Monday, September 10, 2018

Downtown JC 2BR Hit a Record $1008.74/Sq.Ft. Inventory Staying on Market Longer-August 2018 Real Estate Report

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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