The fall selling season is here in full effect with many interesting properties hitting the market over the last week or so.
Properties are starting to linger on the market a bit longer, as can be shown by the absorption rate increasing 511.57% in downtown Jersey City since August 2016.
To show you how crazy the market was...keep in mind that the absorption rate was about 4 weeks in August 2016. It was a very active market. 24-32 weeks is considered normal.
Things are a bit more normalized now which isn't necessarily a bad thing and is why pricing hasn't really dropped significantly.
Pricing has been more or less steady with Hoboken 3BR dropping 10.98% and Newport 2BR hitting a record high of $1008.74/sq.ft.
Pending sales are also down in August at -12.21% for Hoboken and -6.45% for downtown Jersey City.
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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