The Average Sold-Sale Price is a reflection of ascending or descending prices within a given market year over year. Given in a percentage, one can determine the amount of appreciation or depreciation that has occurred. It is also an indicator of market trending. The more appreciation the hotter the trend. Less appreciation indicates a cooling off trend. The following is the average sale price for Downtown Jersey City beginning in 2011 which many believe to have been the market’s low point after the housing crisis.
2011 Average Sale Price: $459,324
2012 Average Sale Price: $472,277 (2.8% appreciation)
2013 Average Sale Price: $533,636 (13% appreciation)
2014 Average Sale Price: $605,307 (13.4% appreciation)
2015 Average Sale Price: $687,620 (13.6% appreciation)
2016 Average Sale Price: $721,072 (4.9% appreciation)
Looking at this trend we can see that although the market in 2016 was still very hot the amount of appreciation has actually cooled to levels that would indicate that the recovery is complete and that the Jersey City real estate market has reached a level of stability. More so, by the end of the 3rd quarter of 2016 we were on par (just about the same) with the number of offerings that came on market in the first 9 months, year over year from 2015, and the number of properties going under contract, meaning that other conditions remained unchanged.
Halstead Property New Jersey, LLC: All information is from sources deemed reliable(Hudson County MLS) but is subject to errors, omissions, change of price, prior sale or withdrawal without notice. No representation or guaranty is made as to accuracy of any description.