Volume was good in last quarter of last year as compared to earlier months of last year. We closed 540 condos in JC, Downtown last Year. 85 in Q1, 152 in Q2, 102 in July-august period and highest in last quarter with 156 closing in Oct-Dec Period. This supports the story of increasing prices - approximately 7% from the beginning of 2012 to the end of the year.
We ended 2012 with 112 active listings.which is significant decrease from Q2 with 202 listing. Increasing prices is also attributable to the lower inventory - more closings, not enough new listings coming on the market = increasing prices. People bought more properties in this Quarter vs any previous Quarter.
Take a look at the volume graph above. You can see the Two bedrooms have the highest sales in average for Q4 which is typical for Jersey City. The two bedroom is the most versatile for Jersey city’s audience. A two bed is good for roommates, that young professional that wants a home office, a newly married couple and for the couple with their first child.
From the beginning of the the Year 2012, the total sales was low with 18 properties sold in the month of January, Nov and Dec has Highest sales volume during this period.
The above chart shows the total sales volume in $ and the trend of average price of property during last year. Sales Volume was highest in the month of November but the average Highest recorded was in the month of October and August a close second. September recorded the sharp decrease in the prices but prices were again appreciated in October. That dip may be attributable to the slow down in market that naturally happens in August combined with a few outliers ie fewer closing and a of the closing atypically lower end properties.
In Q4, Sales of 1 bedroom units has very slight difference from 2 bedroom units on average. December was the highest sales month for with 23 unit sold for 1 bedroom and 24 for 2 bedroom.
Home sales for 3 bedrooms were lowest for Q4. Nov was highest in Year sales.
Here is a chart of home sales from September to December 2012 (picking up from the Summer Review).
Information Provided by Donna Antonucci
Prudential Castle Point Realty