
40
50
60
1Q20 4Q19 3Q19 2Q19 1Q1985%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q19
98.0%98.0% 98.0%98.0%98.0%
$761,000$650,000
$785,000$728,000
$804,000$765,000
$774,400 $687,500
$760,000 $690,000
504754 4950
Downtown Jersey CityTOWNHOUSES (1–4 UNITS)
The average sale price of Downtown Jersey City townhouses rose 9% ending at $1,600,000. Meanwhile, the median fell slightly by 2% to $1,350,000.
There were 14 closed sales or 13% fewer transactions this period. The days on the market decreased significantly with houses spending an average of just 24 days on market. Sellers received an average of 97% of their asking price.
202514
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
TIME ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
Halstead 6
1621
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
1Q20 4Q19 3Q19 2Q18 1Q19
$1,291,000$1,039,000
$1,272,000$1,600,000$1,200,000$1,350,000
$1,461,200 $1,380,500
$1,132,000 $1,075,000
0
10
20
30
1Q20 4Q19 3Q19 2Q19 1Q19
20
30
40
50
60
1Q20 4Q19 3Q19 2Q19 1Q1985%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q19
99.0%94.0%97.0% 94.0%97.0%24 3547 4151
Journal SquareJersey CityALL APARTMENTS
The average sale price of Journal Square apartments reached $368,000 remaining unchanged from the same period last year. The median sale price ended at $365,000 or 24% more over the 1Q of 2019.
There were fewer closings this period with just 33 closed sales. Properties spent an average of 64 days on the market. Sellers gained an average of 98% of asking price.
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
TIME ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
Halstead 7
$260,000
$280,000
$300,000
$320,000
$340,000
$360,000
$380,000
1Q20 4Q19 3Q19 2Q19 1Q19
$334,000$299,000
$334,000$302,000
$368,000$365,000
$367,000 $297,000
$354,000 $300,000
30
40
50
60
70
1Q20 4Q19 3Q19 2Q19 1Q19
665133 3954
30
40
50
60
70
1Q20 4Q19 3Q19 2Q19 1Q19
544164 4350
85%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q19
96.0%98.0%98.0% 99.0%99.0%
Journal SquareJersey CityTOWNHOUSES (1–4 UNITS)
The average sales price rose a 19% from the same period last year ending at $664,000. The median sale price also had a significant increase ending at $640,000 or 20% more than prior year.
The number of closings fell 36% with 23 transactions comparing to 36 the same period last year. Dwellings spent the same time on the market, an average of 51 days, as they did on the 1Q of 2019. Sellers gained an average of 97% of asking price.
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
TIME ON THE MARKET ASKING VS. SELLING PRICE
Halstead 8
Average Sales Price Median Sales Price
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
1Q20 4Q19 3Q19 2Q19 1Q19
$583,000$565,000
$600,000$556,000
$664,000$640,000
$559,000 $535,000
$580,000 $555,000
0
10
20
30
40
1Q20 4Q19 3Q19 2Q19 1Q19
213723 3630
20
30
40
50
60
1Q20 4Q19 3Q19 2Q19 1Q1985%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q19
99.0%98.0%97.0% 98.0%97.0%5139 5151 45
The Heights Jersey CityALL APARTMENTS
The average sale price of apartments in The Heights, Jersey City displayed a 9% increase ending at $571,000. The median price showed a more significant rise ending at $623,000 or 23% higher than the same period last year.
The number of closed sales followed the same rising trend with 48 transactions or 23% more than the same period last year. Sellers received 98% of their asking price while properties spent an average of 43 days on the market.
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
TIME ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
Halstead 9
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
1Q20 4Q19 3Q19 2Q19 1Q19
$463,000$462,000
$551,000$583,000
$571,000$623,000
$523,000 $506,000
$510,000 $553,000
20
30
40
50
60
1Q20 4Q19 3Q19 2Q19 1Q19
555448 3950
10
20
30
40
50
1Q20 4Q19 3Q19 2Q19 1Q1985%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q19
98.0%99.0%98.0% 98.0%98.0%274143 3745
The Heights Jersey CityTOWNHOUSES (1–4 UNITS)
The average sale price of The Heights, Jersey City townhouses declined 7% ending at $660,000. The median sale price also fell 7% ending at $615,000.
There were a total of 45 closed transactions this period as compared to 49 sales in the prior year. Properties averaged 38 days on the market and sellers received an average of 100% of their asking price.
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
TIME ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
Halstead 10
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
1Q20 4Q19 3Q19 2Q19 1Q1920
30
40
50
60
1Q20 4Q19 3Q19 2Q19 1Q19
585145 4950
10
20
30
40
50
1Q20 4Q19 3Q19 2Q19 1Q1990%
95%
100%
105%
1Q20 4Q19 3Q19 2Q19 1Q19
97.0%98.0%100.0% 96.0%99.0%
$624,000$587,000
$676,000$660,000$665,000$615,000
$708,000 $660,000
$635,000 $559,000
453038 3940
`
Halstead New Jersey, LLC.
Data is sourced from
Liberty/Hudson County MLS.
©2020 by Halstead New Jersey, LLC. All Rights Reserved. This information may
not be copied, commercially used or distributed without Halstead New Jersey’s
prior consent. While information is believed true, no guaranty is made
of accuracy.
Cover Property Web# 20096718
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