Friday, August 10, 2018

Properties on Market Longer - Pricing Still Very Strong - Hoboken/Downtown JC Update

We've seen some interesting shifts in the absorption rate over the last few months, with the downtown area seeing some strong upward movement.  Take a look at the 2017 figures and you can see how much things have changed.  

Higher absorption rate = properties taking longer to sell

Although properties are staying on the market a bit longer, we're not seeing large downward shifts in pricing at all.  It was a bit crazy for awhile when it seemed like every decent property was in a bidding war.

We're still seeing prices very buoyant with the highlights being Hoboken 3BR at $826.39/sq.ft. and downtown 2BR selling at an average of $786.16/sq.ft.

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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