The absorption rate is up by 13.5% in Hoboken this month as the market starts to cool. Pending sales are down 21%. Price per square foot prices for 1,2 and 3 BR condos are all down this month as well for Hoboken.
Interestingly, the absorption rate for downtown Jersey City is down 3.1% this month. This is the second monthly decrease for downtown Jersey City. Price per square foot figures were relatively stable for Newport 2BR and downtown Jersey City 1 and 2BR. Newport 1BR per square foot prices are down 13.7%.
Simply read: we're still in a strong buyer's market.
Please click on the link below if you can't see the chart:
Information provided by:
Kevin Dowd
Broker/Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
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