The market held itself together very well for December. This is the third year in a row that December was a busy month for me. Buyers were out seriously looking and sellers were preparing their homes to sell in the first quarter.
Inventory was fairly steady in December with absorption rates decreasing in Hoboken by 9.31% and downtown JC increasing by just 1.10%.
Total sales were down 20% in Hoboken to 56 and down 22.81% in downtown Jersey City to 44.
Pricing overall held steady with Hoboken 1BR down 2.35% and downtown JC 2BR down just .03%. Downtown JC 3BR were down 28.84%, but the data is based on only one sale.
Will the market continue to strengthen for 2019, will it even out, or will it decrease?
It remains to be seen...
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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