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.

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