In Hoboken, the absorption rate fell in April 38.98% to 14.12 weeks while the rate for downtown Jersey City increased 48.22% to 32.92 weeks. Downtown Jersey City has entered into a buyer's market.
The average time on market for all properties in Hoboken for this year has been 42 days. For all of downtown Jersey City it's 105 days. Further evidence that downtown JC has become a buyer's market.
Keep in mind that there are always exceptions to this rule.
On a positive note, pending sales were up 26.72% in downtown Jersey City and 12.02% for Hoboken for April. Good signs that there are still buyers out there.
Pricing for the downtown JC area remains fairly stable at the moment with Newport 1 and 2BR units and downtown Jersey City 1BR units posting gains of 41.31%, 9.54% and 3.36%, respectively.
Hoboken posted gains of 6.02% for 1BR units and 7.22% gains for 3BR units. 2BR units saw a 1.80% decrease.
Kevin G. Dowd
The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
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