Hoboken/Downtown Jersey City Real Estate Market Blog: March 2019 | HOBOKEN/DTJC Sales Update

Thursday, April 11, 2019

March 2019 | HOBOKEN/DTJC Sales Update | Headed in The Good Direction

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.