Tuesday, November 15, 2016

Record Pricing for 2BR Condos in Hoboken and Downtown Jersey City-October 2016 Real Estate Update


Properties sold a little slower in Hoboken for October, with the absorption rate rising  18.92% to 11.06 weeks.  For downtown Jersey City, the absorption rate dropped by 22.01%.

On the pricing front, Hoboken 2BR and 3BR condos were very strong at $714.65/sq.ft. and $749.29/sq.ft., respectively. This is record-setting pricing for 2BR condos in Hoboken.

Newport 2BR and 3BR condos soared to $838.28/sq.ft. and $845.49/sq.ft., respectively.

Downtown Jersey City 2BR also outperformed this month at $770.62/sq.ft., up 16.51%. 
This is record-setting pricing for 2BR condos in downtown Jersey City.

People have been asking me if I think the market is slowing down.  It is slowing down, but I think that it's the normal seasonal slowdown that we see every year.  Inventory is too low and demand is too high to see this as a continuing trend.

Click here for all of the October stats:

OCTOBER 2016 REAL ESTATE UPDATE

Thinking of buying or selling?

If you have a condo or townhouse and are curious about your home's value...call me TODAY for an over-the-phone market analysis!

Give me 90 days and I'll sell your home.

Kevin Dowd
Broker Salesperson
Berkshire Hathaway HomeServices
Hudson River Properties
626 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

Search Hoboken listings:

http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycityhomes.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

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