Happy Thanksgiving everyone!
I love that all of the holiday marketing now begins as soon as Halloween ends.
Enjoy the Black Friday and Cyber Monday deals!
Absorption rates increased again for October for both Hoboken and downtown Jersey City as inventory increases aren't being matched by substantially increased sales activity. The absorption rate determines how quickly a particular market can absorb inventory. 24-32 weeks is considered a normal market, so by all accounts we are still in a normal, more neutral-leaning market.
Total sales for October dropped 8.33% for Hoboken and 12.24% for downtown Jersey City. What's interesting to note is that pending sales only dropped 2.88% for Hoboken and actually increased 8.03% for downtown Jersey City, so this may help to bolster total sales numbers through the rest of the year.
1 and 2BR units in Hoboken posted modest price per square foot gains, but 3BR and 4BR units posted price declines and all segments in Newport and downtown Jersey City posted losses for October.
October marks 9 years that I've been tracking pricing trends in Hoboken. It's amazing to see how far pricing has increased in 9 years.
Kevin G. Dowd
The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408
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