So here it is. The first monthly update for 2019.
There is no doubt that inventory is staying longer on the market with the absorption rate at 20.45 weeks for Hoboken and 34.28 weeks for downtown Jersey City. DTJC is moving to a buyer's market and Hoboken is moving towards a more neutral market.
24-32 weeks of inventory is considered a normal market. Anything below this is considered a seller's market and anything above this number is considered a buyer's market.
Total sales are also down for Hoboken and DTJC.
Prices for Hoboken 2BR rose 2.86% and Hoboken 4BR rose 9.10%.
Newport 2BR rose 3.32%.
DTJC 3BR rose 32.50% but that was just from one sale.
Is the shift taking place that many realtors have been talking about over the last few months?
Kevin G. Dowd
The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408
Search MLS Listings for free at search.kevindowdrealestate.com
Follow more of the latest real estate news at www.hobokenrealestatenews.com
Follow me on Twitter at www.twitter.com/KDowdRealtor