The absorption rate for Hoboken is down 15.8% this month at 37.64 weeks. Downtown Jersey City is way up at 68.24 weeks. Properties are still lingering around downtown Jersey City as buyer focus on location and make purchases in what is perceived as a safer buy in Hoboken.
Price per square foot for Hoboken and downtown Jersey City was changed very little except for 2BR Newport sales which were brought down by low sales Trump and 700 Grove.
Pending sales continue their downward slide that we've seen since June, but what's interesting is that price per square foot prices have not declined in conjunction with this few sales.
So, what does all of this mean? It means that there are buyers, although fewer than over the summer, that are out there snatching up great values and this is keeping prices stable.
Please click on the link below if you can't see the chart:
Information provided by:
Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
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