Jersey City Waterfront Condos.

[Jaspreet S.]

Hello guys,

What do you think of the future of Jersey City downtown condo prices? Specifically on the waterfront, Newport and Exchange Place?

It’s the 07310, 07302 area.

1000-1100 sq ft 2 beds are averaging at a million dollars. 

How does the future look in your opinion and is it a good time to purchase for residence?

Thank you.

[Jason Lee]

The market is somewhat neutral. My data doesn't break out townhouses and condos and without looking closer I would say the condo market is skewing more towards sellers. Median prices have been down YOY the past few months (-11 to 14%) and inventory has been going up, but sales volume is also up, days on market is down, and average discount off asking has been around 2%. So lots of transactions happening and sellers are getting pretty close to full asking even though the median is down (but probably pulled down by 1-3 family rental properties).