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
Broker/Salesperson
The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408
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