Wednesday, April 11, 2018

Downtown JC Falters as Hoboken Rebounds-March 2018 Real Estate Update

Happy Spring everyone!

It's been a wacky end of winter/beginning of spring.

We actually went skiing during the last weekend in March and the conditions were excellent.

It does seem like things are finally going to start warming up.

Downtown Jersey City and the pending tax revaluation are still the big topics among realtors these days.  Numbers are coming in for some homeowners and it looks like the downtown area is going to see some big fluctuations in taxes.  It makes sense because this area has seen the most growth in terms of value in all of Jersey City.

Although many people I talked to assume that their taxes are going to increase, I checked a few of my recent downtown sales and some of the property taxes actually decreased.  I think once everything is finalized people will take a breath and things will continue to move forward.

The March numbers for the downtown area reflect these concerns with just 32 sales taking place.  This is better than last month, but still 28.89% behind last year.

It will be interesting to see if higher taxes will put downward pressure on pricing as some properties may now be comparatively more expensive than Hoboken.

Pricing was up for 1BR and 2BR in the downtown area which is a positive sign.

Hoboken rebounded nicely as the slow under contract activity from the end of 2017 has now passed.  The absorption rate is back down to a very strong 9.74 weeks and pricing increased for studio, 1BR, 2BR and 3BR properties.

Kevin G. Dowd
The Turoff Team

Keller Williams City Life Realty
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408

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