Tuesday, May 8, 2018

Downtown Jersey City Falters and New Taxes Hit - April 2018 Real Estate Update

It looks like the spring warmup is finally here with temperatures in the mid to high 60s and lots of sun to look forward to in the upcoming weeks.
The final tax numbers have been released for downtown Jersey City.  I hope this will help encourage people to start buying again with confidence.  Sales decreased another 28.13% this month as many buyers are unsure of how the new taxes will effect pricing.

The absorption rate increased to 30.23 weeks which is considered a normal market, but our area really isn't considered normal.  Properties tend to move quickly around here. The higher absorption rate will effect us in 1-2 months when properties currently under contract start to close.
Thankfully, pricing hasn't really dropped with Newport 1BR dropping 13.89% and downtown 2BR dropping 7.89% being the only declining segments.

Hoboken continues to move along at a swift place although the absorption rate increased to 13.22 weeks which is up from last month's 9.74 weeks.  This is still considered a strong seller's market.
Sales increased from 69 to 77 units.
Pricing did slip for 1BR and 2BR units this month, with 3BR surging to $956.30/sq. ft. based on all high-end sales.
The market should continue with stronger numbers for the remainder of the spring, into the summer and through to the fall. 
As always, please let me know if you have any questions about buying or selling in the area.

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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