Springtime is here. I hope that everyone is enjoying the changes in the weather.
Thankfully, the market picked up a bit after the holiday slowdown. Absorption rates for Hoboken and downtown Jersey City dropped by 25.74% and 23.91%, respectively. This puts inventory more towards a neutral position as opposed to headed towards a full-on buyer's market.
Pending sales for Hoboken were also up 23.65% and sold transactions were up 47.22% for Hoboken and 50% for downtown Jersey City.
1BR prices in Hoboken surged 21.92%, but they were very low in February at $567.06/sq.ft.
Newport sales were up and down again, but that's only because there weren't a lot of sales. When I started this blog almost 9 years ago, the Newport area was priced much higher. Now many of the other downtown high rises rival or exceed pricing in the Newport area.
As a French colleague of my brother used to say, we are headed in the good direction.
Let's see how things trend for next month.
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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