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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