The holiday season is here!
Wishing everyone a season filled with joy and happiness.
Now, onto the numbers...
Properties moved a little faster this month with absorption rates dropping substantially for Hoboken and downtown Jersey City. This is most likely attributed to the slowdown of new listings during the holiday season coupled with the steady demand for properties in the area.
As far as total transactions, we also experienced steady growth with total sales increasing 6.06% for Hoboken and 32.56% for downtown Jersey City in November. This goes in line with the steady demand for properties that we're still experiencing in the area.
Pricing was a bit of a mixed bag this month, with increases in Hoboken 1 and 3 bedrooms units and decreases in 2 and 4 bedroom units. Yes, there is actually an increasing number of 4 bedroom condos for sale in Hoboken. I've heard that many brownstone buyers are being asked what their price per square is to see how it compares to the larger condos with parking being built in Hoboken. In Jersey City, all market segments increased with the exception of Newport 2BR which decreased 9.27%.
Make sure to keep and eye out for my 2018 End of Year Update.
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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